Plan Provision. FIRST PLAN YEAR TESTING ELECTIONS For a new 401(k) Plan, the Employer could use either the current or prior year testing methods as well as a rule that deems the prior year ADP/ACP to be 3%.
Appears in 3 contracts
Sources: Nonstandardized Adoption Agreement (Banctrust Financial Group Inc), Nonstandardized Adoption Agreement (Jda Software Group Inc), Adoption Agreement (Thomasville Bancshares Inc)
Plan Provision. FIRST PLAN YEAR TESTING ELECTIONS First Plan Year Testing Elections For a new 401(k) Plan, the Employer could use either the current or prior year testing methods as well as a rule that deems the prior year ADP/ACP to be 3%.
Appears in 1 contract