Basic Matching Contribution definition

Basic Matching Contribution is equal to (i) one-hundred percent (100%) of the amount of an "Eligible Participant's" Elective Deferrals that do not exceed three percent (3%) of the Participant's "Compensation" for the Plan Year, plus (ii) fifty percent (50%) of the amount of the Participant's Elective Deferrals that exceed three percent (3%) of the Participant's "Compensation" but do not exceed five percent (5%) of the Participant's "Compensation."

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Basic Matching Contribution means a contribution made by the applicable Employer in accordance with Section 3.3.

Basic Matching Contribution means a Safe Harbor Matching Contribution to the Plan on behalf of each Eligible Employee equal to (i) 100 percent of the amount of the employee’s Elective Deferrals that do not exceed 3 percent of the employee’s Compensation for the Plan Year, plus (ii) 50 percent of the amount of the employee’s Elective Deferrals that exceed 3 percent of the employee’s Compensation but that do not exceed 5 percent of the employee’s Compensation.

Examples of Basic Matching Contribution in a sentence

• The ACP Test Safe Harbor is automatically satisfied if the only Matching Contribution to the Plan is either a Basic Matching Contribution or an Enhanced Matching Contribution that does not provide a match on Elective Deferrals in excess of 6% of Compensation.

• Basic Matching Contribution Formula: Matching Contributions will be made on behalf of Participants in an amount equal to 100% of the amount of the Eligible Participant’s Elective Deferrals that do not exceed 3% of the Participant’s Compensation and 50% of the amount of the Participant’s Elective Deferrals that exceed 3% of the Participant’s Compensation but that do not exceed 5% of the Participant’s Compensation.

• A Basic Matching Contribution is a Fixed Matching Contribution equal to 100% of a Participant's Elective Deferrals which do not exceed 3% of Compensation, plus 50% of Elective Deferrals which exceed 3%, but do not exceed 5% of Compensation.

• Regardless of the Employer's Adoption Agreement election, in a Safe Harbor 401(k) Plan, the Plan will apply the Basic Matching Contribution or Enhanced Matching Contribution to Catch-Up Deferrals and if the Plan will satisfy the ACP test safe harbor under Section 3.05(G), the Employer will apply any Additional Matching Contribution to Catch-Up Deferrals.

• A Safe Harbor Matching Contribution is a Basic Matching Contribution or an Enhanced Matching Contribution.

• A Safe Harbor Matching Contribution is a Basic Matching Contribution, a QACA Basic Matching Contribution, or an Enhanced Matching Contribution.

• Bargained Employees a 3% Nonelective Safe Harbor Contribution applies and as to non-Collectively Bargained Employees, the Basic Matching Contribution applies).

• An Enhanced Matching Contribution is a Fixed Matching Contribution made in accordance with any formula the Employer elects in its Adoption Agreement under which: (a) at any rate of Elective Deferrals, a Participant receives a Matching Contribution which is at least equal to the match the Participant would receive under the Basic Matching Contribution formula; and (b) the rate of match does not increase as the rate of Elective Deferrals increases.

• The ACP Test Safe Harbor Contribution is satisfied by the Basic Matching Contribution or the Enhanced Matching Contribution of Part II.D.18.

• Basic Matching Contribution Formula: Matching Contributions will be made on behalf of Participants in an amount equal to 100% of the amount of the Eligible Participant's Elective Deferrals that do not exceed 3% of the Participant's Compensation and 50% of the amount of the Participant's Elective Deferrals that exceed 3% of the Participant's Compensation but that do not exceed 5% of the Participant's Compensation.

More Definitions of Basic Matching Contribution

Basic Matching Contribution means a contribution made by the applicable Employer in the manner and amounts set forth in Section 3.3, which may include the issue of Shares by National Grid to the Trust on behalf of the Employer. Notwithstanding the provisions of Section 3.3, the manner and amounts set forth in Section 3.3 may be adjusted under procedures adopted by the National Grid Committee.

Basic Matching Contribution means a contribution made by the applicable Participating Employers in accordance with Section 3.3(a).

Basic Matching Contribution means a Matching Contribution that is made with respect to a Basic Elective Contribution pursuant to Section 3.2(a).

Basic Matching Contribution means the maximum employer matching contribution (if any) that would be allocated to the account of a Participant under the 401(k) Plan with respect to a Plan Year, giving effect to the Contribution Limitations, assuming that the Participant made the maximum permissible amount of salary deferral contributions under the 401(k) Plan for such Plan Year, giving effect to the limitations under Section 401(k)(3) and Section 415 of the Code.