Common use of Distribution of Excess Contributions Clause in Contracts

Distribution of Excess Contributions. Notwithstanding any other provision of the Plan except Section 4.6(d) below, Excess Contributions, plus any income and minus any loss allocable thereto, shall be distributed no later than the last day of each Plan Year to Participants to whose accounts Excess Contributions were allocated for the preceding Plan Year. The amount of Excess Contributions to be distributed shall be reduced by the amount of any Excess Contributions recharacterized in accordance with Section 4.6(d) below. Distributions of Excess Contributions shall be made to Highly Compensated Employees on the basis of the respective portions of the Excess Contributions attributable to each Highly Compensated Employee. Excess Contributions shall be allocated to Participants who are subject to the family member aggregation rules of section 414(q)(6) of the Code in the manner prescribed by the regulations. [If such excess amounts are not distributed or recharacterized (in accordance with Section 4.6(d) below) within 2-1/2 months after the last day of the Plan Year in which such excess amounts arose, then section 4979 of the Code imposes a ten percent (10%) excise tax on the Employer maintaining the Plan with respect to such amounts.] Excess Contributions of Participants who are subject to the Family Member aggregation rules described in Section 4.6(b)(3) shall be allocated among the Family Members in proportion to the Elective Deferrals (and amounts treated as Elective Deferrals) of each Family Member that is combined to determine the combined Actual Deferral Percentage.

Distribution of Excess Contributions. Notwithstanding any other provision of the Plan except Section 4.6(d) below, Excess Contributions, plus any income and minus any loss allocable thereto, shall be distributed no later than the last day of each Plan Year to Participants to whose accounts Excess Contributions were allocated for the preceding Plan Year. The amount of Excess Contributions to be distributed shall be reduced by the amount of any Excess Contributions recharacterized in accordance with Section 4.6(d) below. Distributions of Excess Contributions shall be made to Highly Compensated Employees on the basis of the respective portions of the Excess Contributions attributable to each Highly Compensated Employee. Excess Contributions shall be allocated to Participants who are subject to the family member aggregation rules of section 414(q)(6) of the Code in the manner prescribed by the regulations. [If such excess amounts are not distributed or recharacterized (in accordance with Section 4.6(d) below) within 2-2 1/2 months after the last day of the Plan Year in which such excess amounts arose, then section 4979 of the Code imposes a ten percent (10%) excise tax on the Employer maintaining the Plan with respect to such amounts.] Excess Contributions of Participants who are subject to the Family Member aggregation rules described in Section 4.6(b)(3) shall be allocated among the Family Members in proportion to the Elective Deferrals (and amounts treated as Elective Deferrals) of each Family Member that is combined to determine the combined Actual Deferral Percentage.