Current Year Testing. If no election is made by the Employer in the Adoption Agreement, the ADP limits in (1) and (2), above, will be applied by comparing the current Plan Year’s ADP for Participants who are Highly Compensated Employees with the current Plan Year’s ADP for Participants who are Non-Highly Compensated Employees. This election can only be changed if the Plan meets the requirements for changing to Prior Plan Year testing set forth in IRS Notice 98-1 (or superseding guidance).
Appears in 7 contracts
Sources: Defined Contribution Plan (Georgetown Bancorp, Inc.), Defined Contribution Plan (Idt Corp), 401(k) Defined Contribution Plan (Measurement Specialties Inc)
Current Year Testing. If no election is made by the Employer in the Adoption Agreement, the ADP limits in (1) and (2), above, will be applied by comparing the current Plan Year’s 's ADP for Participants who are Highly Compensated Employees with the current Plan Year’s 's ADP for Participants who are Non-Highly Compensated Employees. This election can only be changed if the Plan meets the requirements for changing to Prior Plan Year testing set forth in IRS Notice 98-1 (or superseding guidance).
Appears in 2 contracts
Sources: Defined Contribution Plan (Thomasville Bancshares Inc), Defined Contribution Plan (Spheris Leasing LLC)