Maximum annual allocation. The allocation of Matching Contributions each Plan Year shall satisfy the Actual Contribution Percentage Test under either of the following formula: (i) the Actual Contribution Percentage for eligible Highly Compensated Employees shall not be greater than the Actual Contribution Percentage for all eligible Nonhighly Compensated Employees multiplied by 1.25; or (ii) the difference between the Actual Contribution Percentage for eligible Highly Compensated Employees and the Actual Contribution Percentage for all eligible Nonhighly Compensated Employees shall not be greater than two (2) percentage points; provided, the Actual Contribution Percentage for eligible Highly Compensated Employees shall not be greater than two (2) times the Actual Contribution Percentage for eligible Nonhighly Compensated Employees.
Appears in 1 contract
Sources: Employee Stock Ownership and Thrift Plan and Trust Agreement (Bancfirst Corp /Ok/)
Maximum annual allocation. The annual allocation of Matching Contributions each Plan Year derived from Elective Deferrals shall satisfy the Actual Contribution Deferral Percentage Test under either of the following formulaformulas:
(i) the Actual Contribution Deferral Percentage for eligible Highly Compensated Employees shall not be greater than the Actual Contribution Deferral Percentage for all eligible Nonhighly Compensated Employees multiplied by 1.25; or
(ii) the difference between the Actual Contribution Deferral Percentage for of eligible Highly Compensated Employees and the Actual Contribution Deferral Percentage for all eligible Nonhighly Compensated Employees shall not be greater than two (2) percentage points; provided, the Actual Contribution Deferral Percentage for eligible Highly Compensated Employees shall not be greater than two (2) times the Actual Contribution Deferral Percentage for eligible Nonhighly Compensated Employees.
Appears in 1 contract
Sources: Employee Stock Ownership and Thrift Plan and Trust Agreement (Bancfirst Corp /Ok/)