The 401(k) contributions, when converted from unused or forfeited PTO days, qualify as an employer non-elective contribution, thus allowing employees to contribute up to their annual maximum plus any catch-up contribution if they are over a specified age.
What does NEC stand for?
NEC stands for Non-Elective Contribution (to a qualified retirement plan)
This definition appears somewhat frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of NEC
We have 367 other meanings of NEC in our Acronym Attic
- New England Conservatory of Music (since 1867; in Boston, Massachusetts)
- New England Council
- New Europe College (Romania)
- New to Exporting Companies (Canada)
- Niagara Escarpment Commission (Canada)
- Nijmeegse Eendrachts Combinatie
- Nippon Electric Company, Ltd. (Japan; now simply NEC)
- No End-Item Calibration
- Nome Eskimo Community (Nome, AK)
- Nominations and Elections Committee
- Non-Employee Compensation
- Non-Executive Chairman (various companies)
- North Eastern Coalfields (India)
- North Equatorial Current
- Northeast Center for Agricultural and Occupational Health
- Northeast Conference
- Northeast Corner (location in an intersection)
- Northeast Corridor
- Northern European Command
- Northshore Education Consortium (Beverly, MA)
Samples in periodicals archive:
For employers with fewer than 25 employees, a new tax credit equal to 35 percent of non-elective contributions made by the employer is available.
The firm is required to make either a matching or a non-elective contribution on behalf of all eligible employees each year.