Examples of Default Percentage in a sentence
Except as provided in Section 3.03(c)(2) below or if the Employer has elected an increasing Default Percentage in the Adoption Agreement, the same percentage of Compensation will be withheld as Default Elective Deferrals from all Covered Employees subject to the Default Percentage.
The amount of Default Elective Deferrals made for a Covered Employee each pay period is equal to the Default Percentage specified in the Adoption Agreement multiplied by the Covered Employee’s Compensation for that pay period.
A Trigger Event described in clause (ii) above shall continue until the earlier of (x) the date such Trigger Event is waived in writing by the Consent Parties in their sole discretion or (y) the average of the of the Default Percentages for the four immediately preceding Due Periods is equal to or less than the applicable Default Percentage Threshold for three consecutive Determination Dates.
If the Employer has so elected in the Adoption Agreement, a Covered Employee’s Default Percentage will increase by one percentage point each Plan Year, beginning with the second Plan Year that begins after the Default Percentage first applies to the Covered Employee.