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EXHIBIT 10.34A
1.12 NONELECTIVE EMPLOYER CONTRIBUTIONS
If (a) or (b) is elected below, the Employer may make Nonelective Employer Contributions on behalf of each of its eligible Participants in accordance with the provisions of this Section 1.12. For purposes of this Section 1.12, an eligible Participant means a Participant who is an Active Participant during the Contribution Period and who satisfies the requirements of Subsection 1.12(d) or Section 1.13.
Note: An Employer may elect both a fixed formula and a discretionary formula. If both are selected, the discretionary formula shall be treated as an additional Nonelective Employer Contribution and allocated separately in accordance with the allocation formula selected by the Employer.
(a) |
¨ Fixed Formula (check one or more): | |||||||||||||
(1) |
¨ |
Fixed Percentage Employer Contribution - For each Contribution Period, the Employer shall contribute for each eligible Participant a percentage of such eligible Participants Compensation equal to): | ||||||||||||
(A) |
% (not to exceed 25%) to all eligible Participants. | |||||||||||||
Note: The allocation formula in Option 1.12(a)(1)(A) above generally satisfies a design-based safe harbor pursuant to the regulations under Code Section 401(a)(4). | ||||||||||||||
(2) |
¨ |
Fixed Flat Dollar Employer Contribution - The Employer shall contribute for each eligible Participant an amount equal to: | ||||||||||||
(A) |
$ to all eligible Participants. (Complete (i) below). | |||||||||||||
(i) |
The contribution amount is based on an eligible Participants service for the following period (check one of the following): | |||||||||||||
(I) |
¨ |
Each paid hour. | ||||||||||||
(II) |
¨ |
Each Plan Year. | ||||||||||||
(III) |
¨ |
Other: (must be a period within the Plan Year that does not exceed one week and is uniform with respect to all eligible Participants). | ||||||||||||
Note: The allocation formula in Option 1.12(a)(2)(A) above generally satisfies a design-based safe harbor pursuant to the regulations under Code Section 401(a)(4). | ||||||||||||||
(3) |
¨ |
401(k) Safe Harbor Formula - The Nonelective Employer Contribution specified in the 401(k) Safe Harbor Nonelective Employer Contributions Addendum is intended to satisfy the safe harbor contribution requirements under Sections 401(k) and 401(m) of the Code such that the ADP test (and, under certain circumstances, the ACP test) is deemed satisfied. Please complete the 401(k) Safe Harbor Nonelective Employer Contributions Addendum to the Adoption Agreement. (Choose only if Option 1.07(a), Deferral Contributions is checked.) | ||||||||||||
(b) |
þ |
Discretionary Formula - The Employer may decide each Contribution Period whether to make a discretionary Nonelective Employer Contribution on behalf of eligible Participants in accordance with Section 5.10 of the Basic Plan Document. | ||||||||||||
(1) |
þ |
Non-Integrated Allocation Formula - In the ratio that each eligible Participants Compensation bears to the total Compensation paid to all eligible Participants for the Contribution Period. | ||||||||||||
(2) |
¨ |
Integrated Allocation Formula - As (1) a percentage of each eligible Participants Compensation plus (2) a percentage of each eligible Participants Compensation in excess of the integration level as defined below. The percentage of Compensation in excess of the integration level shall be equal to the lesser of the percentage of the eligible Participants Compensation allocated under (1) above or the permitted disparity limit as defined below. |
Plan Number 42325