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.
Appears in 6 contracts
Samples: Prototype Defined Contribution Plan (Georgetown Bancorp, Inc.), Prototype Defined Contribution Plan (FNB United Corp.), Nonstandardized Adoption Agreement (Chicopee Bancorp, Inc.)
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 's Elective Deferrals that do not exceed 3% of the Employee’s 's Compensation and 50% of the amount of the Employee’s 's Elective Deferrals that exceed 3% of the Employee’s 's Compensation but do not exceed 5% of the Employee’s '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.
Appears in 1 contract
Samples: Nonstandardized Adoption Agreement (Banctrust Financial Group Inc)
