Example ContractsClausesEligibility for Other Contributions
Eligibility for Other Contributions
Eligibility for Other Contributions contract clause examples

The Employer shall make a contribution on behalf of each Participant who satisfies the requirements of [Section 5.01(b)(ii)] equal to [complete the ones that are applicable]:

The Participant’s vested interest in the amount credited to his Account attributable to Employer contributions other than matching contributions shall be based on the following schedule:

No Employer or Employee contributions may be made to this Plan for the "year" other than salar y deferral contributions described in Section 13.3(a), matching or Nonelective Contributions described in Section 13.3(b) and rollover contributions described in Regulation §1.402(c)-2, Q&A-1(a). Furthermore, the provisions of Section 4.4 which implement the limitations of Code §415 apply to contributions made pursuant to this Section (other than Catch-Up Contributions).

Age/Service Requirements – An employee who is a member of the eligible class of employees shall be eligible for participation for the purpose of the employer profit sharing provision after he has satisfied the following participation requirement(s):

Contributions. The Employer shall provide the Administrator with all information required by the Administrator to make a proper allocation of Employer contributions for each Plan Year. Within a reasonable period of time after the date of receipt by the Administrator of such information, the Administrator shall allocate contributions as follows:

Contributions. In order to meet its obligations hereunder, the Company may, in its sole discretion, contribute to a trust the funds necessary to provide the benefits hereunder. The assets of any such trust shall remain subject to the claims of the Company’s general creditors. Notwithstanding the foregoing, the Company’s obligations hereunder shall constitute general, unsecured obligations, payable solely out of its general assets, and no Participant or other person shall have any right to specific assets. Title to and beneficial ownership of any assets, whether cash or investments, that the Company may set aside or earmark to meet its obligations hereunder, shall at all times remain in the Company; provided that legal title to any assets placed in a trust shall be in the trustee.

A Participant shall receive an allocation of other Employer contributions determined in accordance with [Section 5.01(b)(i)] for the Plan Year if he satisfies the following requirements [complete the one that is applicable]:

Eligibility. Persons eligible to participate in the Plan are limited to Non-Employee Directors.

Eligibility. Directors, Officers and all other key employees of the Company or any of its Affiliates (each an “Eligible Participant”) who are selected by the Committee in its sole discretion are eligible to participate in this Plan.

Eligibility. Effective as of August 1, 2021, notwithstanding any other Plan provisions restricting withdrawals prior to severance from employment, a Participant may take a distribution of up to $5,000 from his vested Account balance during the one-year period beginning on the date on which the child of the Participant is born or the legal adoption by the Participant of an Eligible Adoptee is finalized (a “Qualified Birth or Adoption Distribution”). This $5,000 limit shall be reduced by any Qualified Birth or Adoption Distributions previously received by the Participant with respect to the same child or Eligible Adoptee under this Plan or any other similar distribution under any other plan maintained by the Company or any Affiliated Employer. For the avoidance of doubt, # if each parent of the child or Eligible Adoptee is a Participant in the Plan, each parent may receive a Qualified Birth or Adoption Distribution with respect to such child or Eligible Adoptee, and # each Participant is entitled to receive Qualified Birth or Adoption Distributions with respect to the birth of more than one child or the adoption of more than one Eligible Adoptee. For purposes of Code Sections 401(a)(31), 402(f), and 3405, a Qualified Birth or Adoption Distribution shall not be treated as an eligible rollover distribution. In order to be eligible to receive a Qualified Birth or Adoption Distribution under this [Section 12.14(b)], the Participant must certify that he or she is eligible for such Qualified Birth or Adoption Distribution in accordance with the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), in a form that is satisfactory to the Administrative Committee or its delegate.

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.