Minimum Allocations Sample Clauses

Minimum Allocations. Each Active Participant (determined without regard to the Participant's completed Hours of Service) who is not a Key Employee, generally, will receive the minimum top-heavy allocation if the Plan is top-heavy. [See Section 6.3(e) and Section 12.] Requiring a Participant to complete a minimum number of hours or to be employed on the last day of a period may result in a failure to satisfy the nondiscrimination rules, minimum coverage rules and minimum participation rules. [See Section 2.2 and Section 2.19.]

Minimum Allocations. (a) For any year in which the Plan is a Top-Heavy Plan, each Participant who is not a Key Employee and who is not separated from service at the end of the Plan Year shall receive allocations of Employer contributions and forfeitures under this Plan at least equal to three percent (3%) of Compensation (as defined in Section 2.6) for such year or, if less, the largest percentage of the first two hundred thousand dollars ($200,000) of compensation allocated on behalf of the Key Employee for the Plan Year where the Employer has no defined benefit plan which designates this Plan to satisfy Code Section 401. This minimum allocation shall be determined without regard for any Social Security contribution and shall be provided even though under other provisions the Participant would not otherwise be entitled to receive an allocation or would have received a lesser allocation because of (i) the Participant's failure to complete One Thousand (1,000) Hours of Service (or any equivalent provided in the Plan), or (ii) the Participant's failure to make mandatory Employee contributions to the Plan, or (iii) Compensation less than a stated amount. (b) The provision in (a) above shall not apply to any Participant to the extent the Participant is covered under any other plan or plans of the employer and the employer has provided in the Adoption Agreement that the minimum allocation or benefit requirement applicable to top-heavy plans will be met in the other plan or plans. (c) The minimum allocation required (to the extent required to be nonforfeitable under Section 416(b)) may not be forfeited under Code Sections 411(a)(3)(B) or 411(a)(3)(D). (d) For purposes of subsection (a) above, neither Elective Deferrals nor Employer Matching Contributions shall be taken into account for the purposes of satisfying the minimum top-heavy benefits requirement.

Minimum Allocations. (a) In accordance with the HTF stat- ute, HUD is required to provide each of the States and the District of Columbia with a minimum grant of $3 million. If the formula amount determined for a fiscal year is less than $3 million to any of the 50 States or the District of Columbia, then the allocation to that State or the District of Columbia is in- creased to $3 million, and allocations to States and the District of Columbia above $3 million and to the Common- wealth of Puerto Rico and the insular areas are adjusted by an equal amount on a pro rata basis. (b) If in any fiscal year, funding in the HTF is insufficient to provide each of the 50 States and the District of Co- lumbia with a minimum grant of $3 million, HUD will, through notice pub- lished in the FEDERAL REGISTER for public comment, describe an alter- native method for allocating grant funds to the 50 States and the District of Columbia.

Minimum Allocations. Notwithstanding the provisions of Section 5 and Section 2(d), for any Plan Year during which the Plan is deemed a top-heavy plan, the Employer Contributions for such Plan Year shall be allocated such that the minimum contribution for each Employee who was a non-Key Employee pursuant to Section 416 of the Code shall be the lesser of 3% of his Earnings or the highest percentage of compensation contributed for a key employee, as defined under Section 416 of the Code, for the Plan Year.

Minimum Allocations. For each Plan Year that the Plan is top- -- ------------------- heavy, there shall be allocated to the account of each Participant who is not a key employee and who is employed by the Company on the last day of the Plan Year, irrespective of whether he has completed 1,000 Hours of Service with the Company during the Plan Year, an amount not less than three percent (3%) of each such Participant's W-2 Compensation (without taking into account Social Security and similar contributions and benefits). Notwithstanding the foregoing, if the contribution for any Plan Year made by the Company is less than three percent (3%) of the aggregate W-2 Compensation of all Participants, then the amount allocable to each nonkey employee shall be such lesser percentage. If the Company maintains both a defined contribution plan and a defined benefit plan with a nonkey employee who participates, or could participate in both plans, then there shall be allocated to the account of each Participant who otherwise would be entitled to receive a minimum allocation as described above an amount not less than five percent (5%) of such Participant's W-2 Compensation (but without taking into account Social Security and similar contributions and benefits). For purposes of this subparagraph C., all defined contribution -- plans of the Company shall be aggregated to the end that the percentage rules shall be satisfied if the aggregate contribution made to all defined contribution plans equals five percent (5%) of any nonkey Participant's W-2 Compensation.

Minimum Allocations. If a defined benefit plan maintained by the Employer which benefits a Key Employee depends on this Plan to satisfy the nondiscrimination rules of Code Section 401(a)(4) or the coverage rules of Code Section 410 (or another plan benefiting the Key Employee so depends on the defined benefit plan), each Non-Key Employee shall receive a top heavy minimum allocation of five percent (5%) of the Non-Key Employee's Compensation regardless of the contribution rate for the Key Employee. The minimum allocation under this Section shall be provided to each Non-Key Employee who is a Participant and is employed by the Employer on the last day of the Plan Year, whether or not the Participant has been credited with one thousand (1,000) Hours of Service for the Plan Year. The minimum allocation under this Section shall not be provided to any Participant who was not employed by the Employer on the last day of the Plan Year. The provisions of this Section shall not apply to any Participant to the extent the Participant is covered under any other plan or plans of the Employer under which the minimum allocation or benefit requirements under Code Section 416(c)(1) or (c)(2) are met for the Participant."

Minimum Allocations. Each Active Participant (determined without regard to the Participant's completed Hours of Service) who is not a Key Employee, generally, will receive the minimum top-heavy allocation if the Plan is top-heavy. [See (S) 6.3(e) and (S) 12.]

Minimum Allocations. (a) Except as otherwise provided in (c) and (d) below, the Employer Contributions and Forfeitures allocated on behalf of any Participant who is not a Key Employee shall not be less than the lesser of three percent of such Participant's Compensation, or in the case where the Employer has no defined benefit plan which designates this Plan to satisfy section 401 of the Code, the largest percentage of Employer Contributions and Forfeitures and Employee Elective Deferrals, as a percentage of the Key Employee's Compensation as limited by section 401(a)(17) of the Code, allocated on behalf of any Key Employee for that year. The minimum allocation is determined without regard to any Social Security contribution. This minimum allocation shall be made even though, under other Plan provisions, the Participant would not otherwise be entitled to receive an allocation, or would have received a lesser allocation for the year because of (i) the Participant's failure to complete 1,000 Hours of Service (or any equivalent provided in the Plan), or (ii) the Participant's failure to make mandatory employee contributions or elective contributions to the Plan, or (iii) Compensation less than a stated amount. In a Top-Heavy Plan Year in which the Employer maintains another plan or plans covering any Participant under this Plan, then the minimum allocation level as selected in Item 28 of the Adoption Agreement shall be substituted for the three percent (3%) of Compensation described above. (b) For purposes of computing the minimum allocation, Compensation will mean Compensation as defined in Item 18 of the Adoption Agreement without regard to the exclusions from Compensation as defined in Item 18.d. of the Adoption Agreement. (c) Employee Elective Deferrals and Employer Matching Contributions and Employer Qualified Matching Contributions made on account of Employee Elective Deferrals may not be taken into account for the purpose of satisfying this section.