QMACs definition

QMACs means qualifying matching contributions, as defined under Treasury Regulation Section 1.401(k)-6 and 1.401(m)-5, which are Employer Matching Contributions that are allocated to eligible Participants for a Plan Year in which the Plan failed to satisfy the ADP test or ACP test and which satisfy the non-forfeitability and distribution requirements for Pre-Tax Contributions at the time it is allocated to a Participant’s Account in accordance with Treasury Regulation Section 1.401(k)-5 and satisfy the requirements of Treasury Regulation Sections 1.401(k)-2 and 1.401(m)-2. QMACs used in applying the ADP test may not be used in applying the ACP test.
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QMACs means Matching Contributions (a) in which a Participant is 100% vested, as of the date they are allocated; (b) which may not be distributed to a Participant except on account of a Participant's Retirement, death, Disability or Separation from Service; and (c) which the Employer chooses to treat as Pre-tax Contributions in accordance with Section 14.6.
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QMACs means matching contributions made by the Employer and allocated to a Participant’s QMAC Account. QMACs shall be treated as though they were Before Tax Contributions for purposes of the distribution and withdrawal provisions of the Plan and shall be non-forfeitable when made.
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Related to QMACs

  • 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."]

  • Matching Contributions means local cash and/or in-kind contributions made by the Subrecipient, subcontractor, or other local resources that qualify as match for the Contract funding.

  • 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.

  • Employer Contributions means the amount transferred by an employer to a funding account or a health reimbursement account.

  • Employer contribution means the amount paid by an employer, as determined by the employer rate, including the normal and deficiency rates, contributions, and funds wherever used in this chapter.