PARTICIPATION AGREEMENT - ACCE



PARTICIPATION AGREEMENT

AMERICAN CHAMBER OF COMMERCE EXECUTIVES PROFIT SHARING PLAN

The Employer named below hereby adopts the American Chamber of Commerce Executives Profit Sharing Plan (“the Plan”). By adoption, the Employer has agreed to follow all plan provisions and requirements as specified in the Plan. When signed below, this Participation Agreement will become a part of the Plan. American Chamber of Commerce Executives hereby consents to the adoption of the Plan by the Employer.

Employer:

Name: ABC Chamber

Employer Identification Number: 00-0000000

Effective Date of adoption of the Plan: 01/01/201X

Amendment Effective Date (if this is not the initial adoption of the Plan): N/A

SECTION 1.02 – DEFINITIONS. (Please provide the following information):

Compensation: Compensation shall exclude the following (Please note that these exclusions may require additional testing):

Fringe benefits: Reimbursements or other expense allowances, fringe benefits (cash and noncash), moving expenses, deferred compensation (other than elective contributions), and welfare benefits.

Overtime

Commissions

Bonuses

Other (please specify):      

Vesting Percentage: please select one of the following schedules if you make Employer Contributions, other than Elective Deferral Contributions and 401(k) Safe Harbor Contributions, for your Employees:

100% full and immediate vesting

3-year cliff vesting schedule: VESTING SERVICE (whole years) VESTING PERCENTAGE

Less than 3 0

3 or more 100

6-year graded vesting schedule: VESTING SERVICE (whole years) VESTING PERCENTAGE

Less than 2 0

2 20

3 40

4 60

5 80

6 or more 100

Other vesting schedule (must be at least as good at every point as one of the above schedules)

VESTING SERVICE (whole years) VESTING PERCENTAGE

Less than            

           

           

           

           

           

SECTION 2.01 – ACTIVE PARTICIPANT.

Eligibility Service required:

None

3 months of Eligibility Service

6 months of Eligibility Service

One year of Eligibility Service (1,000 hours required in a Plan Year)

Minimum age required:

None

Age 18

Age 21

Entry Date:

Date requirements are met

Monthly Date

Quarterly Date (only allowed if one year of Eligibility Service requirement is selected above)

SECTION 3.01 – EMPLOYER CONTRIBUTIONS.

(a) Elective Deferral Contributions: (Both Pre-tax and Roth Elective Deferral Contributions are allowed)

Minimum: 1% of pay

Maximum: 92% of pay (Cannot be more than 92%)

Automatic Enrollment: (Percentage elected below is the percentage a Participant is enrolled at unless the Participant opts out)

Not allowed

Allowed: 6% of pay

(b) Regular Matching Contributions: (Cannot be used in conjunction with a Safe Harbor Matching Contribution)

Not allowed

Regular Matching Contributions will be made in an amount equal to      % (example 25%, 50%, 75%, 100%) of Elective Deferral Contributions. Elective Deferral Contribution in excess of      % of Compensation will not be matched.

Tiered formula: (a)      % of Elective Deferral Contributions that are not over (b)      % of Compensation, plus (c)      % (must be less than (a)) of Elective Deferral Contributions which are over the percentage of Compensation specified in (b) but are not over      % of Compensation.

(c) Profit Sharing Contributions: (Calculation is on total annual compensation so funding is recommended on an annual basis at year end)

Not applicable

Discretionary, pay formula

Discretionary, integrated formula

Integration Level:

Taxable Wage Base

     % of the Taxable Wage Base

$     

(d) Additional Employer Contributions: (Calculation is on each pay period compensation so funding is to be submitted on a per pay period basis only)

Not applicable

     % of Compensation

(e) 401(k) Safe Harbor:

Not applicable

Safe Harbor Qualified Nonelective Contribution: Qualified Nonelective Contribution equal to      % of Compensation (at least 3%)

Safe Harbor Matching Contribution:

Tiered match:      % (std: 100%) of Elective Deferral Contributions up to      % (std: 3%) of Compensation, plus      % (std: 50%) of Elective Deferral Contributions from the percentage of Compensation specified above to      % (std: 6%) of Compensation.

Enhanced match: 100% of Elective Deferral Contributions up to      % of Compensation (From 4% to 6%).

SECTION 3.01A – VOLUNTARY CONTRIBUTIONS BY PARTICIPANTS.

Allowed: Minimum:      % of pay. Maximum:      % of pay

Not allowed

PLAN EXECUTION

This Participation Agreement may only be used with the American Chamber of Commerce Executives Profit Sharing Plan. By executing this Plan, the Employer acknowledges having counseled to the extent necessary with selected legal and tax advisors regarding the Plan’s legal and tax implications.

FOR THE EMPLOYER ACCE BENEFIT TRUST

By: By:

Title: Title:

Date: , Date: ,

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download