Changes in IRS Maximum Amounts Sample Clauses
The "Changes in IRS Maximum Amounts" clause establishes how adjustments to contribution or benefit limits set by the Internal Revenue Service (IRS) are handled within the agreement. Typically, this clause specifies that if the IRS increases or decreases the maximum allowable amounts for retirement plan contributions or other tax-advantaged accounts, the agreement will automatically reflect those new limits without requiring formal amendment. This ensures that the plan remains compliant with current tax laws and allows participants to take full advantage of any increases in permitted contributions, thereby maintaining the plan's effectiveness and legal conformity.
Changes in IRS Maximum Amounts. As used in this Article, “IRS Maximum” means the maximum nontaxable M&IE and personal vehicle reimbursement amounts stated in IRS regulations, rulings, and procedures applicable to employee business travel expenses. If, during the term of this Agreement, the IRS raises these maximum amounts, the Company will adjust the affected payments ac- cordingly (except as specifically limited elsewhere in this Ar- ticle) on the first day of the month next following the effec- tive date of the IRS adjustment.