Common use of Distribution of Excess Contributions Clause in Contracts

Distribution of Excess Contributions. If the Plan Administrator determines the Plan fails to satisfy the ADP test for a Plan Year, the Trustee, as directed by the Plan Administrator, must distribute the excess contributions, as adjusted for allocable income under Section 14.08(F), during the next Plan Year. However, the Employer may incur an excise tax with respect to the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail the ADP test. The Plan Administrator will determine the total amount of the excess contributions to the Plan by starting with the Highly Compensated Employee(s) who has the greatest deferral percentage, reducing his/her deferral percentage (but not below the next highest deferral percentage), then, if necessary, reducing the deferral percentage of the Highly Compensated Employee(s) at the next highest deferral percentage level, including the deferral percentage of the Highly Compensated Employee(s) whose deferral percentage the Plan Administrator already has reduced (but not below the next highest deferral percentage), and continuing in this manner until the ADP for the Highly Compensated Group satisfies the ADP test. After the Plan Administrator has determined the total excess contribution amount, the Trustee, as directed by the Plan Administrator, then will distribute to each Highly Compensated Employee his/her respective share of the excess contributions. The Plan Administrator will determine each Highly Compensated Employee's share of excess contributions by starting with the Highly Compensated Employee(s) who has the highest dollar amount of elective deferrals, reducing his/her elective deferrals (but not below the next highest dollar amount of elective deferrals), then, if necessary, reducing the elective deferrals of the Highly Compensated Employee(s) at the next highest dollar amount of elective deferrals including the elective deferrals of the Highly Compensated Employee(s) whose elective deferrals the Plan Administrator already has reduced (but not below the next highest dollar amount of elective deferrals), and continuing in this manner until the Trustee has distributed all excess contributions.

Distribution of Excess Contributions. If the Plan Administrator determines the Plan fails to satisfy the ADP test for a Plan Year, the Trustee, as directed by the Plan Administrator, must distribute the excess contributions, as adjusted for allocable income under Section 14.08(F), during the next Plan Year. However, the Employer may incur an excise tax with respect to the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 2½ months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail the ADP test. The Plan Administrator will determine the total amount of the excess contributions to the Plan by starting with the Highly Compensated Employee(s) who has the greatest deferral percentage, reducing his/her deferral percentage (but not below the next highest deferral percentage), then, if necessary, reducing the deferral percentage of the Highly Compensated Employee(s) at the next highest deferral percentage level, including the deferral percentage of the Highly Compensated Employee(s) whose deferral percentage the Plan Administrator already has reduced (but not below the next highest deferral percentage), and continuing in this manner until the ADP for the Highly Compensated Group satisfies the ADP test. After the Plan Administrator has determined the total excess contribution amount, the Trustee, as directed by the Plan Administrator, then will distribute to each Highly Compensated Employee his/her respective share of the excess contributions. The Plan Administrator will determine each Highly Compensated Employee's ’s share of excess contributions by starting with the Highly Compensated Employee(s) who has the highest dollar amount of elective deferrals, reducing his/her elective deferrals (but not below the next highest dollar amount of elective deferrals), then, if necessary, reducing the elective deferrals of the Highly Compensated Employee(s) at the next highest dollar amount of elective deferrals including the elective deferrals of the Highly Compensated Employee(s) whose elective deferrals the Plan Administrator already has reduced (but not below the next highest dollar amount of elective deferrals), and continuing in this manner until the Trustee has distributed all excess contributions.

Distribution of Excess Contributions. If the Plan Administrator determines ------------------------------------ the Plan fails to satisfy the ADP test for a Plan Year, the Trustee, as directed by the Plan Administrator, must it shall distribute the excess contributionsExcess Contributions, as adjusted for allocable income under Section 14.08(F)or loss, during from the next Participant's Elective Deferrals Account no later than the last day of the succeeding Plan Year. However, the Employer may will incur an excise tax with respect equal to 10% of the amount of excess contributions Excess Contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that the next Plan Year. The excess contributions are the amount of deferral contributions made by the Plan Administrator shall distribute to each Highly Compensated Employees which causes Employee his or her respective share of the Plan to fail the ADP testExcess Contributions. The Plan Administrator will shall determine the total amount respective shares of the excess contributions to the Plan Excess Contributions by starting with the Highly Compensated Employee(s) Employee who has the greatest deferral percentageADP, reducing his/his or her deferral percentage (but not below ADP to the next highest deferral percentage)ADP, then, if necessary, reducing the deferral percentage ADP of the Highly Compensated Employee(s) Employees at the next highest deferral percentage level, ADP level (including the deferral percentage ADP of the Highly Compensated Employee(s) Employees whose deferral percentage ADP the Plan Administrator already has reduced (but not below the next highest deferral percentagereduced), and continuing in this manner until the average ADP for the Highly Compensated Group satisfies the ADP test. After If a Highly Compensated Employee is part of an aggregated family group, the Plan Administrator has determined shall, in accordance with the total excess contribution amountapplicable Treasury regulations, shall determine each aggregated family member's allocable hare of the Trustee, as directed by Excess Contributions assigned to the Plan Administrator, then will distribute family unit. The amount of Excess Contributions to each be distributed to any Highly Compensated Employee his/her respective share shall be reduced by the amount of the excess contributions. The Plan Administrator will determine each Highly Compensated Employee's share of excess contributions by starting with any Excess Deferrals previously distributed to the Highly Compensated Employee(s) who has Employee for the highest dollar amount of elective deferrals, reducing his/her elective deferrals (but not below taxable year ending in the next highest dollar amount of elective deferrals), then, if necessary, reducing the elective deferrals of the Highly Compensated Employee(s) at the next highest dollar amount of elective deferrals including the elective deferrals of the Highly Compensated Employee(s) whose elective deferrals the same Plan Administrator already has reduced (but not below the next highest dollar amount of elective deferrals), and continuing in this manner until the Trustee has distributed all excess contributionsYear.

Distribution of Excess Contributions. If the Plan Administrator determines the Plan fails to satisfy the ADP test for a Plan Year, the Trustee, as directed by the Plan Administrator, must distribute the excess contributions, as adjusted for allocable income under Section 14.08(F), during the next Plan Year. However, the Employer may incur an excise tax with respect to the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail the ADP test. The Plan Administrator will determine the total amount of the excess contributions to the Plan by starting staring with the Highly Compensated Employee(s) who has the greatest deferral percentage, reducing his/her deferral percentage (but not below the next highest deferral percentage), then, if necessary, reducing the deferral percentage of the Highly Compensated Employee(s) at the next highest deferral percentage level, including the deferral percentage of the Highly Compensated Employee(s) whose deferral percentage the Plan Administrator already has reduced (but not below the next highest deferral percentage), and continuing in this manner until the ADP for the Highly Compensated Group satisfies the ADP test. After the Plan Administrator has determined the total excess contribution amount, the Trustee, as directed by the Plan Administrator, then will distribute to each Highly Compensated Employee his/her respective share of the excess contributions. The Plan Administrator will determine each Highly Compensated Employee's ’s share of excess contributions by starting with the Highly Compensated Employee(s) who has the highest dollar amount of elective deferrals, reducing his/her elective deferrals (but not below the next highest dollar amount of elective deferrals), then, if necessary, reducing the elective deferrals of the Highly Compensated Employee(s) at the next highest dollar amount of elective deferrals including the elective deferrals of the Highly Compensated Employee(s) whose elective deferrals the Plan Administrator already has reduced (but not below the next highest dollar amount of elective deferrals), and continuing in this manner until the Trustee has distributed all excess contributions.

Distribution of Excess Contributions. If the Plan Administrator Employer determines the Plan fails to satisfy the ADP test for a Plan Year, it must direct the Trustee, as directed by the Plan Administrator, must Trustee to distribute the excess contributions, as adjusted for allocable income under Section 14.08(F)income, during the next Plan Year. However, the Employer may incur an excise tax with respect equal to 10% of the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail to satisfy the ADP test. The Plan Administrator Employer will distribute to each Highly Compensated Employee his respective share of the excess contributions. The Employer will determine the total amount respective shares of the excess contributions to the Plan by starting with the Highly Compensated Employee(s) who has the greatest deferral percentage, reducing his/her his deferral percentage (but not below the next highest deferral percentage), then, if necessary, reducing the deferral percentage of the Highly Compensated Employee(s) at the next highest deferral percentage level, including the deferral percentage of the Highly Compensated Employee(s) whose deferral percentage the Plan Administrator Employer already has reduced (but not below the next highest deferral percentage), and continuing in this manner until the ADP for the Highly Compensated Group satisfies the ADP test. After the Plan Administrator Employer has determined the total excess contribution amount, the Trustee, as directed by the Plan AdministratorEmployer, then will distribute to each Highly Compensated Employee his/her respective share of the excess contributions. The Plan Administrator Employer will determine each Highly Compensated Employee's share of the excess contributions by starting with the Highly Compensated Employee(s) who has the highest dollar amount of elective deferrals, reducing his/her elective deferrals (but not below the next highest dollar amount of elective deferrals), then, if necessary, reducing the elective deferrals of the Highly Compensated Employee(s) at the next highest dollar amount of elective deferrals including the elective deferrals of the Highly Compensated Employee(s) whose elective deferrals the Plan Administrator Employer already has reduced (but not below the next highest dollar amount of elective deferrals), and continuing in this manner until the Trustee has distributed all excess contributions.

Distribution of Excess Contributions. If the Plan Administrator Advisory Committee determines the Plan fails to satisfy the ADP test for a Plan Year, the Trustee, as directed by the Plan AdministratorAdvisory Committee, must distribute the excess contributions, as adjusted for allocable income under Section 14.08(F)income, during the next Plan Year. However, the Employer may will incur an excise tax with respect equal to 10% of the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail to satisfy the ADP test. The Plan Administrator Advisory Committee will determine the total amount of the excess contributions to the Plan by starting with the Highly Compensated Employee(s) who has the greatest deferral percentageADP, reducing his/her deferral percentage his ADP (but not below the next highest deferral percentageADP), then, if necessary, reducing the deferral percentage ADP of the Highly Compensated Employee(s) at the next highest deferral percentage level, ADP including the deferral percentage ADP of the Highly Compensated Employee(s) whose deferral percentage ADP the Plan Administrator Advisory Committee already has reduced (but not below the next highest deferral percentageADP), and continuing in this manner until the average ADP for the Highly Compensated Group satisfies the ADP test. After the Plan Administrator Advisory Committee has determined the total excess contribution amount, the Trustee, as directed by the Plan AdministratorAdvisory Committee, then will distribute to each Highly Compensated Employee his/her his respective share share(s) of the excess contributions. The Plan Administrator Advisory Committee will determine each Highly Compensated Employee's share the respective shares(s) of excess contributions by starting with the Highly Compensated Employee(s) who has the highest dollar amount of elective deferralscontributions, reducing his/her his elective deferrals contributions (but not below the next highest dollar amount level of elective deferralscontributions), then, if necessary, reducing the elective deferrals contributions of the Highly Compensated Employee(s) at the next highest dollar amount level of elective deferrals contributions including the elective deferrals contributions of the Highly Compensated Employee(s) whose elective deferrals contributions the Plan Administrator Advisory Committee already has reduced (but not below the next highest dollar amount level of elective deferralscontributions), and continuing in this manner until the Trustee has distributed all excess contributions.

Distribution of Excess Contributions. If the Plan Administrator determines the Plan fails to satisfy the ADP test for a Plan Year, the Trustee, as directed by the Plan Administrator, must distribute the excess contributions, as adjusted for allocable income under Section 14.08(F), during the next Plan Year. However, the Employer may incur an excise tax with respect to the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 21/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail the ADP test. The Plan Administrator will determine the total amount of the excess contributions to the Plan by starting with the Highly Compensated Employee(s) who has the greatest deferral percentage, reducing his/her deferral percentage (but not below the next highest deferral percentage), then, if necessary, reducing the deferral percentage of the Highly Compensated Employee(s) at the next highest deferral percentage level, including the deferral percentage of the Highly Compensated Employee(s) whose deferral percentage the Plan Administrator already has reduced (but not below the next highest deferral percentage), and continuing in this manner until the ADP for the Highly Compensated Group satisfies the ADP test. After the Plan Administrator has determined the total excess contribution amount, the Trustee, as directed by the Plan Administrator, then will distribute to each Highly Compensated Employee his/her respective share of the excess contributions. The Plan Administrator will determine each Highly Compensated Employee's share of excess contributions by starting with the Highly Compensated Employee(s) who has the highest dollar amount of elective deferrals, reducing his/her elective deferrals (but not below the next highest dollar amount of elective deferrals), then, if necessary, reducing the elective deferrals of the Highly Compensated Employee(s) at the next highest dollar amount of elective deferrals including the elective deferrals of the Highly Compensated Employee(s) whose elective deferrals the Plan Administrator already has reduced (but not below the next highest dollar amount of elective deferrals), and continuing in this manner until the Trustee has distributed all excess contributions.

Distribution of Excess Contributions. If elected by the Employer in the Adoption Agreement, if the Plan Administrator determines permits all Participants to make Voluntary Employee Contributions, Elective Deferrals allocated to a Highly Compensated Employee as Excess Contributions will be recharacterized as Voluntary Employee Contributions (after-tax). A Participant must or may, as elected by the Employer in the Adoption Agreement, treat Excess Contributions allocated to him or her as an amount distributed to the Participant and then contributed by the Participant to the Plan. Recharacterized amounts will remain nonforfeitable. A Highly Compensated Employee may not recharacterize an amount to the extent that such amount in combination with other Voluntary Employee Contributions made by that Employee would exceed any stated limit under the Plan fails on Voluntary Employee Contributions. Recharacterization must occur no later than two and one-half (21/2) months after the last day of the Plan Year in which such Excess Contributions arose and is deemed to satisfy occur no earlier than the date the last Highly Compensated Employee is informed in writing of the amount recharacterized and the consequences thereof. Short Form. Excess Contributions shall be distributed. No recharacterization permitted. If elected in the Adoption Agreement, Excess Contributions that are not recharacterized, plus any income and minus any loss allocable thereto, shall be distributed no later than twelve (12) months after the last day of each Plan Year to Highly Compensated Employees to whose Accounts such Excess Contributions were allocated for such Plan Year, except to the extent such Excess Contributions are classified as Catch-up Contributions. For years beginning after 2005, distribution of Excess Contributions for a year shall be made first from the Participant’s Pre-tax Elective Account to the extent Pre-tax Elective Deferrals were made for the year, unless the Participant specifies otherwise. Excess Contributions are applied to Highly Compensated Employees with the largest amounts of Elective Deferrals taken into account when calculating the ADP test for a Plan Year, the Trustee, as directed by the Plan Administrator, must distribute Year in which the excess contributionsarose, as adjusted for allocable income under Section 14.08(F), during the next Plan Year. However, the Employer may incur an excise tax with respect to the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail the ADP test. The Plan Administrator will determine the total amount of the excess contributions to the Plan by starting beginning with the Highly Compensated Employee(s) who has Employee with the greatest deferral percentage, reducing his/her deferral percentage (but not below the next highest deferral percentage), then, if necessary, reducing the deferral percentage of the Highly Compensated Employee(s) at the next highest deferral percentage level, including the deferral percentage of the Highly Compensated Employee(s) whose deferral percentage the Plan Administrator already has reduced (but not below the next highest deferral percentage), largest contribution and continuing in descending order until all the Excess Contributions have been allocated. To the extent that a Highly Compensated Employee has not reached his Catch-up Contribution limit under the Plan, Excess Contributions allocated to such Highly Compensated Employee are Catch-up Contributions and will not be treated as Excess Contributions. If such excess amounts (other than Catch-up Contributions) are distributed more than two and one-half (21/2) months after the last day of the Plan Year in which such excess amounts arose, a ten percent (10%) excise tax will be imposed on the Employer maintaining the Plan with respect to such amounts. Excess Contributions shall be treated as Annual Additions under Part III, Article II even if distributed to the Participant. Excess Contributions distributed under this manner until Section shall be adjusted for any income or loss based on a reasonable method of computing the ADP allocable income or loss. The method selected must be applied consistently to all Participants and used for all corrective distributions under the Plan for the Highly Compensated Group satisfies Plan Year, and must be the ADP test. After the Plan Administrator has determined the total excess contribution amount, the Trustee, as directed same method that is used by the Plan Administratorfor allocating income or loss to Participants’ Accounts. For Plan Years beginning after 2005, then will distribute income or loss allocable to each Highly Compensated Employee his/her respective share the period between the end of the excess contributionsPlan Year and the date of distribution may not be disregarded in determining income or loss. The Plan Administrator will determine each Highly Compensated Employee's share of excess contributions by starting with One reasonable method treats the Highly Compensated Employee(s) who has income and loss allocable to Excess Contributions as the highest dollar amount of elective deferrals, reducing his/her elective deferrals (but not below the next highest dollar amount of elective deferrals), then, if necessary, reducing the elective deferrals of the Highly Compensated Employee(s) at the next highest dollar amount of elective deferrals including the elective deferrals of the Highly Compensated Employee(s) whose elective deferrals the Plan Administrator already has reduced (but not below the next highest dollar amount of elective deferrals), and continuing in this manner until the Trustee has distributed all excess contributions.sum of:

Distribution of Excess Contributions. If the Plan Administrator Advisory Committee determines the Plan fails to satisfy the ADP test for a Plan Year, the Trustee, as directed by the Plan AdministratorAdvisory Committee, must distribute the excess contributions, as adjusted for allocable income under Section 14.08(F14.04(F), during the next Plan Year. However, the Employer may incur an excise tax with respect equal to 10% of the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail to satisfy the ADP test. The Plan Administrator Advisory Committee will determine the total amount of the excess contributions to the Plan by starting with the Highly Compensated Employee(s) who has the greatest deferral percentage, reducing his/her his deferral percentage (but not below the next highest deferral percentage), then, if necessary, reducing the deferral percentage of the Highly Compensated Employee(s) at the next highest deferral percentage level, including the deferral percentage of the Highly Compensated Employee(s) whose the deferral percentage the Plan Administrator Advisory Committee already has reduced (but not below the next highest deferral percentage), and continuing in this manner until the ADP for the Highly Compensated Group satisfies the ADP test. After the Plan Administrator Advisory Committee has determined the total excess contribution amount, the Trustee, as directed by the Plan AdministratorAdvisory Committee, then will distribute to each Highly Compensated Employee his/her his respective share of the excess contributions. The Plan Administrator Advisory Committee will determine each Highly Compensated Employee's share of excess contributions by starting with the Highly Compensated Employee(s) who has the highest dollar amount of elective deferrals, reducing his/her his elective deferrals contributions (but not below the next highest dollar amount of elective deferrals), then, if necessary, reducing the elective deferrals of the Highly Compensated Employee(s) at the next highest dollar amount of elective deferrals including the elective deferrals of the Highly Compensated Employee(s) whose elective deferrals contributions the Plan Administrator Advisory Committee already has reduced (but not below the next highest dollar amount of elective deferralscontributions), and continuing in this manner until the Trustee has distributed all excess contributions.