Fixed Nonelective Contribution Clause Samples
A Fixed Nonelective Contribution clause requires an employer to make a predetermined, non-discretionary contribution to employees' retirement or benefit plans, regardless of employee participation or deferral. Typically, this means the employer must contribute a set percentage of each eligible employee’s compensation to the plan each year. This clause ensures that employees receive a guaranteed benefit from the employer, promoting fairness and compliance with certain regulatory requirements, and it helps employers meet nondiscrimination standards in qualified retirement plans.
Fixed Nonelective Contribution. Fixed Nonelective Contribution means a Nonelective Contribution which the Employer, subject to satisfaction of allocation conditions, if any, must make pursuant to a formula (based on Compensation of Participants who will receive an allocation of the contributions or otherwise) in the Adoption Agreement. See 3.04(A)(2).
Fixed Nonelective Contribution. (Choose one or more of (1) through (8). References to Participants are limited to Participants eligible to receive an allocation of Nonelective Contributions.):
(1) Uniform %. % of each Participant’s Compensation, per (e.g., Plan Year, month).
Fixed Nonelective Contribution. (Choose one or more of (1) through (8). References to Participants are limited to Participants eligible to receive an allocation of Nonelective Contributions.):
(1) Uniform %. % of each Participant’s Compensation, per (e.g., Plan Year, month).
(2) Fixed Dollar Amount. $ , per (e.g., Plan Year, month, Hour of Service, per Participant per month).
(3) Age-Graded. The following percentage of each Participant’s Compensation based on the Participant’s age on the last day of the Plan Year: Age Contribution Percentage
Fixed Nonelective Contribution. 1.38(A) Earned Income. 1.11(J) Flexible Discretionary Match. 1.35(L), 3.03(A)(2)(b)
Fixed Nonelective Contribution. DOL. 1.17 Forfeiture Break in Service. 5.06(B)