Allocation of FSP Plus Contributions Sample Clauses

Allocation of FSP Plus Contributions. Effective for Plan Years commencing prior to January 1, 2017, each Employer’s FSP Plus Contributions made for a Plan Year shall be allocated and credited to the Accounts of those Members who were FSP Plus Participants at any time during such Plan Year, but only with respect to the period during which they were FSP Plus Participants. The amount of FSP Plus Contributions to be allocated and credited for each FSP Plus Participant for a Plan Year shall be the aggregate of the amounts determined for each calendar month during that Plan Year that the Member is an FSP Plus Participant equal to the percentage of such FSP Plus Participant’s FSP Compensation received (or deemed received as provided in Section 1.1(31)) while an FSP Plus Participant during the month as corresponds to such FSP Plus Participant’s years of Vesting Service as of the end of the previous month as set forth in the following table: 1 year of Vesting Service 4% of FSP Compensation 5 years of Vesting Service 5% of FSP Compensation 10 years of Vesting Service 6% of FSP Compensation 15 years of Vesting Service 7% of FSP Compensation 20 years of Vesting Service 8% of FSP Compensation 25 years of Vesting Service 10% of FSP Compensation The FSP Plus Contributions of each Employer shall be made in cash. Notwithstanding any other provision of the Plan, no FSP Plus Contributions will be made to the Plan for any Member for any period prior to July 16, 2006 or after December 31, 2016 or, except as otherwise specifically provided in Section 1.1(31), with respect to any FSP Compensation received prior to July 16, 2006 or after December 31, 2016.
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Related to Allocation of FSP Plus Contributions

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

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