Examples of Current year in a sentence
The Employer may amend its Adoption Agreement to change from Prior Year Testing to Current Year Testing at any time, subject to Section 4.06(D).
The Employer, to facilitate the Plan Administrator's correction of ACP test failures under Section 4.10(C), (or to lessen the degree of such failures), but only if the Plan is using Current Year Testing, may make Flexible Discretionary Match to the Plan ("Operational Match"), irrespective of whether the Employer in its Adoption Agreement has elected to provide for Flexible Discretionary Match.
If the Employer does not give a supplemental notice, or any Matching Contribution fails to satisfy such limitations, any Matching Contributions are not Additional Matching Contributions in that Plan Year and the Plan Administrator will test all such Matching Contributions under Section 4.10(C) (ACP test) using Current Year Testing.
The Employer in its Adoption Agreement may elect to test Enhanced Matching Contributions using Current Year Testing or Prior Year Testing.
In determining whether the Plan's 401(k) arrangement satisfies the ADP test, the Plan Administrator will use Current Year Testing or Prior Year Testing as the Employer elects in its Adoption Agreement.