Common use of Excess Deferrals Clause in Contracts

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 Salary Contributions and/or ▇▇▇▇ Contributions under this Plan exceed the amount described in Subsection (1) of this Section, or in the event that a Member's Deferred Salary Contributions or ▇▇▇▇ Contributions made under this Plan do not exceed such amount but he allocates a portion of his excess deferrals to his Deferred Salary Contributions or ▇▇▇▇ Contributions made to this Plan, Matching Employer Contributions, if any, made with respect to such Deferred Salary Contributions (and any income allocable thereto) or ▇▇▇▇ Contributions (and any income allocable thereto) shall be forfeited.

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 ▇▇▇▇ ’s Before‑Tax Contributions shall not, for any taxable year of such Member commencing on or after January 1,2009, shall not exceed $16,500 (as such amount may be adjusted for increases the limitation in the cost of living pursuant to 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 ’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 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)(D3121(A)(5)(D) of the Code Code, and (d) any elective contributions under section 408(p)(2)(A)(i) of the Code. (2) To In the extent event that a Member's before-tax contributions and/or ▇▇▇▇ ’s Before‑Tax 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 through the end of the Plan Year for in which such contributions excess deferrals were made, as determined in accordance with Section 5.4) shall be distributed to the Member by April 1 15 following the close of the taxable year in which such excess deferrals occurred if (and only if), by March 1 April 15 following the close of such taxable year, 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 Salary Contributions and/or ▇▇▇▇ ’s Before‑Tax Contributions under this Plan exceed the amount described in Subsection (1) of this Section, or in the event that a Member's Deferred Salary Contributions or ▇▇▇▇ ’s Before‑Tax Contributions made under this Plan do not exceed such amount but he allocates a portion of his excess deferrals to his Deferred Salary Contributions or ▇▇▇▇ Before‑Tax Contributions made to this Plan, Matching Employer Contributions, if any, made with respect to such Deferred Salary Before‑Tax Contributions (and any income allocable thereto) or ▇▇▇▇ Contributions (and any income allocable applicable thereto) shall be forfeitedapplied to reduce subsequent Matching Employer Contributions made under the Plan.

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 ▇▇▇▇ ’s Before‑Tax Contributions shall not, for any taxable year of such Member commencing on or after January 1,2009, shall not exceed $16,500 (as such amount may be adjusted for increases the limitation in the cost of living pursuant to 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 ’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 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)(D3121(A)(5)(D) of the Code Code, and (d) any elective contributions under section 408(p)(2)(A)(i) of the Code. (2) To In the extent event that a Member's before-tax contributions and/or ▇▇▇▇ ’s Before‑Tax 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 through the end of the Plan Year for in which such contributions excess deferrals were made, as determined in accordance with Section 5.4) shall be distributed to the Member by April 1 15 following the close of the taxable year in which such excess deferrals occurred if (and only if), by March 1 April 15 following the close of such taxable year, 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 Salary Contributions and/or ▇▇▇▇ ’s Before‑Tax Contributions under this Plan exceed the amount described in Subsection (1) of this Section, or in the event that a Member's Deferred Salary Contributions or ▇▇▇▇ ’s Before‑Tax Contributions made under this Plan do not exceed such amount but he allocates a portion of his excess deferrals to his Deferred Salary Contributions or ▇▇▇▇ Before‑Tax Contributions made to this Plan, Matching Employer Contributions, if any, made with respect to such Deferred Salary Before‑Tax Contributions (and any income allocable thereto) or ▇▇▇▇ Contributions (and any income allocable applicable thereto) shall be forfeitedapplied to reduce subsequent Matching Employer Contributions made under the Plan.