BEGIN:VCALENDAR PRODID:-//Microsoft Corporation//Outlook 16.0 MIMEDIR//EN VERSION:2.0 METHOD:PUBLISH X-MS-OLK-FORCEINSPECTOROPEN:TRUE BEGIN:VEVENT CLASS:PUBLIC CREATED:20231031T164142Z DESCRIPTION:401(k) Plans: Any excess contributions and excess aggregate con tributions which resulted from a failure of the annual nondiscrimination t ests must be distributed by March 15\, or your firm will incur a 10% excis e tax on the amount of the excess contributions and excess aggregate contr ibutions which were not timely distributed. If your firm’s plan fails th e nondiscrimination tests and needs to distribute excess salary deferral c ontributions to affected participants\, you will need to submit the Correc tive Measures for Contributions Form to the Program. Plans with an eligible automatic contribution arrangement (an “EACA”) have until June 30 to process these corrective distributions.\nMore About Nondiscrim ination Testing\nThe Program provides mid-year and year-end nondiscriminat ion testing upon request for 401(k) plans. Testing is based on information provided by you through the Census and is provided at no additional charg e.\nFailing the nondiscrimination tests means that your firm’s plan disc riminates in favor of highly compensated employees (HCEs). If your firm’ s 401(k) plan fails the annual nondiscrimination tests\, you will need to submit the Corrective Measures for Contributions Form to the Program or de posit a Qualified Non-Elective Contribution (QNEC)\, if allowed\, based on the testing method selected in your Adoption Agreement or plan document*. The Corrective Measures for Contributions Form will notify the Program ab out any corrective distributions that will be made to HCEs to correct fail ed nondiscrimination tests. If required\, your firm must distribute excess before-tax and after-tax contributions\, as well as investment earnings\, to HCEs and forfeit any related matching contributions and investment ear nings by March 15. If this distribution isn’t made by this deadline\, yo ur firm will owe an excise tax equal to 10% of the contributions required to be distributed. Plans with an\nEligible Automatic Contribution Arrangem ent (EACA) have until June 30 to issue these corrective distributions.\nPl ease Note:\nIf you elected in your Adoption Agreement to use the current y ear method of testing\, you may correct the failure by making a QNEC\, whi ch must be made by the date on which your firm’s 2020 contributions are due. Avoid failing the nondiscrimination tests by encouraging non-highly c ompensated employees (NHCEs) to increase or begin making 401(k) elective s alary deferrals\, by using the prior year method of testing and the mid-ye ar nondiscrimination test as a status check\, and by limiting HCE contribu tions. You may also want to consider amending your plan for 2022 to includ e a Safe Harbor provision\, which would exempt your plan from nondiscrimin ation testing.\n* In some cases\, the corrective action may involve reclas sifying excess deferrals as catch-up contributions\; the Program will noti fy you if this is an option.\n \n DTEND;VALUE=DATE:20240316 DTSTAMP:20231031T164142Z DTSTART;VALUE=DATE:20240315 LAST-MODIFIED:20231031T164142Z PRIORITY:5 SEQUENCE:0 SUMMARY;LANGUAGE=en-us:401(k) Plans: Submit the Corrective Measures for Con tribution Form TRANSP:TRANSPARENT UID:040000008200E00074C5B7101A82E00800000000903922E8EE0BDA01000000000000000 01000000071B3E294EA20264DAE03237FC9231356 X-ALT-DESC;FMTTYPE=text/html:

401(k) Plans: \;Any excess contributions and excess aggregate contributions which resulted from a fa ilure of the annual nondiscrimination tests must be distributed by March 1 5\, or your firm will incur a 10% excise tax on the amount of the excess c ontributions and excess aggregate contributions which were not timely dist ributed. If your firm’\;s plan fails the nondiscrimination tests and needs to distribute excess salary deferral contributions to affected parti cipants\, you will need to submit the \;Corrective Meas ures for Contributions Form \;to the Program. Plans with an eligible automatic contribution arrangement (an “\;EACA”\;) hav e until June 30 to process these corrective distributions.

M ore About Nondiscrimination Testing
The Program provides mid-year and year-end nondiscrimination testing upon request for 401(k) plans. Testing is based on information provided by you through the Census and is provided at no additional charge.

Fa iling the nondiscrimination tests means that your firm’\;s plan discr iminates in favor of highly compensated employees (HCEs). If your firmR 17\;s 401(k) plan fails the annual nondiscrimination tests\, you will need to submit the Corrective Measures for Contributions Form to the Program o r deposit a Qualified Non-Elective Contribution (QNEC)\, if allowed\, base d on the testing method selected in your Adoption Agreement or plan docume nt*. The Corrective Measures for Contributions Form will notify the Progra m about any corrective distributions that will be made to HCEs to correct failed nondiscrimination tests. If required\, your firm must distribute ex cess before-tax and after-tax contributions\, as well as investment earnin gs\, to HCEs and forfeit any related matching contributions and investment earnings by March 15. If this distribution isn’\;t made by this dead line\, your firm will owe an excise tax equal to 10% of the contributions required to be distributed. Plans with an
Eligible Automatic Contributi on Arrangement (EACA) have until June 30 to issue these corrective distrib utions.

Pl ease Note:
If you elected in your Adoption Agre ement to use the current year method of testing\, you may correct the fail ure by making a QNEC\, which must be made by the date on which your firm&# 8217\;s 2020 contributions are due. Avoid failing the nondiscrimination te sts by encouraging non-highly compensated employees (NHCEs) to increase or begin making 401(k) elective salary deferrals\, by using the prior year m ethod of testing and the mid-year nondiscrimination test as a status check \, and by limiting HCE contributions. You may also want to consider amendi ng your plan for 2022 to include a Safe Harbor provision\, which would exe mpt your plan from nondiscrimination testing.

* In some cases\, the corrective action may involve reclassifying excess de ferrals as catch-up \;contributions\; the Program will notify you if t his is an option.

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