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Common use of Corrective Distributions Clause in Contracts

Corrective Distributions. EXCESS DEFERRALS ($7,000 LIMIT).

Appears in 2 contracts

Sources: 401(k) Profit Sharing Plan Trust Agreement (Northstar Computer Forms Inc/Mn), Adoption Agreement (Western Bancorp)

Related Clauses

  • Share Distributions
  • Overtime Distribution
  • User Contributions
  • Final Distributions
  • Interim Distributions

Parent Clauses

  • Multiple Use Test
  • Correction of the Multiple Use Test
  • Waiver of Participation
  • Deductible Employee Contributions
  • Special Vesting Rule - In-Service Distribution When Account Balance Less than 100% Vested

Sub-Clauses

  • Safe harbor Hardship distribution
  • Participant notice
  • Non-safe harbor Hardship distribution
  • Conditions for taking a safe harbor Hardship withdrawal
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