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HBI » Topics » 5.03 Matching Contributions

This excerpt taken from the HBI 8-K filed Sep 5, 2006.

5.03 Matching Contributions

 

  (a) For each payroll period commencing on or after the Effective Date (or such other period as the Committee may establish), the Employers will make a monthly Matching Contribution to the Trustee for each pay date on behalf of each Participant equal to one hundred percent (100%) of such Participant’s Before-Tax Contributions (excluding Catch-Up Contributions) made during such period or that could have been made during such period (based on the Participant’s deferral election in place during such period but for the limitations of Subsection 4.01) that do not exceed four percent (4%) of such Participant’s Compensation.

 

  (b) As of the end of each Plan Year, a “true up” Matching Contribution for each Participant who did not receive the full Matching Contribution under Subparagraph (a), as applicable, for the Plan Year based on the amount of his or her Before-Tax Contributions (excluding Catch-Up Contributions) for such Plan Year. Such true up Matching Contribution will be equal to the difference between the Matching Contribution actually made on behalf of such Participant for the Plan Year under Subparagraph (a), as applicable, and the full Matching Contribution that the Participant would have been entitled to receive under Subparagraph (a), as applicable, for the Plan Year if such Matching Contributions were determined as of the end of the Plan Year (instead of each payroll period).

 

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Matching Contributions shall be made in cash and will be invested in accordance with each Participant’s current investment election.

"5.03 Matching Contributions" elsewhere:

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