Excess Annual Additions. The excess of the Participant’s Annual Additions for the Limitation Year over the Maximum Permissible Amount.
Excess Annual Additions. Notwithstanding any provision of the Plan to the contrary, if the annual additions (within the meaning of Code §415) are exceeded for any participant, then the Plan may only correct such excess in accordance with the Employee Plans Compliance Resolution System (EPCRS) as set forth in Revenue Procedure 2006-27 or any superseding guidance, including, but not limited to, the preamble of the final §415 regulations.
Excess Annual Additions. The term “Excess Annual Additions” means an amount of Annual Additions credited to a Participant’s Account that exceeds the maximum Annual Additions limitation set forth in Section 6.1 for any Limitation Year. If Excess Annual Additions are treated according to Section 6.4, then such Excess Annual Additions will not be deemed Annual Additions.
Excess Annual Additions. If, as a result of the allocation of Forfeitures, a reasonable error in estimation a Participant's compensation, a reasonable error in determining the amount of Elective Deferrals that may be made by an individual under the limits on Annual Additions, or because of other facts and circumstances which the Commissioner of the Internal Revenue Service finds justifies the availability of the rules under Treasury Regulation Section 1.415-6(b)(6), the Annual Additions under this Plan for a particular Participant would cause the limitations of Code Section 415 applicable to that Participant for the Limitation Year in question to be exceeded, the excess amounts shall not be deemed Annual Additions in that Limitation Year if the Following procedures are followed for that Limitation Year:
Excess Annual Additions. If, due to the allocation of forfeitures, a reasonable estimation of a Participant's compensation which exceeds his actual compensation, or a miscalculation in a Participant's elective deferrals (within the meaning of section 402(g)(3) of the Code), the Annual Addition for a Participant exceeds his Maximum Permissible Annual Addition for the Limitation Year, the following adjustments shall be made in the following order until the Participant's Annual Addition equals his Maximum Permissible Annual Addition:
Excess Annual Additions. If, as a result of a reasonable error in estimating a Participant’s Compensation or such other mitigating circumstances as the Commissioner of Internal Revenue shall prescribe, the Annual Additions for a Participant for a Plan Year exceed the limitations set forth in subsection 8.2, the excess amounts shall be used to reduce Matching Contributions for the next Plan Year (and succeeding years) for that Participant in accordance with Treas. Reg. § 1.415-6(b)(6)(ii), after any Before-Tax Contributions are first returned. Any Before-Tax Contributions returned to a Participant in accordance with this subsection 8.5 shall be disregarded for purposes of subsections 8.6, 8.8, 8.10 and 8.12.
Excess Annual Additions. If Annual Additions to the accounts of a Participant exceed the limitations described in Section 5.4, contributions made by the Employer under salary reduction agreements for the Plan Year which cause the excess, if any, shall be returned to the Participant. If, after returning such contributions to the Participant, an excess still exists, such excess shall be treated as a Forfeiture. This Forfeiture shall be reallocated to the ESOP Accounts of other Participants under Paragraph D of Section 5.3. To the extent reallocation of the Forfeiture cannot occur because of the limits of
Excess Annual Additions. Prior to determining a Participant's actual Compensation for a Limitation Year, the Employer may determine the maximum permissible Annual Addition for the Participant on the basis of a reasonable estimation of the Participant's Compensation for the Limitation Year, uniformly determined for all Participants similarly situated. As soon as is administratively feasible after the end of the Limitation Year, the maximum permissible amount for the Limitation Year shall be determined on the basis of the Participant's actual Compensation for the Limitation Year. Any Excess Annual Addition attributable to nondeductible voluntary Employee contributions (plus attributable earnings) made by a Participant to the extent they reduce the excess amount shall be returned to the Participant before any other adjustments are made. Any Excess Annual Addition attributable to a reasonable error in determining the amount of Elective Deferrals that may be made on behalf of a Participant under the limits of section 415 of the Code shall next be returned to the Participant. If after the application of the above provisions of this Paragraph an excess amount still exists, any Elective Deferrals (plus attributable earnings), to the extent they would reduce the excess amount, will be distributed to the Participant. Matching Contributions attributable to those deferrals shall be forfeited in accordance with Section 2.7.10. If an excess amount still exists, and the Participant is covered by the Plan at the end of the Limitation Year, the excess amount in the Participant's Account shall be used to reduce Employer contributions (including any allocation of Forfeitures) for such Participant in the next Limitation Year, and each succeeding Limitation Year, if necessary. If an excess amount still exists, and the Participant is not covered by the Plan at the end of a Limitation Year, the excess amount shall be held unallocated in a suspense account. The suspense account shall be applied to reduce future Employer contributions for all remaining Participants in the next Limitation Year, and each succeeding Limitation Year, if necessary. If a suspense account is in existence at any time during a particular Limitation Year, all amounts in the suspense account must be allocated and reallocated to Participants' Accounts before any Employer or any Employee contributions may be made to the Plan for that Limitation Year. Excess amounts may not be distributed to Participants or former Participants. If a su...
Excess Annual Additions. The final income tax regulations relating to section 415 of the Code that were made effective July 1, 2007 do not contain the correction methods for Excess Annual Additions that were in section 1.415-6(b)(6) of the 1981 Income Tax Regulations. If the Plan is eligible for self-correction under Rev. Proc. 2006-27, 2006-22 I.R.B. 945, it may be able to implement corrections using these methods.
Excess Annual Additions. If the annual additions limitation described in this Article V is exceeded for any Plan Year, first, any voluntary contribution in the Plan Year shall be returned to the Participant whose annual additions limitation was exceeded. Second, the excess, if any, consisting of forfeitures, shall be reallocated to the other eligible Participants who received an allocation of the Employer's Contribution under Section 6.01 of this Plan in proportion to the ratio which each such Participant's total Compensation for the applicable Plan Year bears to the total Compensation paid to all such Participants for the applicable Plan Year. If the annual additions limitation is still exceeded after the above steps, then the excess, consisting of forfeitures, shall be held in a suspense account. This process shall be repeated each Plan Year until the suspense account is exhausted. Upon termination of this Plan, the balance in such suspense account shall revert to the Employer.
