Deferral Amounts Clause Samples
Deferral Amounts. (a) Each Plan Year a Member who is an Eligible Employee for all or any portion of the Plan Year and who has an effective enrollment form on file with the Plan Administrator shall be deemed to have elected to defer under the Plan that portion of the Annual Compensation otherwise payable to him or her for the Plan Year which the Member has elected to defer under the 003 Plan or 004 Plan, as applicable, but which can not be deferred under that plan because of one or more of the following limitations: (i) the provisions relating to the annual limit on salary deferrals set forth in Code Section 402(g); (ii) the provisions relating to the limit on includable compensation as set forth in Code Section 401(a)(17); (iii) the provisions relating to the non-discrimination testing limitations under Code Sections 401(k)(3) or 401(m); or (iv) the provisions relating to the limit on "annual additions," within the meaning of Code Section 415.
(b) Each Plan Year a Member (i) who is an Eligible Employee for all or any portion of the Plan Year; (ii) who has an effective enrollment form on file with the Plan Administrator; and (iii) (A) who has in effect an election to make the maximum elective deferrals under the 003 Plan or 004 Plan, as applicable, for which matching contributions may be made under that plan or (B) who has not met the eligibility requirements to participate in the 003 Plan or 004 Plan, as applicable, may also elect to defer under the Plan a separate percentage of Annual Compensation otherwise payable to him or her for the Plan Year; provided, however, any such election may not apply above a specified percentage of the Member's Annual Compensation, as such limitation may be determined from time to time by the Plan Administrator in its sole discretion.
Deferral Amounts. (1) Each Participant who is an Eligible Employee may elect to defer a portion of the Compensation otherwise payable to him for a payroll period and to have such portion contributed by the Plan Sponsor to the Fund. A Participant may elect to defer any whole percent of his Compensation between one percent (1%) and fifty percent (50%) for a payroll period. The election must be made before the Compensation is payable to the Participant. The election must be made in such manner and subject to such rules and limitations as the Plan Administrator may prescribe, and shall specify the percentage of Compensation that the Participant desires to defer and to have contributed to the Fund. Notwithstanding the foregoing, the Plan Administrator may restrict the amount which Highly Compensated Employees may elect to defer under this Section.
(2) Each payroll period, the Plan Sponsor shall deduct the portion of the Compensation that the Participant elected to defer in Subparagraph (1) above from the Participant's payroll for such period and will contribute such amount to the Fund. Amounts contributed pursuant to this Section 3.1 shall be allocated to the Employee 401(k) Contribution Account of the Participant on whose behalf such contributions were made as soon as reasonably practicable following the date of withholding by the Plan Sponsor and receipt by the Trustee.
(3) Once a Participant has made a deferral election for a Plan Year, the Participant may revoke or modify his election to increase or reduce the rate of future deferrals, as provided in the administrative procedures established by the Plan Administrator.
Deferral Amounts. The Plan Sponsor shall credit Deferral Amounts deferred under Plan Section 3.1 to the Member's Account as of the date such amounts are withheld from the Member's Annual Compensation.
Deferral Amounts. For each Plan Year in which an Deferral Amount is being withheld from a Participant, the Plan Sponsor shall withhold from that portion of the Participant’s Base Salary and Annual Bonus that is not being deferred, in a manner determined in the sole discretion of the Plan Sponsor, the Participant’s share of FICA and other employment taxes on such Deferral Amount. If necessary, the Plan Sponsor may reduce all or a portion of the Deferral Amount in order to comply with this Section 5.2.
Deferral Amounts. The Employer shall contribute to the Plan, on ---------------- behalf of each Participant, the amount by which the Participant has elected to reduce his Compensation pursuant to his Deferral Election in accordance with Section 4.1. Notwithstanding any other provisions of the Plan to the contrary, the maximum amount which the Employer shall contribute on behalf of any Participant pursuant to such Participant's Deferral Election for any Plan Year shall not exceed $7,000, multiplied by the Adjustment Factor.