Basic Matching Contribution Formula Sample Clauses
Basic Matching Contribution Formula. The Basic Matching Formula provides a Matching Contribution on behalf of each eligible Employee who is making Elective Deferrals or ▇▇▇▇ Elective Deferrals to the Plan in an amount equal to 100% of the amount of the Employee’s Elective Deferrals or ▇▇▇▇ Elective Deferrals that do not exceed 3% of the Employee’s Compensation and 50% of the amount of the Employee’s Elective Deferrals or ▇▇▇▇ Elective Deferrals that exceed 3% of the Employee’s Compensation but do not exceed 5% of the Employee’s Compensation. A Plan satisfying the ADP Safe Harbor using the Basic Matching Formula automatically satisfies the ACP Test, if no Voluntary After-tax Contributions or other Matching Contribution is made under the Plan.
Basic Matching Contribution Formula. The Basic Matching Formula provides a Matching Contribution on behalf of each eligible Employee who is making Elective Deferrals to the Plan in an amount equal to 100% of the amount of the Employee’s Elective Deferrals that do not exceed 3% of the Employee’s Compensation and 50% of the amount of the Employee’s Elective Deferrals that exceed 3% of the Employee’s Compensation but do not exceed 5% of the Employee’s Compensation. A Plan satisfying the ADP Safe Harbor using the Basic Matching Formula automatically satisfies the ACP Test, if no After-tax or other Matching Contribution is made under the Plan.
Basic Matching Contribution Formula. Matching Contributions will be made on behalf of Participants in an amount equal to 100% of the amount of the Eligible Participant’s Elective Deferrals that do not exceed 3% of the Participant’s Compensation and 50% of the amount of the Participant’s Elective Deferrals that exceed 3% of the Participant’s Compensation but that do not exceed 5% of the Participant’s Compensation.
Basic Matching Contribution Formula. The Employer shall make a basic Matching Contribution on behalf of (choose one): o each eligible Employee o each eligible Employee who is NOT a Highly Compensated Employee in an amount equal to 100% of the Elective Deferrals of the eligible Employee to the extent that such contributions do not exceed 1% of Compensation, plus 50% of such Elective Deferrals that exceed 1% of Compensation but do not exceed 6% of Compensation.