Common use of Excess Deferrals Clause in Contracts

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.