Timing of Elective Deferrals. No deferral election may be based on compensation an eligible employee received, or had a right to receive, before execution of the deferral election.
Timing of Elective Deferrals. (1) A Participant may elect to commence Elective Deferrals as of the first day of each calendar month (Date must be at least once each calendar year). Such election shall become effective as of the 1st pay period following the pay period during which the Participant’s election to commence Elective Deferrals was made, or as soon as administratively feasible thereafter. Such election may not be made retroactively.
Timing of Elective Deferrals. No deferral election may be based on compensation an eligible employee received, or had a right to receive, before execution of the deferral election. ARTICLE III--SEP REQUIREMENTS (See instructions.) The employer agrees that each employee's elective deferrals to the SEP will be: A. Based only on the first $150,000 of compensation. B. Limited annually to the smaller of: (1) 15 percent of compensation; or (2) $9,240*. C. Limited further under section 415, if the employer also maintains another SEP. D. Pxxx xx xhe employee's IRA trustee, custodian, or insurance company (for an annuity contract) or, if necessary, an IRA established for an employee by the employer. E. Made only if at least 50 percent of the employer's employees eligible to participate elect to have amounts contributed to the SEP. If the 50 percent requirement is not satisfied as of the end of any calendar year, then all of the elective deferrals made by the employees for that calendar year will be considered "disallowed deferrals," i.e., IRA contributions that are not SEP- IRA contributions. F. Made only if the employer had 25 or fewer employees eligible to participate at all times during the prior calendar year. G. Adjusted only if deferrals to this SEP for any calendar year do not meet the "deferral percentage limitation" described on page 3. ARTICLE IV--EXCESS SEP CONTRIBUTIONS (See instructions.) Elective deferrals by a "highly compensated employee" must satisfy the deferral percentage limitation under section 408(k)(6)(A)(iii). Amounts in excess of this limitation will be deemed excess SEP contributions for the affected highly compensated employee or employees. ARTICLE V-
Timing of Elective Deferrals. The Employer must make a salary reduction contribution to the SIMPLE IRA established for each Eligible Employee under this SIMPLE IRA Plan as of the earliest date on which the contributions for an Eligible Employee can reasonably be segre- gated from the Employer’s general assets, but in no event later than 30 days after the end of the month in which the contribution is withheld from the Employee’s pay. The Employer must make the matching or nonelective contribution to the SIMPLE IRA established for each Eligible Employee under this SIMPLE IRA Plan no later than the due date for filing the Employer’s federal income tax return, including extensions, for the taxable year that includes the last day of the calendar year for which the contribution is made.
