Common use of Contribution Limitation Clause in Contracts

Contribution Limitation. In any applicable year, the maximum District contribution will not cause an employee’s 403(b) account to exceed the applicable contribution limit under Internal Revenue Code Section 415(c)(1), as adjusted for cost-of-living increases. For District nonelective contributions made post-employment to an employee’s 403(b) account, the contribution limit will be based on the employee’s compensation, as determined under Internal Revenue Code Section 403(b)(3) and, in any event, there will be no District nonelective contribution 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 District nonelective contribution referenced in any of the preceding paragraphs exceeds the applicable contribution limits, the excess amount will be handled by the District as follows:‌‌ The District will first make a District nonelective contribution up to the Internal Revenue Code’s contribution limit. To the extent that the District nonelective Contribution exceeds the contribution limit, the excess will be reallocated to the employee the following year as a District nonelective 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 District nonelective contribution is fully deposited into the employee’s 403(b) account. In no case will the District nonelective contribution exceed the applicable contribution limit.

Contribution Limitation. In any applicable year, the maximum District contribution Employer Contribution will not cause an employee’s 403(b) account to exceed the applicable contribution limit under Internal Revenue Code Section 415(c)(1)) of the Code, as adjusted for cost-of-living increases. For District nonelective contributions Employer Non-elective Contributions made post-post- employment to an employee’s form employees 403(b) account, the contribution limit Contribution Limit will be based on the employee’s compensation, as determined under Internal Revenue Code Section 403(b)(3) and, of the Code and in any event, there no Employer Non-elective Contribution will be no District nonelective contribution 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 District nonelective contribution Employer Non-elective Contribution referenced in any of the preceding paragraphs exceeds exceed the applicable contribution limitsContribution Limits, the excess amount will be handled by the District Employer as follows:‌‌ The District 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 a District nonelective contribution an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code’s contribution limit. To the extent that the District nonelective Employer Non- elective Contribution exceeds the contribution limitContribution Limit, the excess will be reallocated to the employee Employee the following year as a District nonelective contribution an Employer Non-elective Contribution (which contribution 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 employeeEmployee’s employment severance, until the District nonelective contribution Employer Non-elective Contribution is fully deposited into in to the employeeEmployee’s 403(b) account. In no case will the District nonelective contribution Employer Non-elective Contribution exceed the applicable contribution limitContribution Limit of the Internal Revenue Service.