Qualified Nonelective Contributions means contributions of the Plan Sponsor or an Affiliate, other than Matching Contributions or Elective Deferrals, which are nonforfeitable when made, and which would be nonforfeitable regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Code Section 401(k)(2)(B) and the regulations thereunder.
Qualified Nonelective Contributions means contributions other than Matching Contributions or Qualified Matching Contributions) made by the Employer and allocated to participants’ accounts that the participants may not elect to receive in cash until distributed from the Plan; that are nonforfeitable when made to the Plan; and that are distributable only in accordance with the distribution provisions (other than for hardships) applicable to Pre-Tax Contributions.
Qualified Nonelective Contributions means contributions, other than Matching Contributions and Discretionary Employer Contributions, made by the Employer, which (a) Participants may not elect to receive in cash in lieu of their being contributed to the Plan; (b) are one hundred percent (100%) nonforfeitable when made; and (c) are not distributable under the terms of the Plan to Participants or their Beneficiaries until the earliest of:
Examples of Qualified Nonelective Contributions in a sentence
The Employer shall maintain such records as necessary to demonstrate compliance with the limitations of Paragraph (d), including records showing the extent to which Qualified Nonelective Contributions are taken into account in applying such limitations.
If so elected in the Adoption Agreement the Employer may include Qualified Nonelective Contributions in the Contribution Percentage Amounts.
Yes No If “Yes” is selected and you have a financial hardship, you may take a distribution from Qualified Nonelective Contributions, Qualified Matching Contributions, ADP safe harbor contributions, or QACA ADP safe harbor employer contributions, including any earnings on the respective contributions.
The Employer may elect Xxxx Deferrals under AA §6A-5.] (c) Fixed Qualified Nonelective Contributions (QNECs), as elected under AA §6D-3 [Note: Under the Plan, the Employer may always make a discretionary QNEC to the Plan as a uniform percentage of Plan Compensation, a uniform dollar amount, or as a Targeted QNEC.
The account maintained with respect to a Participant in which are recorded the Qualified Nonelective Contributions made on his behalf under this Plan and any earnings or losses thereon.
More Definitions of Qualified Nonelective Contributions
Qualified Nonelective Contributions means Employer contributions (other than Matching Contributions or Qualified Matching Contributions) which are allocated to Eligible Participants' accounts, which such Participants may not elect to receive in cash until distributed from the Plan and, which are at all times subject to the distribution and nonforfeitability requirements of section 401(k) of the Code.
Qualified Nonelective Contributions are nonelective contributions which are 100% Nonforfeitable at all times and which are subject to the distribution restrictions described in paragraph (m). Nonelective contributions are not 100% Nonforfeitable at all times if the Employee has a 100% Nonforfeitable interest because of his Years of Service taken into account under a vesting schedule. Any nonelective contributions allocated to a Participant's Qualified Nonelective Contributions Account under the Plan automatically satisfy the definition of qualified nonelective contributions.
Qualified Nonelective Contributions means any contribution (other than a Matching Contribution or Elective Contribution) with respect to which the Employee may not elect to receive the contribution in cash instead of being contributed to the Plan, and only if such contribution is nonforfeitable when made and distributable only upon the occurrence of one (1) of the following events:
Qualified Nonelective Contributions means contributions to the Plan by the Employer made under Section 4.4, provided that a Participant may not elect to receive any such contributions in cash until distributed from the Plan and that such contributions shall be subject to the distribution limitations and nonforfeitability requirements of Section 401(k)(2)(B) and (C) of the Code.
Qualified Nonelective Contributions means contributions by the Company allocated at the Company’s discretion to the Account of any or all Non-Highly Compensated Employees that:
Qualified Nonelective Contributions means employer contributions, other than Deferred Contributions and Regular Company Contributions, that satisfy the requirements of sections 1.401(k)-1(c) and (d) of the Treasury Regulations, as though the employer contributions were elective contributions under section 401(k)(2) of the Code thereby requiring that the employer contributions satisfy the vesting requirements of section 1.401(k)-1(c) of the Treasury Regulations and be subject to the distribution requirements of section 1.401(k)-1(d) of the Treasury Regulations.
Qualified Nonelective Contributions means contributions that are made pursuant to Paragraphs 15.1(d), 15.2(c), 15.3(d) and 15.4(c), meet the requirements of Section 401(m)(4)(C) of the Code and the regulations issued thereunder, and which are designated as a Qualified Nonelective Contribution for purposes of satisfying the limitations of Paragraphs 15.1(a), 15.2(a), 15.3(a) or 15.4(a). Qualified Nonelective Contributions shall be nonforfeitable when made and are distributable only in accordance with the distribution and withdrawal provisions that are applicable to Salary Reduction Contributions under the VIP; provided, however, that Qualified Nonelective Contributions may not be withdrawn on account of financial hardship. If any Qualified Nonelective Contributions are made, the Company shall keep such records as necessary to reflect the amount of such contributions made for purposes of satisfying the limitations of Paragraphs 15.1(a), 15.2(a), 15.3(a) or 15.4(a). Qualified Nonelective Contributions may be taken into account for purposes of the limitations in Paragraphs 15.1(a), 15.2(a), 15.3(a) or 15.4(a) only if the nondiscrimination and plan aggregation conditions described in Treasury Regulation sections 1.401(m)-1(b)(5) and 1.401(k)-1(b)(5) and any other guidance issued thereunder are satisfied.