THRIFT MATCHING CONTRIBUTIONS Clause Samples

THRIFT MATCHING CONTRIBUTIONS. If selected below, the Employer wil▇ ▇▇▇▇ ▇▇▇ching Thrift Contributions for each Plan Year (select one): (1) Discretionary Formula: A discretionary Matching Thrift Contribution equal to such a dollar amount or percentage as determined by the Employer, which shall be allocated (select one): (a) based on the ratio of each Participant's Employee Thrift Contribution for the Plan Year to the total Employee Thrift Contributions of all Participants for the Plan Year. If inserted, Matching Thrift Contributions shall be subject to a maximum amount of $_______ for each Participant or _______% of each Participant's Compensation. (b) in an amount not to exceed _______% of each Participant's first _______% of Compensation contributed as Employee Thrift Contributions for the Plan Year. If any Matching Thrift Contribution remains, it is allocated to each such Participant in an amount not to exceed _______% of the next _______% of each Participant's Compensation contributed as Employee Thrift Contributions for the Plan Year. Any remaining Matching Thrift Contribution shall be allocated to each such Participant in the ratio that such Participant's Employee Thrift Contributions for the Plan Year bears to the total Employee Thrift Contributions of all such Participants for the Plan Year. If inserted, Matching Thrift Contributions shall be subject to a maximum amount of $_______ for each Participant or ________% of each Participant's Compensation. (2) Nondiscretionary Formula: A nondiscretionary Matching Thrift Contribution for each Plan Year equal to (select one): [ ] (a) % of each Participant's Compensation contributed as Employee Thrift Contributions. If inserted, Matching Thrift Contributions shall be subject to a maximum amount of $_______ for each Participant or _______% of each Participant's Compensation. [ ] (b) _______% of the first _______% of the Participant's Compensation contributed as Employee Thrift Contributions and _______% of the next _______% of the Participant's Compensation contributed as Employee Thrift Contributions. If inserted, Matching Thrift Contributions shall be subject to a maximum amount of $_______ for each Participant or _______% of each Participant's Compensation.