Default Elective Deferrals definition

Default Elective Deferrals are the Elective Deferrals contributed to the Plan under the EACA on behalf of Covered Employees who do not have an affirmative election in effect regarding Elective Deferrals.
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Default Elective Deferrals are the Elective Deferrals contributed to the Plan under the QACA on behalf of Covered Employees who do not have an affirmative election in effect regarding Elective Deferrals.
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Examples of Default Elective Deferrals in a sentence

  • Default Elective Deferrals being made on behalf of a Covered Employee will cease as soon as administratively feasible after the Covered Employee makes an affirmative election.

  • The amount of Default Elective Deferrals made for a Covered Employee each pay period is equal to the Default Percentage specified in the Adoption Agreement (which may not be less than 3% nor higher than 10%) multiplied by the Covered Employee’s compensation for that pay period.

  • The amount of Default Elective Deferrals made for a Covered Employee each pay period is equal to the Default Percentage specified in the Adoption Agreement multiplied by the Covered Employee’s compensation for that pay period.

  • Matching Contributions that might otherwise be allocated to a Covered Employee’s account on behalf of Default Elective Deferrals will not be allocated to the extent the Covered Employee withdraws such Elective Deferrals pursuant to this Section 17.05 and any Matching Contributions already made on account of Default Elective Deferrals that are later withdrawn pursuant to this Section 17.05 will be forfeited.

  • Default Elective Deferrals will be reduced or stopped to meet the limitations under Code Sections 401(a)(17), 402(g) and 415 and to satisfy any suspension period required after a distribution.

  • Except as provided in paragraph 4.11(g)(2) below, if the Employer has elected an increasing Default Percentage in the Adoption Agreement, the same percentage of Compensation will be withheld as Default Elective Deferrals from all Covered Participants Compensation subject to the Default Percentage.

  • The amount of Default Elective Deferrals made for a Covered Participant each pay period is equal to the Default Percentage specified in the Adoption Agreement multiplied by the Covered Participant’s Compensation for that pay period.

  • The Covered Employee’s right under Section 3.A of this Article to make a withdrawal of Default Elective Deferrals and the procedures for making such a withdrawal.

  • A Covered Participant will have a reasonable opportunity after receipt of the Notice described in paragraph 4.11(g) to make an affirmative election regarding Elective Deferrals (either to have no Elective Deferrals made or to have a different amount of Elective Deferrals made) before Default Elective Deferrals are made on the Covered Participant’s behalf.

  • Default Elective Deferrals will be made on behalf of eligible Employees who do not have an affirmative election in effect regarding Elective Deferrals.

Related to Default Elective Deferrals

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Elective Deferrals mean Compensation and Elective Deferrals for: . [Note: The Employer must complete the blank line with the applicable time period for computing the Basic Match, such as "each payroll period," "each calendar month," "each Plan Year quarter" or "the Plan Year."]

  • Qualified Matching Contributions means any Participating Employer Contributions to this Plan on behalf of Eligible Employees, provided that amounts attributable to such contributions are not distributable merely on account of the Employee’s hardship and are immediately vested.

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee’s account under any plan of an Employer or a Related Company solely on account of “elective contributions” made on his behalf or “employee contributions” made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).