Xxxx Elective Deferrals. An Elective Deferral designated by a Participant as a Xxxx Elective Deferral that at the time the deferral is made that is includible in the Participant’s gross income and has been irrevocably designated as Xxxx Elective Deferrals by the Participant in his or her deferral election. A Participant’s Xxxx Elective Deferrals will be maintained in a separate account containing only the Participant’s Xxxx Elective Deferrals and gains and losses attributable to those Xxxx Elective Deferrals. Xxxx Elective Deferrals shall be treated in the same manner as a pre-tax Elective Deferrals under the terms of the Plan. For purposes of interpreting the Plan, the term Elective Deferral shall mean both pre-tax Elective Deferrals and Xxxx Elective Deferrals except in cases where the context is clearly in violation of the requirements of this paragraph. Xxxx Elective Deferrals are effective on the later of when the Plan is adopted or January 1, 2006.
Appears in 4 contracts
Samples: Prototype Defined Contribution Plan (Wellesley Bancorp, Inc.), Prototype Defined Contribution Plan (Fraternity Community Bancorp Inc), Prototype Defined Contribution Plan (Athens Bancshares Corp)
Xxxx Elective Deferrals. An Elective Deferral designated by a Participant as a Xxxx Elective Deferral that at the time the deferral is made that is includible in the Participant’s gross income and has been irrevocably designated as Xxxx Elective Deferrals by the Participant in his or her deferral election. A Participant’s Xxxx Elective Deferrals will be maintained in a separate account containing only the Participant’s Xxxx Elective Deferrals and gains and losses attributable to those Xxxx Elective Deferrals. Xxxx Elective Deferrals shall be treated in the same manner as a pre-tax Elective Deferrals under the terms of the Plan. For purposes of interpreting the Plan, the term Elective Deferral shall mean both pre-tax Elective Deferrals and Xxxx Elective Deferrals except in cases where the context is clearly in violation of the requirements of this paragraph. Xxxx Elective Deferrals are effective on the later of when the Plan is adopted or January 1, 2006, or if later, the date the provision was adopted by the Plan Sponsor.
Appears in 3 contracts
Samples: Prototype Defined Contribution Plan (1st Constitution Bancorp), Prototype Defined Contribution Plan (Old Dominion Freight Line Inc/Va), Sterling Chemicals Inc
