Qualified Nonelective Contribution definition

Qualified Nonelective Contribution. (QNEC) means the Employer's contributions to the Plan that are made pursuant to Sections 12.1(a)(4), 12.5 and 12.7 or pursuant to any other Plan provision which provides for such contributions.

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Qualified Nonelective Contribution means any employer contribution allocated to an Eligible Employee’s account under any plan of an Employer or a Related Company that the Participant could not elect instead to receive in cash until distributed from the Plan, that is a qualified nonelective contribution as defined in Code Sections 401(k) and 401(m) and regulations issued thereunder, is nonforfeitable when made, and is distributable (other than for hardships) only as permitted in regulations issued under Code Section 401(k).

Qualified Nonelective Contribution means any Employer Contribution made to the Plan as provided in Article VI that is 100 percent vested when made and may be taken into account to satisfy the limitations on Tax-Deferred Contributions and/or Matching and After-Tax Contributions made by or on behalf of Highly Compensated Employees under Article VII, other than Qualified Matching Contributions.

Examples of Qualified Nonelective Contribution in a sentence

Qualified Matching Contributions shall be allocated to each Participant's Qualified Nonelective Contribution Account.
Qualified Nonelective Contributions shall be allocated to each Eligible Participant's Qualified Nonelective Contribution Account.
The Qualified Nonelective Contributions will be allocated to each eligible Participant's Qualified Nonelective Contribution Account in the ratio in which each eligible Participant's Compensation for the Plan Year bears to the total Compensation of all eligible Participants for such Plan Year.
If elected by the Employer in the Adoption Agreement, distributions may be made from a Participant's Elective Deferral, Qualified Nonelective Contribution Account, vested portion of the Participant's Employer Discretionary Contribution Account, or the vested portion of the Employer Matching Contribution Account on account of financial hardship if the distribution is necessary in light of the immediate and heavy financial needs of the Participant.
Personalized Equipment Standards are any specifications unrelated to the ability of given Equipment to meet Client Requirements.

More Definitions of Qualified Nonelective Contribution

Qualified Nonelective Contribution means any Employer Contribution made to the Plan as provided in Article VI that may be taken into account to satisfy the limitations on contributions by Highly Compensated Employees under Article VII.

Qualified Nonelective Contribution means any Employer contributions to the Plan that are designated as such or any other provision of the Plan. All such contributions shall be allocated to the Qualified Nonelective Contribution Account, and shall be fully vested and subject to the restrictions on distributions from that Account.

Qualified Nonelective Contribution or “QNEC” which means an amount contributed by the Employer as described in Section 3.7.

Qualified Nonelective Contribution means the contribution (other than Matching Contributions, Qualified Matching Contributions and Employer Contributions) made by the Employer and by any Participating Affiliate to the Fund under section 5.3(d).

Qualified Nonelective Contribution means a contribution made in the discretion of the Employers which is designated by the Employers as a Qualified Nonelective Contribution.

Qualified Nonelective Contribution means the Employer's contributions to the Plan that are made pursuant to Sections 12.1(a)(4),

Qualified Nonelective Contribution means a contribution (other than an Employer Matching Contribution or Qualified Matching Contribution) made by the Employer, that: (i) a Participant may not elect to receive in cash until it is distributed from the Plan; (ii) is fully vested at all times; and (iii) is distributable only in accordance with Section 5.13.