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Here is a brief summary from a session at the 2016 EA Meeting. Mike Session 505 2016 EA.pdf

In this PLR (no reliance, of course) the IRS found that only those participants who actually received allocations other than elective deferrals would have their compensation taken into account for determining the deduction limit.

Rev. Rul. 65-295 Where a profit-sharing plan provides that a terminating employee does not share in the employer contributions for the taxable year in which such termination occurs, the compensation paid such terminating employee in such taxable year may not be included in the total compensation paid or accrued during the taxable year for the purpose of determining the limitation on deductions provided in section 404(a)(3)(A) of the Internal Revenue Code of 1954.