Contribution Limitation. No participant shall be permitted to have elective deferrals made under this Plan, or any other qualified plan maintained by the employer during any taxable year, in excess of the dollar limitation contained in section 402(g) of the Code in effect for such taxable year, except to the extent permitted under Section 5.12 of the Plan and section 414(v) of the Code, if applicable.
Contribution Limitation. Please add the dollar amount from section (I) and the dollar amount from sections (II) and (III) if applicable to check the total annual dollar amount estimated. (Will change if pay changes) Example: My salary is 35,000. I’d like to contribute 5% that will be matched and an additional 6% for a total of 11% of my salary: 35000 x .11=$3,850 total employee annual contribution. Enter Total Dollar estimated employee contribution amount $ This amount must not produce a total contribution that exceeds the employee's statutory limitation. It is the participant's responsibility to ensure not to contribute more than your IRS limits. 2023 calendar year limit is $22,500. Employees aged 50 or older or with the institution greater than 15 years may be able to provide catch-up contributions. Please consult your tax adviser or the IRS website for limits. Employee Name (Print) Employee ID Number Employee Signature Date
Contribution Limitation. There may be certain limitations on the amount of a rollover contribution you may make to this Xxxx XXX. Please refer to the Program Literature for more details.
Contribution Limitation. In any applicable year, the maximum Employer Contribution will not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Contributions made post- employment to form employees 403(b) account, the Contribution Limit will be based on the employee’s compensation, as determined under Section 403(b)(3) of the Code and in any event, no Employer Non-elective Contribution will be made on behalf of the former employee after the fifth taxable year following the taxable year in which that employee terminated employment. If the calculation of the Employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount will be handled by the Employer as follows: For all members in the New York State Teachers’ Retirement System (“TRS”) and New York State Employees’ Retirement System (“ERS”), the Employer will first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non- elective Contribution exceeds the Contribution Limit, the excess will be reallocated to the Employee the following year as an Employer Non-elective Contribution (which Contribution will not exceed the maximum amount permitted under the Code), and in January of each subsequent year for up to four years after the year of the Employee’s employment severance, until the Employer Non-elective Contribution is fully deposited in to the Employee’s 403(b) account. In no case will the Employer Non-elective Contribution exceed the Contribution Limit of the Internal Revenue Service.
Contribution Limitation. The yearly amount of the contributions made in accordance with Section and Section in total and contributions (if any) made to any other pension plan or deferred profit sharing plan of the Employer or related employer are restricted to the pension adjustment limits as set out in Section of the Income Tax Act. In the event the pension adjustment limit is exceeded in any year, in order to avoid of registration of the Plan by Revenue Canada, Taxation, the excess contribution amount for that year will be returned to the in the order as follows:
Contribution Limitation. In no event shall the sum of any Employer Contributions and Salary Deferral Contributions exceed the maximum amount deductible from the Employer’s income under Section 1023 of the PR Code.
Contribution Limitation. Definitions12 The following definitions are applicable to this Section 12 (where a definition is contained in both Sections 1 and 12, for purposes of Section 12 the Section 12 definition shall be controlling):
Contribution Limitation. In any applicable year the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Contributions made post-employment to former employees’ 403b account, the Contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b)(3) of the Code and in any event, no Employer Non-elective Contribution shall be made on behalf of such former employee after the first pay period of December following retirement. In the event that the calculation of the employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows: The Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code and then pay any excess amount as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code are fully met through payment of the Employer’s Non-elective Contribution.
Contribution Limitation. In any applicable year, the maximum Employer Contribution will not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Contributions made post- employment to former employees’ 403(b) account, the Contribution Limit will be based on the employee’s compensation, as determined under Section 403(b)(3) of the Code. If the calculation of the Employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount will be handled by the Employer as follows: The Employer will first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code and then pay any excess amount as compensation directly to the employee. In no instance will the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code are fully met through payment of the Employer’s Non-elective Contribution.
Contribution Limitation. All contributions to the Plan shall be made without regard to current or accumulated earnings and profits of the Employer for the taxable year(s) ending with or within the Plan Year. Notwithstanding the foregoing, the Plan shall be designed to qualify as a profit sharing plan for purposes of the Code. In no event shall any Employer contribution (plus any Elective Deferrals) exceed the maximum amount deductible from the Employer's income under section 404 of the Code or any amount allocated to the Account of a Participant exceed the maximum limitations under section 415 of the Code provided in Article VI.
