Excess Deferrals Sample Clauses
Excess Deferrals. (1) Notwithstanding the foregoing provisions of this Article or Article III, and except to the extent permitted under section 414(v) of the Code and Section 3.6 of the Plan, the sum of a Member's before-tax contributions and/or a Member's ▇▇▇▇ Contributions shall not, for any taxable year of such Member commencing on or after January 1,2009, exceed $16,500 (as such amount may be adjusted for increases in the cost of living pursuant to section 402(g) of the Code). Except as otherwise provided in this Section, a Member's before-tax contributions for purposes of this Section shall include (a) any employer contribution made under any qualified cash or deferred arrangement as defined in section 401(k) of the Code to the extent not includible in gross income for the taxable year under section 402(e)(3) of the Code or to the extent includible in gross income for the taxable year under section 402A of the Code (determined without regard to section 402(g) of the Code), (b) any employer contribution to the extent not includible in gross income for the taxable year under section 402(h)(1)(B) of the Code (determined without regard to section 402(g) of the Code), (c) any employer contribution to purchase an annuity contract under section 403(b) of the Code under a salary reduction agreement within the meaning of section 3121(a)(5)(D) of the Code and (d) any elective contributions under section 408(p)(2)(A)(i) of the Code.
(2) To the extent that a Member's before-tax contributions and/or ▇▇▇▇ Contributions exceed the amount described in Subsection (1) of this Section (collectively, hereinafter called the "excess deferrals"), such excess deferrals (and effective January 1, 2008 any income allocable thereto to the end of the Plan Year for which such contributions were made, as determined in accordance with Section 5.4) shall be distributed to the Member by April 1 following the close of the taxable year in which such excess deferrals occurred if (and only if), by March 1 following the close of such taxable year, the Member (a) allocates the amount of such excess deferrals among the plans under which the excess deferrals were made and (b) notifies the Administrative Committee of the portion allocated to this Plan.
(3) In the event that a Member with respect to whom excess deferrals must be distributed has made both Deferred Salary Contributions and ▇▇▇▇ Contributions, the Plan shall distribute Deferred Salary Contributions first.
(4) In the event that a Member's Deferred S...
Excess Deferrals. For purposes of making a distribution of Excess Deferrals pursuant to Section 4.10(A), Allocable Income means Earnings allocable to the Excess Deferrals for the Taxable Year in which the Participant made the Excess Deferral. The Plan Administrator also will distribute Gap Period income with respect to Excess Deferrals in Taxable Years which began on or after January 1, 2007, if the Plan Administrator in accordance with the Plan terms otherwise would allocate the Gap Period Allocable Income to the Participant’s Account. The Plan Administrator will not distribute Gap Period income with respect to Excess Deferrals occurring before the above date unless the Employer elects otherwise in Appendix B.
(a) Reasonable or alternative (pro rata) method. To calculate such Allocable Income for the Taxable Year, the Plan Administrator will use: (i) a uniform and nondiscriminatory method which reasonably reflects the manner used by the Plan Administrator to allocate Earnings to Participants’ Accounts; or (ii) the “alternative method” under Treas. Reg. §1.402(g) -1(e)(5)(iii). See Section 4.11(C)(2)(a) as to the alternative method except the Plan Administrator will apply such modifications as are necessary to determine Taxable Year Allocable Income with respect to the Excess Deferrals.
Excess Deferrals. Elective Deferrals that are includible in a Participant’s gross income because they exceed the dollar limitation under Code §402(g). Excess Deferrals made to this Plan shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following the close of the Participant’s taxable year for which the Excess Deferrals are made. See Section 17.1.
Excess Deferrals. Any Participant’s combined Pre-Tax Deferral Contributions and ▇▇▇▇ Deferral Contributions, in excess of the adjusted $23,000 figure for a calendar year (“Excess Deferrals”), and the earnings or losses attributable thereto for the period from the date of contribution through the last day of the Plan Year shall be returned to the Participant no later than April 15th following the close of the calendar year in which such excess Pre-Tax Deferral Contributions and/or ▇▇▇▇ Deferral Contributions were made. A Participant may designate the extent to which the excess amount to be distributed is composed of Pre-Tax Deferral Contributions and/or ▇▇▇▇ Deferral Contributions but only to the extent such types of contributions were made for the Plan Year. If the Participant does not designate whether and to what extent Pre-Tax Deferral Contributions or ▇▇▇▇ Deferral Contributions are to be distributed, the Administrative Committee will first distribute Pre-Tax Deferral Contributions.
Excess Deferrals. The Contributions made on behalf of a Participant under any qualified cash or deferred arrangements described in Code sections 401(k), 408(k), or 403(b) for a taxable year that exceed the limitation described in Section 3.7 and are includible in the Participant's gross income under Code section 402(g). Excess Deferrals shall be treated as annual additions unless distributed no later than April 15 following the close of the Participant's taxable year in which such Excess Deferrals arose.
Excess Deferrals. Any amount that exceeds the maximum Dollar Limitation or Percentage Limitation (including any applicable catch-up dollar limitation) for a taxable year, shall constitute an excess deferral for that taxable year. Any excess deferral shall be distributed to the Participant in accordance with the requirements for excess deferrals under the Code and Section 1.457-4(e) of the Income Tax Regulations or other applicable Internal Revenue Service guidance.
Excess Deferrals. “Excess Deferrals” shall mean those Elective Contributions that are includible in a Participant’s gross income under Code section 402(g) of the Code to the extent such Participant’s Elective Contributions for a taxable year exceed the dollar limitation under such Code section (including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code section 414(v)). Excess Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are dis- tributed no later than the first April 15 following the close of the Participant’s taxable year.
Excess Deferrals. Important: Please consult with your employer to discuss the appropriate steps to correct excess contributions. Amounts deferred to your SIMPLE IRA in excess of the allowable limit may be subject to a non-deductible excise tax of 6% for each year until the excess is removed. The 6% excise tax will not apply if the excess contribution and earnings allocable to it are distributed by April 15th of the year following the annual deferral. Amounts distributed after April 15th may incur additional adverse tax consequences. You should consult a professional tax advisor if distributing an excess after April 15th. Earnings will be removed with the excess contribution pursuant to Internal Revenue Code Section 408(d)(4) and IRS Publication 590. For the purpose of the excess contribution, we will calculate the net income attributable ("NIA") to the contribution using the method provided for in the IRS Final Regulations for Earnings Calculation for Returned or Recharacterized Contributions. This method calculates the NIA based on the actual earnings and losses of the SIMPLE IRA during the time it held the excess contribution. Please note that a negative NIA is permitted and, if applicable, will be deducted from the amount of the excess contribution. An IRS Form 1099-R will be issued in the year the distribution takes place. You must file IRS Form 5329 to report excise tax. Consult a professional tax advisor, IRS Publications 560 and 590 or the IRS website ▇▇▇.▇▇▇.▇▇▇ for more information pertaining to excess contributions.
Excess Deferrals. If you participate in two or more deferred compensation plans (which include 401(k), Simplified Employee Pensions and 403(b) plans), your total deferrals to all plans could exceed IRS limits for the year. To avoid paying excise taxes if excess contributions have to be returned, you may want to designate which plan is to return any excess contributions to you. If you elect to have this Plan return any excess, you should notify the Plan Administrator so that the excess can be returned to you, along with any earnings, before April 15th following the year in which the deferrals were withheld.
Excess Deferrals. If a Participant receives a distribution of Excess Deferrals, the portion of his/her Matching Contribution Account (whether vested or not) which is attributable to such distributed amounts will be forfeited. A forfeiture of Matching Contributions under this subsection (d) occurs in the Plan Year in which the Participant receives the distribution of Excess Deferrals.