Common use of Minimum Contributions Clause in Contracts

Minimum Contributions. Minimum Employer contributions for a Participant who is not a Key Employee shall be required under the Plan for the Plan Year as follows: (a) The amount of the minimum contributions shall be the lesser of the following percentages of Compensation: (1) three percent or, (2) the highest percentage at which such contributions are made under the Plan for the Plan Year on behalf of a Key Employee. (A) For purposes of this paragraph (2), all defined contribution plans required to be included in an Aggregation Group shall be treated as one plan. (B) This paragraph (2) shall not apply if the Plan is required to be included in an Aggregation Group and the Plan enables a defined benefit plan required to be included in the Aggregation Group to meet the requirements of Sections 401(a)(4) or 410 of the Code. (b) There shall be disregarded for purposes of this Section 14.02 any contributions or benefits under chapter 21 of the Code (relating to the Federal Insurance Contributions Act), Title 11 of the Social Security Act, or any other Federal or State law. (c) For purposes of this Section 14.02, the term "Participant" shall be deemed to refer to all Participants who have not separated from service at the end of the Plan Year including without limitation, individuals who declined to elect or make contributions to the Plan. (d) In determining whether a Non-Key Employee has received the required minimum contribution, such Non-Key Employee's Elective Deferrals shall not be taken into account.

Minimum Contributions. Minimum Employer contributions for a Participant who is not a Key Employee shall be required under the Plan for the Plan Year as follows: (a) The amount of the minimum contributions shall be the lesser of the following percentages of Compensation: (1) three percent or, (2) the highest percentage at which such contributions are made under the Plan for the Plan Year on behalf of a Key Employee. (A) For purposes of this paragraph (2), all defined contribution plans required to be included in an Aggregation Group shall be treated as one plan. (B) This paragraph (2) shall not apply if the Plan is required to be included in an Aggregation Group and the Plan enables a defined benefit plan required to be included in the Aggregation Group to meet the requirements of Sections sections 401(a)(4) or 410 of the Code. (C) For purposes of this paragraph (2), the calculation of the percentage at which contributions are made for a Key Employee shall be based only on his pay not in excess of $200,000, such amount to be adjusted annually for increases in the cost of living in accordance with section 416(d) of the Code. (b) There shall be disregarded for purposes of this Section 14.02 20.2 any contributions or benefits under chapter 21 of the Code (relating to the Federal Insurance Contributions Act), Title 11 II of the Social Security Act, or any other Federal or State state law. (c) For purposes of this Section 14.0220.2, the term "Participant" shall be deemed to refer to all Participants who have not separated from service at the end of the Plan Year including without limitation, individuals who declined to elect or make contributions to the PlanYear. (d) In determining whether a Non-Key Employee has received the required minimum contribution, such Non-Key Employee's Elective Deferrals shall not be taken into account.