Common use of Compensation Deferrals Clause in Contracts

Compensation Deferrals. Each Participant may elect to defer a portion of his Compensation during each Plan Year, and his Compensation shall be reduced by the amount he elects to defer. The amount each Participant elects to defer will be contributed to the Plan on his behalf, in accordance with the following provisions: (a) In no event shall the amount a Participant defers to the Plan, or any other plan, during any taxable year of the Participant (excluding Catch-Up Contributions under Section 5.01(b)) exceed the dollar limitation contained in Section 402(g) of the Code in effect for the Participant’s taxable year, as adjusted by the Secretary of the Treasury for cost-of-living increases under § 402(g)(4). (b) In addition, Participants who have attained age fifty (50) by the end of their taxable year may make Catch-Up Contributions. “Catch-Up Contributions” are Participant deferrals to the Plan that are in excess of an otherwise applicable plan limit. An otherwise applicable plan limit is a limit in the Plan that applies to deferrals without regard to Catch-Up Contributions, such as the limits on Annual Additions under Section 9.01, the dollar limitation on Participant deferrals under Section 402(g) of the Code and Section 5.01(a) above, and the limit imposed by the actual deferral percentage (ADP) test under Section 401(k)(3) of the Code, if applicable. Catch-Up Contributions for a Participant for a taxable year may not exceed the lesser of: (a) one hundred percent (100%) of the Participant’s Compensation when added to the Participant’s other deferrals under the Plan, or (b) the dollar limit on Catch-Up Contributions under Section 414(v)(2)(B)(i) of the Code for the taxable year, as adjusted by the Secretary of the Treasury for cost-of-living increases under Section 414(v)(2)(C) of the Code. Catch-Up Contributions are not counted in determining the minimum allocation under Section 6.07, but Catch-Up Contributions made in prior years are counted in determining whether the Plan is top-heavy under Section 27.02. The amount by which the Participant’s Compensation is reduced, including Catch-Up Contributions, shall be that Participant’s Deferred Income and shall be contributed to the Plan as an Elective Contribution by the Employer and allocated to the Participant’s Deferred Income Account. Except for occasional, bona fide administrative considerations, Elective Contributions made pursuant to a Participant’s deferral election cannot precede the earlier of (a) the date on which the Service related to the contribution is performed, or (b) the date on which the Compensation that is subject to the Participant’s deferral election would be payable to the Participant in the absence of such deferral election.

Compensation Deferrals. Each (a) The Company shall credit to the Account of a Participant may elect an amount equal to defer a portion of his Compensation during each the amount designated in the Participant's Participation Election Form for that Plan Year. Such amounts shall not be made available to such Participant, and his except as provided in ARTICLE VII hereof, and, as Compensation Deferrals, shall be reduced by reduce such Participant's Compensation from the amount he elects to defer. The amount each Participant elects to defer will be contributed to the Plan on his behalf, Company in accordance with the following provisions: (a) In no event provisions of the applicable Participation Election Form; provided, however, that all such amounts shall the amount a Participant defers be subject to the Plan, or any other plan, during any taxable year rights of the Participant (excluding Catch-Up Contributions under Section 5.01(b)) exceed the dollar limitation contained in Section 402(g) general creditors of the Code Company as provided in effect for the Participant’s taxable year, as adjusted by the Secretary of the Treasury for cost-of-living increases under § 402(g)(4)ARTICLE IX hereof. (b) In addition, Participants who have attained age fifty (50) by the end of their taxable year may make Catch-Up Contributions. “Catch-Up Contributions” are Participant deferrals Each Eligible Employee or Director shall deliver a Participation Election Form to the Plan Company before any Compensation Deferrals can become effective. Such Participation Election Form shall be void with respect to any Compensation Deferral unless submitted before the beginning of the calendar year during which the amount to be deferred will be earned; provided, however, that are in excess of an otherwise applicable plan limit. An otherwise applicable plan limit is a limit in the Plan that applies to deferrals without regard to Catch-Up Contributions, such as the limits on Annual Additions under Section 9.01, the dollar limitation on Participant deferrals under Section 402(g) of the Code and Section 5.01(a) above, and the limit imposed by the actual deferral percentage (ADP) test under Section 401(k)(3) of the Code, if applicable. Catch-Up Contributions for a Participant for a taxable year may not exceed the lesser of: (a) one hundred percent (100%) of the Participant’s Compensation when added to the Participant’s other deferrals under the Plan, or (b) the dollar limit on Catch-Up Contributions under Section 414(v)(2)(B)(i) of the Code for the taxable year, as adjusted by the Secretary of the Treasury for cost-of-living increases under Section 414(v)(2)(C) of the Code. Catch-Up Contributions are not counted in determining the minimum allocation under Section 6.07, but Catch-Up Contributions made in prior years are counted in determining whether which the Plan is top-heavy under Section 27.02. The amount by which the Participant’s Compensation first adopted or an Employee or Director is reducedfirst eligible to participate, including Catch-Up Contributions, such Participation Election Form shall be that Participant’s Deferred Income and shall be contributed to the Plan as an Elective Contribution by the Employer and allocated to the Participant’s Deferred Income Account. Except for occasional, bona fide administrative considerations, Elective Contributions made pursuant to a Participant’s deferral election cannot precede the earlier filed within thirty (30) days of (a) the date on which the Service related to the contribution Plan is performed, adopted or (b) the date on which an Employee or Director is first eligible to participate, respectively, with respect to Compensation earned during the remainder of the calendar year. Notwithstanding the foregoing, a Participant may cease Compensation that is Deferrals upon thirty (30) days advanced written notice to the Administrator. (c) The Participation Election Form shall, subject to the limitations set forth in this Section 4.1, designate the amount of Compensation deferred by each Participant’s deferral election would be payable , the beneficiary or beneficiaries of the Participant and such other items as the Administrator may prescribe. Such designations shall remain effective unless amended as provided in subsection (d), below. (d) A Participant may amend his or her Participation Election Form from time to time; provided, however, that any amendment to the Participant in amount of a Participant's Compensation Deferrals shall comply with the absence provisions of such deferral electionsubsection (b), above.