QNECs definition
QNECs means discretionary qualified nonelective contributions to the Plan allocated for any Plan Year in any amount determined by the Company necessary to satisfy the ADP or ACP test requirements of Section 12.2 or 12.4, respectively, and in a manner determined by the Company in accordance with Treasury Regulation Section 1.401(k)-2(a)(6), among the Accounts of non-Highly Compensated Employees no later than 12 months after the close of the Plan Year for which they have been allocated. QNECs shall be non-forfeitable and 100% vested at all times, allocated to the Pre-Tax Contribution Account and subject to the same limitations as to withdrawal and distribution as Pre-Tax Contributions.
QNECs means contributions made by the Employer to the Plan: (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 the Participant’s Retirement, death, Disability or Separation from Service, (c) are not Pre-Tax Contributions, and (d) which the Employer chooses to treat as Pre-tax Contributions in accordance with Section 14.6 (except that they are not available for distribution on account of hardship under Section 6.2). “QNEC” is an acronym for “qualified nonelective contributions” under Code §401(k).
QNECs means Nonelective 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 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.
More Definitions of QNECs
QNECs means qualified non-elective contributions, as defined in Treasury Regulation Sections 1.401(k) and 1.401(m), that may be made for a Plan Year in any amount necessary to satisfy or help to satisfy the Actual Deferral Percentage limit in Section 14.2 of the Plan or the Contribution Percentage limit in Section 14.4 of the Plan.
QNECs means contributions made by the Employer and allocated to a Participant’s Before Tax Account that are non-forfeitable when made and distributable only in accordance with the distribution and withdrawal provisions of the Plan that apply to Before Tax Contributions.