Applicable Contribution Limits. I understand that my salary reduction contributions under this Agreement cannot exceed the contribution limits under Code Section 402(g) or 415(c) (as explained below), except as permitted by Code Section 414(v) allowing age 50 catch-up contributions (as explained below). • I understand that Code Section 402(g) limits my salary reduction contributions under this Agreement to a "dollar limit." The general dollar limit is $18,000 for calendar year 2017 (this dollar limit will be adjusted by cost of living increases thereafter). However, my actual dollar limit may be higher than the general dollar limit if I will be 50 years old (or older) by the end of the calendar year. • If I will be at least 50 years old by the end of the calendar year, I understand that I may make additional "catch- up" salary reduction contributions above the general dollar limit. These additional catch-up salary reduction contributions, which are referred to as "age 50 catch-up contributions," are provided under Code Section 414(v). I understand that the amount of the age 50 catch-up contributions that I may make above the general dollar limit is up to an additional $6,000 for 2017 (this dollar amount will be adjusted by cost of living increases thereafter). • I understand that the dollar limit, with all appropriate adjustments described above, applies to any pre-tax or post-tax Xxxx contributions I make in a calendar year to any retirement plans in which I participate (not including PERF, TRF, deferred compensation plans or flexible benefit plan contributions), including plans maintained by other employers. • I understand that, if my salary reduction contributions to this Plan and to other retirement plans exceed the applicable dollar limits described above in any calendar year, the excess will be taxable both in the year the contribution was made and in the year of distribution unless I timely request to have the excess returned to me. To have the excess returned to me, I must notify the School or Lincoln Financial of the excess before March 1 of the year following the year in which the excess contribution was made (e.g. March 1, 2017 for excess amounts deferred in 2016). If the notice is timely given, Lincoln Financial will distribute the excess amount of the contribution (with any accrued earnings) to me on or before April 15 of the year following the excess contribution. • I understand that my salary reduction contributions to the Plan and other retirement plans for each year are ...
Applicable Contribution Limits o I understand that my salary reduction contributions under this Agreement cannot exceed the applicable contribution limits under Code Section 402(g) or 415(c), except as permitted by Code Section 414(v) allowing age 50 catch-up contributions. o If I have attained 15 or more years of service and have averaged less than $5,000 per year in elected deferrals with the employer taking into account only employment with the employer, I understand that I may make additional "catch-up" salary reduction contributions above the general dollar limit. These additional catch-up salary reduction contributions, which are referred to as "catch-up limitation for employees with 15 years of service contributions," are provided under Internal Revenue Code. I understand that the amount of the catch-up contributions that I may make above the general dollar limit is an amount equal to the permissible limit under the Code. o I understand that Code Section 402(g) limits my salary reduction contributions under this Agreement to a "general dollar limit." The general dollar limit is $17,000 for calendar year 2012. However, my actual general dollar limit may be higher than the general dollar limit if I will be 50 years old or older by the end of the calendar year. o If I will be at least 50 years old by the end of the calendar year, I understand that I may make additional "catch-up" salary reduction contributions above the general dollar limit. These additional catch-up salary reduction contributions, which are referred to as "age 50 catch-up contributions," are provided under Code Section 414(v). I understand that the amount of the age 50 catch-up contributions that I may make above the general dollar limit is an additional $5,500 for 2012.
Applicable Contribution Limits. I understand my total annual pre-tax contributions and/or post-tax Xxxx contributions to the Plan cannot exceed $23,000 for 2024. I further understand that if I am age 50 or older by the end of 2024, I can make additional pre-tax contributions up to $7,500 for 2024, for a total limit of $30,500. The IRS adjusts these limits for cost of living from year to year. I understand that I may also be eligible for a special catch-up if I have 15 years of service with Montana University System ("MUS") and I have not elected to make pre-tax contributions and/or post-tax Xxxx contributions up to the maximum limits for prior years. The 15 years of service catch-up must be used before I can use the age-50 catch-up for the year. The 15 years of service catch-up is the lesser of (i) $3,000 or (ii) $5,000 multiplied by my total years of service with MUS less the total deferrals made on my behalf by MUS for all years of service. I cannot contribute more than $15,000 under this special 403(b) catch-up during my lifetime. I intend to utilize the 15 years of service catch-up, and I have included with this Salary Reduction Agreement a certification that I am eligible for this catch-up based on my total years of service and total deferrals for all years of service with MUS. I understand that I must provide a certification each year that I elect to utilize the 15 years of service catch-up, and that the certification must be verified by both TIAA (or other vendor) and MUS.
