Cornell Company is considering the establishment of a pension plan. The proposed plan has the following features:

Contributions for employees earning less than $105,000 will be based on 2.15% of salary, while contributions for those earning over $105,000 will be based on 4.30% of salary. To reduce employee turnover, company contributions will vest in 10 years. Employees with more than five years of service will be required to contribute 2.20% to the pension plan. Employee contributions will completely vest in one year.

Required: Will the proposed pension plan be deemed a qualified pension plan?