Top-Heavy Test Clause Samples

Top-Heavy Test. If on the Determination Date the Aggregate Accounts of Key Employees in the Plan exceed 60 percent of the Aggregate Accounts of all Employees in the Plan, the Plan shall be a Top-Heavy Plan for that Plan Year. In addition, if the Plan is required to be included in an Aggregation Group and that group is a top-heavy group, the Plan shall be treated as a Top-Heavy Plan. An Aggregation Group is a top-heavy group if on the Determination Date the sum of (a) the present value of the cumulative accrued benefits for Key Employees under all defined benefit plans in the Aggregation Group which contains the Plan, plus (b) the total of all of the accounts of Key Employees under all defined contribution plans included in the Aggregation Group (which contains the Plan) is more than 60 percent of a similar sum determined for all employees covered in the Aggregation Group which contains the Plan. In applying the above tests, the following rules shall apply: (a) effective for Plan Years that begin on or after January 1, 2002, in determining the present value of the accumulated accrued benefits for any Employee or the amount in the account of any Employee, the value or amount shall be increased by all distributions made to or for the benefit of the Employee under the Plan after his Separation From Service and during the one-year period ending on the Determination Date; (b) effective for Plan Years that begin on or after January 1, 2002, in determining the present value of the accumulated accrued benefits for any Employee or the amount in the account of any Employee, the value or amount shall be increased by all distributions made to or for the benefit of the Employee under the Plan prior to his Separation From Service and during the five-year period ending on the Determination Date; (c) effective for Plan Years that begin prior to January 1, 2002, in determining the present value of the accumulated accrued benefits for any Employee or the amount in the account of any Employee, the value or amount shall be increased by all distributions made to or for the benefit of the Employee under the Plan during the five-year period ending on the Determination Date; (d) all rollover contributions made by the Employee to the Plan shall not be considered by the Plan for either test; (e) if an Employee is a Non-Key Employee under the Plan for the Plan Year but was a Key Employee under the Plan for a prior Plan Year, his Account shall not be considered; (f) effective for Plan Years that begi...
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Top-Heavy Test. This Article XI shall apply in the event it is determined, in accordance with this Article XI and Section 416(g) of the Code, that this Plan is top heavy (hereafter referred to as a “Top Heavy Plan”) because the present value of the aggregate Participant Accounts of Key Employees (as hereinafter defined) exceeds sixty percent (60%) of the present value of the aggregate of all Participant Accounts. Except as otherwise provided, the provisions set forth in this Article shall cease to apply when the Plan is no longer a Top Heavy Plan.
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Top-Heavy Test. This subsection shall apply for purposes of determining the present values of the amounts of Account balances of Employees as of the determination date.
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Top-Heavy Test. Not Needed; plan is not top heavy
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Top-Heavy Test. Notwithstanding any other provisions of this Plan, this Article XI shall apply to all Plan Years beginning after December 31, 1983 in the event it is determined, in accordance with this Section and Section 416(g) of the Code, that this Plan is top-heavy (hereafter referred to as a “Top-Heavy Plan”) because the present value of the aggregate Participant Accounts of Key Employees (as hereinafter defined) exceeds sixty percent (60%) of the present value of the aggregate of all Participant Accounts. Except as otherwise provided, the provisions set forth in this Article shall cease to apply when the Plan is no longer a Top-Heavy Plan.
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Top-Heavy Test. The Plan is subject to strict Internal Revenue Service rules. One of these rules involves a 'Top-Heavy' test. Each Plan Year, the Plan Administrator tests this Plan together with all other Employer-sponsored qualified plans to make sure that no more than 60% of the benefits are for 'Key' Employees. If this Plan is Top-Heavy, then the Employer may be required to make minimum annual contributions to this Plan for you if you are employed as of Plan Year-end. -------------------------------------------------------------------------------- Marine Transport Lines, Inc. Salaried Employees Retirement Income Plan 16 123 XII. PARTICIPANT RIGHTS A. CLAIMS (1). CLAIM PROCEDURE You or your Beneficiary should make a request to obtain any benefits you are entitled to under the Plan in the event of your termination of employment. The Plan Administrator will provide you with a request form to complete. Your request will be considered a claim and will be subject to a full and fair review by the Plan Administrator. If your claim is wholly or partially denied by the Plan Administrator then you may appeal it in accordance with the claim review procedure. (2). CLAIM REVIEW PROCEDURE You or your Beneficiary may file a claim for benefits under the Plan with the Plan Administrator on a form supplied by the Employer. The Plan Administrator will provide you with written notice of the disposition of your claim within 90 days after it has been filed (or, in certain circumstances, within 180 days). In the event the claim is denied then the reasons shall be disclosed and/or provisions of the Plan shall be cited as appropriate. You or your Beneficiary upon request to the Plan Administrator may appeal the denial of your claim. If you wish further consideration of your position then you must provide the Plan Administrator with a written request for a hearing. You must also provide a detailed written statement of your position for your claim and file it with the Plan Administrator no later than 60 days after requesting a hearing. The Plan Administrator shall make a decision on your claim and it will be communicated to you in writing within 60 days (or, in certain circumstances, within 120 days). It will advise you if you have any right to appeal the decision.
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Related to Top-Heavy Test

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.

  • Break in Service No absence under any paid leave provisions of this Article shall be considered as a break in service for any employee who is in paid status, and all benefits accruing under the provisions of this Agreement shall continue to accrue under such absence.

  • Highly Compensated Employee The term Highly Compensated Employee includes highly compensated active employees and highly compensated former employees.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.

  • Hours of Service The minimum number of Hours of Service an Employee must complete during a vesting computation period to receive credit for a Year of Service is: (Choose (c) or (d)) [X] (c) 1,000 Hours of Service.