Integrated Formula. Profit sharing contributions shall be allocated to each eligible Member’s Account in a uniform percentage (specified by the Employer as %) of each Member’s Salary during the Contribution Determination Period (“Base Contribution Percentage”) for the Plan Year that includes such Contribution Determination Period , plus a uniform percentage (specified by the Employer as %, but not in excess of the lesser of (i) the Base Contribution Percentage and (ii) the greater of (1) 5.7% or (2) the percentage equal to the portion of the Code Section 3111(a) tax imposed on employers under the Federal Insurance Contributions Act (as in effect as of the beginning of the Plan Year) which is attributable to old-age insurance) of each Member’s Salary for the Contribution Determination Period in excess of (select a, b, c or d):
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Sources: Adoption Agreement (Northeast Community Bancorp Inc)
Integrated Formula. ¨ Profit sharing contributions shall be allocated to each eligible Member’s Account in a uniform percentage (specified by the Employer as %) of each Member’s Salary during the Contribution Determination Period (“Base Contribution Percentage”) for the Plan Year that includes such Contribution Determination Period Period, plus a uniform percentage (specified by the Employer as %, but not in excess of the lesser of (i) the Base Contribution Percentage and (ii) the greater of (1) 5.7% or (2) the percentage equal to the portion of the Code Section 3111(a) tax imposed on employers under the Federal Insurance Contributions Act (as in effect as of the beginning of the Plan Year) which is attributable to old-age insurance) of each Member’s Salary for the Contribution Determination Period in excess of the Social Security Taxable Wage Base (select a“Excess Salary”) for the Plan Year that includes such Contribution Determination Period, b, c or d):in accordance with Article III of the Plan.
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