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 Xxxx 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.
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. 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. Defined Contribution Prototype Plan
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. (1) Notwithstanding the foregoing provisions of this Article III, a Member’s Before‑Tax Contributions for any taxable year of such Member shall not exceed the limitation in effect under section 402(g) of the Code (except to the extent permitted under the Catch-Up Before-Tax Contribution provisions set forth in Section 3.11 and section 414(v) 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, effective January 1, 2006, 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 - 29 - 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.
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 distributed no later than the first April 15 following the close of the Participant’s taxable year.
Excess Deferrals. Any Participant’s combined Pre-Tax Deferral Contributions and Xxxx Deferral Contributions, in excess of the adjusted $18,000 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 Xxxx 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 Xxxx 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 Xxxx Deferral Contributions are to be distributed, the Committee will first distribute Pre-Tax Deferral Contributions.
Excess Deferrals. For purposes of this Agreement, Excess Deferrals shall mean Salary Reduction Contributions made in a given taxable year in excess of $9500 which are not treated by the Participant as permissible increases to the maximum deferral amount provided under Section 402(g) of the Code. The Participant shall direct the Custodian in writing no later than April 1st of the following tax year to which the Excess Deferrals relate, to distribute such Excess Deferrals and earnings thereon no later than April 15th of that year. If the Participant fails to notify the Custodian on a timely basis and the Excess Deferrals and earnings thereon are not distributed as of that April 15th, the Participant shall report such amounts to the Internal Revenue Service as income both in the year the Excess Deferrals arose and in the year they are actually distributed from the Participant's Account. Such Excess Deferrals shall also reduce the Participant's future exclusion allowance.
Excess Deferrals. If the Deferred Compensation on behalf of a Participant for any calendar year exceeds the limitations described in this Plan, or the Deferred Compensation on behalf of a Participant for any calendar year exceeds the limitations described in this Plan when combined with other amounts deferred by the Participant under another eligible deferred compensation plan under Code Section 457(b) for which the Participant provides information that is accepted by the Administrator, then the Deferred Compensation, to the extent in excess of the applicable limitation (adjusted for any income or loss in value, if any allocable thereto), shall be distributed to the Participant.
Excess Deferrals. If a Participant has Excess Deferrals for a taxable year, the Participant may, not later than March 1st following the close of such taxable year, notify the Administrator in writing of such excess and request that the Participant's Elective Deferrals under this Plan be reduced by an amount specified by the Participant. In such event, the Administrator shall direct the distribution of such excess amount (and any "income" allocable to such excess amount) to the Participant not later than the first April 15th following the close of the Participant's taxable year. Any distribution of less than the entire amount of Excess Deferrals and "income" shall be treated as a pro rata distribution of Excess Deferrals and "income." The amount distributed shall not exceed the Participant's Elective Deferrals under the Plan for the taxable year. Any distribution on or before the last day of the Participant's taxable year must satisfy each of the following conditions:
