Common use of Qualified Non-Elective Contributions Clause in Contracts

Qualified Non-Elective Contributions. The Employer may elect to make Qualified Non-elective Contributions under the Plan on behalf of all Participants who are Non-Highly Compensated Employees in a ratio which each Non-Highly Compensated Participant's Compensation for the Plan Year bears to the total Compensation of all Non- Highly Compensated Participants for such Plan Year. (a) Qualified Non-elective Contributions shall be made on behalf of those Non-Highly Compensated Participants who are credited with a Year of Service during the Plan Year and who are employed on the last day of the Plan Year. Notwithstanding the preceding sentence, Non-Highly Compensated Participants who terminated employment with the Employer during the Plan Year because of death, Disability or retirement are entitled to a Qualified Non-elective Contribution. (b) Qualified Non-elective Contributions shall be made no later than the end of the twelve-month period beginning on the day after the close of the Plan Year. Qualified Non-elective Contributions shall be made in cash or in other such property acceptable to the Trustee.