CATCH-UP DEFERRALS Clause Samples
The Catch-Up Deferrals clause allows participants in a retirement or savings plan to make additional contributions beyond regular limits, typically to compensate for previous periods when they did not contribute the maximum allowed. This provision often applies to employees nearing retirement age, enabling them to increase their savings by making larger contributions in the years leading up to retirement. Its core practical function is to help individuals bridge gaps in their retirement savings, ensuring they have adequate funds by allowing them to "catch up" on missed contributions.
CATCH-UP DEFERRALS. 02(D)/(E)). A Participant otherwise eligible to do so (Choose (a) or (b).):
CATCH-UP DEFERRALS. The Employer in its Adoption Agreement will elect whether or not to permit Catch-Up Eligible Participants to make Catch-Up Deferrals to the Plan under this Section 3.02(D).
CATCH-UP DEFERRALS. The Plan Administrator will include Catch-Up Deferrals.
CATCH-UP DEFERRALS.
(3. 02(D)/(E)). A Participant otherwise eligible to do so (Choose (a) or (b).):
(a) 🞎 Permitted. May make the following Catch-Up Deferrals to the Plan (Choose one or both of (1) and (2).):
(1) 🞎 Age 50 Catch-Up.
(2) 🞎 Qualified Organization Catch-Up. See Section 3.02(D)(2). (Choose a. if applicable.):
a. 🞎 Denominational Service (1.17). For purposes of Qualified Organization Catch-Ups, the Plan limits Denominational Service as Service for the Employer as follows:
(b) 🗹 Not Permitted. May not make any Catch-Up Deferrals to the Plan. 22. MATCHING CONTRIBUTIONS (EXCLUDING SAFE HARBOR MATCH AND ADDITIONAL MATCH UNDER SECTION 3.05)