ESOP Contributions, Employer Matching Contributions and Pre-Tax Contributions to be Tax-Deductible: ESOP Contributions, Employer Matching Contributions and Pre-Tax Contributions shall not be made in excess of the amount deductible under applicable Federal law now or hereafter in effect limiting the allowable deduction for contributions to profit-sharing plans. The ESOP Contributions, Employer Matching Contributions and Pre-Tax Contributions to this Plan when taken together with all other
Profit Sharing Account – A separate account to which profit sharing contributions under [Section 3.5(a)] are credited.
Profit Sharing Account means the Account established for a Participants Profit-Sharing Contributions and the income, expenses, gains and losses with respect thereto, and includes all amounts previously held in the Participants Restricted Profit Sharing Account and Unrestricted Profit Sharing Account.
Entry Date for Purposes of Employer Profit Sharing Contributions – An eligible employee shall participate in the plan for the purpose of the employer profit sharing contribution provisions on the earlier of the March 31, June 30, September 30, or December 31 coinciding with or immediately following the date on which he has met the age and service requirements, provided he is employed on that date.
SCHEDULE # PROFIT SHARING CONTRIBUTIONS 61
Agreement for Employer Nonelective profit sharing contributions shall apply to Participants who complete an Hour of Service in a Plan Year beginning after December 31, 2006, unless a provision was adopted to have the vesting schedule apply to all Partici pants. However, if specified in the Adoption Agreement, the Employer Nonelective profit sharing contribution vesting schedule set forth in the Adoption Agreement shall only apply to the portion of the Participant's Account attributable to such contributions made after December 31, 2006 and contributions made prior to such date will vest in accordance with the vesting schedule then in effect.
A credit equal to the dollar amount of a Nonqualified Profit-Sharing Contribution shall be made to the Account of the Participant with respect to whom the Nonqualified Profit-Sharing Contribution is made, as of the date a corresponding Profit-Sharing Contribution would have been allocated to the Profit-Sharing Account of the Participant had the Nonqualified Profit-Sharing Contribution been a Profit-Sharing Contribution of a like kind (i.e.,, Employer Basic Contribution, the Discretionary Profit-Sharing Contribution, or the Special Additional Employer Contribution) under the Qualified Plan.
Qualified nonelective contributions are contributions (other than profit sharing contributions or employer matching contributions) that are made by the employer and allocated to participants' qualified nonelective contribution accounts that the participants may not elect to receive in cash until distributed from the plan; that are nonforfeitable when made; and that are distributable only in accordance with the distribution provisions that are applicable to elective deferrals and qualified matching contributions. Safe harbor nonelective contributions shall be allocated to a safe harbor sub-account of the qualified nonelective contribution account and shall be held subject to the same rights and restrictions.
Concrete, Inc. shall make supplemental contributions on behalf of its Davis-Bacon Employees in such amounts as may be necessary to satisfy the Prevailing Wage Law’s required fringe cost to the extent that the sum of the employer Matching and Profit Sharing Contributions, if any, for a period are insufficient to satisfy the Prevailing Wage Law’s required fringe cost pursuant to Supplement G.
Notwithstanding the foregoing, for purposes of determining a Participants Profit Sharing Contributions under Section 4.3 for a Plan Year, Compensation shall mean the base pay paid by the Employer to such Participant in the Plan Year, excluding all overtime pay, cash bonuses and other items of compensation.
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