401(k) Plan NEC definition
401(k) Plan NEC means any non-elective contribution made on behalf of eligible participants under the 401(k) Plan that is based on age and service points.
401(k) Plan NEC means any non-elective contribution made on behalf of eligible participants under the 401(k) Plan that is based on age and service points. Effective July 31, 2017, employer non-elective contributions ceased under the 401(k) Plan and a prorated employer non-elective contribution was provided for the 2017 401(k) Plan Year to otherwise eligible participants thereunder. No additional non-elective contributions shall be made under the 401(k) Plan with respect to the 2018 Plan Year and thereafter.