Minimum Allocation Gateway definition

Minimum Allocation Gateway means, for Plan Years beginning on or after January 1, 2002, a minimum allocation that must be provided to each Non-Highly Compensated Employee who receives an allocation of any Non-Elective Contribution (including any ADP Safe Harbor Non-Elective Contribution) or any Qualified Non-Elective Contribution under this Plan (or any other defined contribution plan that is aggregated with this Plan) that performs the general test for non-discrimination based upon Equivalent Accrual Rates as set forth in Regulation §1.401(a)(4)-8. Notwithstanding the above, in determining the Benefiting Participants for purposes of the Minimum Allocation Gateway, the permissive disaggregation rules under Regulation §1.410(b)-6(b)(3)(ii) and §1.410(b)-7(c)(3) will be applied. The Minimum Allocation Gateway is subject to the following rules:
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Examples of Minimum Allocation Gateway in a sentence

  • Notwithstanding the above, in determining the Benefiting Participants for purposes of the Minimum Allocation Gateway, the permissive disaggregation rules under Regulation §1.410(b)-6(b)(3)(ii) and §1.410(b)-7(c)(3) will be applied.

  • For purposes of determining if the Minimum Allocation Gateway of paragraph (b) has been satisfied, Code §415(c)(3) Compensation will be limited to the Participant’s Code §415(c)(3) Compensation on and after a Participant’s Entry Date of the Plan’s component subject to the Minimum Allocation Gateway.

  • The Minimum Allocation Gateway requirement need not be satisfied if this Plan (or the group of any defined contribution plan(s) which are aggregated with this Plan) has Broadly Available Allocation Rates or a Gradually Increasing Age or Service Schedule.

  • The amount of the Minimum Allocation Gateway is equal to the lesser of (1) five percent (5%) of the Participant’s Code §415(c)(3) Compensation; or (2) one-third of the Allocation Rate of the Highly Compensated Employee with the highest Allocation Rate.

  • The Minimum Allocation Gateway may be satisfied with any Non-Elective Contributions (including any ADP Safe Harbor Non-Elective Contributions) or any Qualified Non-Elective Contributions.

  • For purposes of the Minimum Allocation Gateway, Otherwise Excludable Participants will not be considered.

  • The Plan shall satisfy the Broadly Available Allocation Rates or the Minimum Allocation Gateway.

  • Minimum Allocation Gateway means the requirement pursuant to which each Eligible Participant who is a Non-highly Compensated Employee must have an allocation rate that is equal to at least the lesser of 5% of the Eligible Participant’s 415 Limitation Compensation (as defined in Section 1.1 of the Plan) measured over a period of time permitted under the definition of Plan Compensation, or one-third of the allocation rate of the Highly Compensated Employee with the highest allocation rate.

  • Minimum Allocation Gateway means the requirement pursuant to which each Eligible Participant who is a Nonhighly Compensated Employee must have an allocation rate that is equal to at least the lesser of 5% of the Eligible Participant’s 415 Limitation Compensation (as defined in Section 1.1 of the Plan) measured over a period of time permitted under the definition of Plan Compensation, or one-third of the allocation rate of the Highly Compensated Employee with the highest allocation rate.