TOP HEAVY REQUIREMENTS. If the Plan becomes a Top Heavy Plan during any Plan Year, the following provisions shall supersede any conflicting provisions in the Plan or Adoption Agreement and apply for such Plan Year:
TOP HEAVY REQUIREMENTS. F1 TOP HEAVY DUPLICATIONS (Plan Section 4.3(i)): When a Non-Key Employee is a Participant in this Plan and a Defined Benefit Plan maintained by the Employer, indicate which method shall be utilized to avoid duplication of top heavy minimum benefits.
TOP HEAVY REQUIREMENTS. Notwithstanding anything contained herein to the contrary, if the Plan is a Top Heavy Plan for any Plan Year beginning after Decem- ber 31, 1983, then the Plan shall meet the following requirements for such Plan Year:
TOP HEAVY REQUIREMENTS. This SEP is "top-heavy" for a plan year if, as of the last day of the previous plan year (or current plan year if this is the first year of the SEP) the total of elective and non-elective contributions made on behalf of key employees for all the years this SEP has been in existence exceeds 60% of such contributions for all employees. If the employer maintains (or maintained within the prior five years) any other SEP or defined contribution plan in which a key employee participates (or participated), the contributions or account balances, whichever is applicable, must be aggregated with the contributions made to this SEP. The employee who ceases to be a key employee or an individual who has not been in the employ of the employer for the previous five years shall be disregarded. During any Plan Year in which this Plan is a Top-heavy Plan, the Employer shall make a minimum contribution or allocation on the last day of the Plan Year for each person who is an Employee on that day and who either was or could have been an Active Participant during the Year. The minimum contribution and allocation for such persons shall be equal to the lesser of (A) or (B) below:
TOP HEAVY REQUIREMENTS. A. Unless paragraph B below is checked, the minimum top-heavy contribution for each year must be allocated to the SEP-IRA of each non-key employee eligible to participate in this SEP in accordance with Code section 416. This allocation may not be less than the smaller of: (1) 3% of the non-key employee’s compensation; or (2) the largest percentage of elective deferrals, as a percentage of the first $200,000 of the key employee’s compensation, deferred by any key employee for that year.
TOP HEAVY REQUIREMENTS. A. For purposes of determining whether a plan is top-heavy under section 416, elective deferrals are considered employer contributions. Elective deferrals may not be used, however, to satisfy the minimum contribution requirement under section 416. Thus, in any year in which a key employee makes an elective deferral, this Model SEP is deemed top-heavy for purposes of section 416 and the employer is required to make the minimum contribution to the SEP-IRA of each non-key employee eligible to participate in the SEP. A key employee under section 416(i)(1) is any employee or former employee (and the beneficiaries of these employees) who, at any time during the “determination period,” was:
TOP HEAVY REQUIREMENTS. (A) If the underlying plan document does not designate another plan to satisfy the top-heavy requirements of Section 416 of the Code, or if the underlying plan document allocates less than three (3) percent of each Non-key Employee's top-heavy Compensation under the Plan to such Participant's account for a Plan Year, then the minimum top-heavy allocation under the Plan shall be allocated on behalf of Non-key Employees in accordance with Section 416 of the Code. Such allocation shall not be less than the lesser of three (3) percent of such Participant's Compensation or, in the case where the Employer has no defined benefit plan which designates this Plan to satisfy Section 401 of the Code, the largest percentage of Employer contributions and forfeitures, as a percentage of the first $200,000 of the Key Employee's compensation, allocated on behalf of any Key Employee for that year. (B) For purposes of satisfying the minimum contribution on behalf of each Non-key Employee under Section 11.5(A) above, Elective Deferrals and Matching Contributions shall not be taken into account. (C) For purposes of determining whether a plan is top-heavy under Section 416 of the Code, Elective Deferrals are considered employer contributions.
TOP HEAVY REQUIREMENTS. For any Plan Year in which the Plan is determined to be a Top Heavy Plan, the Plan shall provide the special minimum allocation requirements of Section 416(c) of the Code as set forth in Section 6.07 of this Plan and Trust Agreement and the special vesting requirements of Section 416(b) of the Code if not otherwise met by the provisions hereof.
TOP HEAVY REQUIREMENTS. The vesting provisions, minimum contribution provisions, maximum benefit provisions and compensation limit provisions shall apply to the Plan for any Plan Year commencing after December 31, 1983 in which the Plan is a "top heavy plan" (the Plan will not be "top heavy" for purposes of this Article prior to the first Plan Year commencing after 1983), and supersede any provisions in the other Articles of the Plan to the extent they apply.
TOP HEAVY REQUIREMENTS. A. TOP HEAVY VESTING If this Plan becomes a Top Heavy Plan, the following vesting schedule, based on number of Years of Service, for such Plan Year and each succeeding Plan Year, whether or not the Plan is a Top Heavy Plan, shall apply and shall be treated as a Plan amendment pursuant to this Plan. Once effective, this schedule shall also apply to any contributions made prior to the effective date of Code section 416 and/or before the Plan became a Top Heavy Plan.
