Make-Up Contributions Sample Clauses
A Make-up Contributions clause allows a party, typically an employer or plan participant, to make additional contributions to a fund or plan to compensate for previous underpayments or missed contributions. In practice, this clause specifies the conditions under which these supplemental payments can be made, such as deadlines, limits, and any required approvals. Its core function is to ensure that funding obligations are met and to provide a mechanism for correcting past shortfalls, thereby maintaining compliance and financial stability within the plan or agreement.
Make-Up Contributions. A Participant who is reemployed following a qualified military leave shall have the right to make up any Salary Deferrals or After-Tax Employee Contributions to which he/she would have been entitled but for the fact the Participant was on qualified military leave. The Employer will also make any Employer Contributions and Matching Contributions the Participant would have earned during the period of qualified military leave had the Participant remained employed during such period. The Employer will only be required to make Matching Contributions if the reemployed Participant makes up the underlying contributions that were eligible for the Matching Contributions. In determining the amount of Make-Up Contributions a Participant may make under this subsection (d), a Participant will be treated as earning Plan Compensation during the period the Participant was on qualified military leave equal to:
(1) the rate of pay the Participant would have received from the Employer during such period had the Participant not been on qualified military leave, or
(2) if the Plan Compensation the Participant would have received during such period was not reasonably certain, the Participant's average Plan Compensation during the 12-month period immediately preceding the qualified military leave (or the entire period of employment, if shorter).
Make-Up Contributions. Following reemployment of a participant after a Military Absence, the employer shall make an employer contribution ("employer make-up contribution") in the amount, unadjusted by earnings and forfeitures, that the employer would have been permitted to make under subsection (a) during the period of Military Absence if such participant had continued to be employed by and received compensation from the employer during such period, subject to the limitation of Article 13 in effect during each year of such participant's Military Absence to which such contribution relates. For purposes of the preceding sentence, a participant will be treated as having received compensation during the period of Military Absence equal to (i) the compensation such participant would have received during such period if he or she had not taken a Military Absence, determined based on the rate of pay the participant would have received from the employer but for the Military Absence, or (ii) if the compensation the participant would have received during such period was not reasonably certain, the participant's average compensation during the 12-month period immediately preceding the Military Absence or, if shorter, the period of employment immediately preceding the Military Absence. Notwithstanding any provision in this plan to the contrary, employer make-up contributions shall not be subject to the limitations of Article 13 in the year such contributions are made and shall not be taken into account, during either the year in which such contributions were made or the years to which such contributions relate during the period of Military Absence, for purposes of applying Sections 5.6, 6.6 or 6.9 or the provisions of Article 14.
Make-Up Contributions. The Employer may make special make-up contributions to the Plan, if necessary, if there are insufficient forfeitures under the Plan to restore Participant Accounts according to Section 3.5, or if a mistake or omission in the allocation of Employer Contributions is discovered and is not be corrected by revising prior allocations.
Make-Up Contributions. As soon as practicable following the timely reemployment of a participant who has taken a Military Absence, the Plan administrator shall notify such participant of his or her right to make up 401(k) savings contributions to which he or she would have been entitled to make but for the period of Military Absence. 401(k) savings contributions made in accordance with this subsection (e) shall be known as 401(k) savings make-up contributions. Subject to the limitation of Article 13 in effect in each year of such participant's Military Absence to which 401(k) savings make-up contributions relate, and provided that the maximum amount of 401(k) savings make-up contributions attributable to each year of Military Absence does not exceed the dollar limitation contained in section 402(g) of the Code in effect during each such year, the amount of 401(k) savings make-up contributions permitted by this subsection (e) shall be equal to (i) the maximum amount of 401(k) savings contributions, unadjusted by any earnings thereon, that such participant would have been permitted to make under subsection (a) during the period of Military Absence if such participant had continued to be employed by and received plan compensation from the employer during such period, (ii) reduced by the amount of 401(k) savings contributions, if any, actually made during the period of Military Absence. For purposes of the preceding sentence, a participant will be treated as having received plan compensation during the period of Military Absence equal to (i) the compensation such Participant would have received during such period if he or she had not taken a Military Absence, determined based on the rate of pay the participant would have received from the employer but for the Military Absence, or (ii) if the plan compensation the participant would have received during such period was not reasonably certain, the participant's average plan compensation during the 12-month period immediately preceding the Military Absence or, if shorter, the period of employment immediately preceding the Military Absence. Notwithstanding any provision in this Plan to the contrary, 401(k) savings make-up contributions shall not be subject to the limitations of Article 13 in the year such contributions are made and shall not be taken into account, during either the year in which such contributions were made or the years to which such contributions relate during the period of Military Absence, for purposes of applying Sec...
Make-Up Contributions. □ Did not start contributions upon meeting eligibility