OMISSION OF ELIGIBLE EMPLOYEE. If, in any Plan Year, an Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by his or her Employer for the Plan Year has been made, the Employer shall make any such correction regarding the Employee’s eligibility under one of the IRS approved correction programs.
OMISSION OF ELIGIBLE EMPLOYEE. If, in any Plan Year, any Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by his Employer for the year has been made, the Employer shall make a subsequent contribution with respect to the omitted Employee in the amount which the said Employer would have contributed with respect to him had he not been omitted. Such contribution shall be made regardless of whether or not it is deductible in whole or in part in any taxable year under applicable provisions of the Code.
OMISSION OF ELIGIBLE EMPLOYEE. If any Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by his Employer for the year has been made, the Employer shall make a subsequent contribution, if necessary, so that the omitted Employee receives the total amount which the said Employee would have received had he not been omitted. For purposes of this Section 3.05, the term "contribution" shall not include Deferral Contributions and Matching Contributions made pursuant to Sections 4.01 and 4.03, respectively.
OMISSION OF ELIGIBLE EMPLOYEE. If, in any Plan Year, any Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution for the year has been made, the omitted Employee shall be included in the next valuation. The Employer shall make any additional contribution with respect to the omitted Employee that may be deemed necessary. Such contribution shall be made regardless of whether it is deductible in whole or in part in any taxable year under applicable provisions of the Code. The Employee shall receive credit under the terms of the Plan for any period during which he should have been included as a Participant.
OMISSION OF ELIGIBLE EMPLOYEE. If an Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of the omission is made after the contribution by the Employer is made and allocated, the Employer shall make an additional contribution on behalf of the omitted Employee in the amount which the Employer would have contributed on his behalf had he not been omitted.
OMISSION OF ELIGIBLE EMPLOYEE. If, in any Plan Year, any Employee who should have been included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by the Employer for the year has been made and allocated, then the Employer shall make a subsequent contribution, if necessary after the application of Section 4.3(e), so that the omitted Employee receives the total amount which the Employee would have received (including both Employer contributions and earnings thereon) had the Employee not been omitted. Such contribution shall be made regardless of whether it is deductible in whole or in part in any taxable year under applicable provisions of the Code.
OMISSION OF ELIGIBLE EMPLOYEE. If, in any Plan Year, an Employee who should have been included as a Participant in the Plan is erroneously omitted from participation and if the discovery of such omission is not made until after one or more contributions by his or her Plan Sponsor has been made for such Plan Year, the Plan Sponsor will correct that omission by making one or more replacement contributions to such Participant’s Account to substitute for the Contributions that would have been made with respect to the omitted Participant had he or she not been omitted, or if greater, an adjusted contribution to reflect the intervening investment experience, all subject to the limits of Section 6. If the Plan Sponsor makes Plan Sponsor Contributions in accordance with its elections under the Adoption Agreement, then the replacement contributions will be the same type of Contributions and, when applicable, in an amount at least equal to the Before-Tax Contributions and/or Xxxx Contributions necessary to maximize such Contributions and the resulting Contributions that would have been made during the period of omission had the omitted Participant actually participated in the Plan. In addition, the Plan Sponsor will contribute to the relevant Account of the omitted Participant imputed earnings on the replacement Contributions as determined under the IRS’s Self Correction Program (being a part of the Employee Plans Compliance Resolution System), credited from the 16th day of the month after the month in which any such Contributions were due to the Plan until the Accounting Date such Contributions were actually credited to the omitted Participant’s Account. Moreover, the Plan Sponsor is subject to one or more administrative charge(s) under Section 10.7(c). In accordance with Revenue Procedure 2021-30 or its successors, replacement contributions made on account of any past Limitation Year will be deemed made in that past Limitation Year for the purpose of Code §415. Replacement contributions made on account of imputed earnings will not be treated as annual additions in any Limitation Year under Code §415.
OMISSION OF ELIGIBLE EMPLOYEE. If, in any Plan Year, any Eligible Employee who should be included as a Participant in the Plan is erroneously omitted, and discovery of the omission is not made until after a contribution by the Employer for the Plan Year has been made, the Employer will make a contribution with respect to the omitted Eligible Employee in the amount that the Employer would have contributed on his behalf had he not been omitted. The contribution will be made whether or not it is deductible in whole or in part in any taxable year. For this purpose, the amount of Elective Deferrals that the Employer would have contributed on behalf of an Eligible Employee for a Plan Year had he not been omitted will be equal to the Deferral Percentage for the group of Highly Compensated Participants or Nonhighly Compensated Participants to which the Participant belongs for the Plan Year.
OMISSION OF ELIGIBLE EMPLOYEE. 5 ELECTION NOT TO PARTICIPATE..................................................... 5 CONTROL OF ENTITIES BY OWNER-EMPLOYEE........................................... 6
OMISSION OF ELIGIBLE EMPLOYEE. If, in any Fiscal Year, any Employee who should be included as a Participant in the Plan is erroneously omitted and discovery of such omission is not made until after a contribution by his Employer for the year has been made and allocated, his Employer shall make a subsequent contribution with respect to the omitted Employee in the amount which would have contributed with respect to him had he not been omitted. Such contribution shall be made regardless of whether or not it is deductible in whole or in part in any taxable year under applicable provisions of the Code by such Employer, ELECTION NOT TO PARTICIPATE: if this Plan, as adopted by the Employer, is not a standardized form plan (as that term is defined in Revenue Procedure 84-23) then, an Employee may, subject to the approval of the Employer, elect voluntarily not to participate in the Plan: The election not to participate must be communicated to the Employer, in writing, at least thirty (30) days before the beginning of a Plan Year. A Participant in making this election shall have the right to modify or revoke this election no later than 30 days after the effective date of Participation in a subsequent Plan Year. CONTROL OF ENTITIES BY OWNER-EMPLOYEE: If this Plan provides contributions or benefits for one or more Owner-Employees who control both the Employer and one or more other entities, this Plan and the plan established for those other entities must, when treated as a single Plan, satisfy Code Sections 1165 for the Employees of this and all other entities.
