Excess Elective Deferrals. Those Elective Deferrals that are includible in a Participant's gross income under Code Section 402(g) to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g). Excess Elective 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 Elective Deferrals. How To Avoid Adverse Tax Consequences Excess elective deferrals are includible in your gross income in the calendar year of deferral. Income on the excess elective deferrals is includible in the year of withdrawal from the XXX. You should withdraw excess elective deferrals under this SEP, and any allocable income, from your SEP-XXX by April 15 following the year to which the deferrals relate. These amounts may not be transferred or rolled over tax-free to another SEP-XXX. If you fail to withdraw excess elective deferrals, and any allocable income, by April 15, the excess elective deferrals will be subject to the XXX contribution limitations of sections 219 and 408 of the Code and thus may be considered an excess contribution to your XXX. Such excess deferrals may be subject to a six percent excise tax for each year they remain in the SEP-XXX. Income on excess elective deferrals is includible in your gross income in the year you withdraw it from your XXX and must be withdrawn by April 15 following the calendar year to which the deferrals relate. Income withdrawn from the XXX after that date may be subject to a ten percent tax on early distributions if you are not 59 1/2. If you have both excess elective deferrals and excess SEP contributions (as described below), the amount of excess elective deferrals that you withdraw by April 15 will reduce any excess SEP contributions that must be withdrawn for the corresponding plan year.
Excess Elective Deferrals. Those Elective Deferrals or Xxxx Elective Deferrals that are includible in a Participant’s gross income under Code Section 402(g) to the extent such Participant’s Elective Deferrals or Xxxx Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals or Xxxx Elective Deferrals made under this Plan and any other Plan, contract or arrangement maintained by the Employer. Excess Elective Deferrals or Xxxx Elective 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. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution of Excess Elective Deferrals or Xxxx Elective Deferrals for a year shall be made first from the Participant’s pre-tax Elective Deferral account to the extent the pre-tax Elective Deferrals were made for the year. Pre-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that are not Xxxx Elective Deferrals.
Excess Elective Deferrals. A Participant may assign to the Plan the amount of any Elective Deferrals in excess of the amount allowed pursuant to Section 5.07 and, if applicable, Section 5.08, during a taxable year of the Participant (“excess Elective Deferrals”) by notifying the Plan Administrator of the amount of the excess Elective Deferrals to be assigned to the Plan. Such notification must be provided to the Plan Administrator on or before March 1 following the end of the Participant’s taxable year in which such excess Elective Deferrals were made. Notwithstanding any other provision of the Plan, excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15 to any Participant to whose account excess Elective Deferrals were assigned for the preceding taxable year and who claimed excess Elective Deferrals for such taxable year. Distribution of excess Elective Deferrals shall be made first from the Participant’s pre-tax Elective Deferral account to the extent pre-tax Elective Deferrals were made for the year, unless the Participant specifies otherwise. The income or loss allocable to excess Elective Deferrals distributed under this Section is the income or loss allocable to the Participant’s Elective Deferral Account for the taxable year multiplied by a fraction, the numerator of which is such Participant’s excess Elective Deferrals for the year and the denominator of which is the sum of the Participant’s Elective Deferral Account balance as of the beginning of the taxable year plus the Participant’s Elective Deferrals for the taxable year. No income or loss will be credited to any excess Elective Deferrals for the period between the end of the taxable year and the date of distribution (the gap-period) of such excess Elective Deferrals. No distribution of excess Elective Deferrals shall be made during the taxable year of a Participant in which the excess Elective Deferral was made unless the correcting distribution is made after the date on which the Plan received the excess deferral and both the Participant and the Plan designate the distribution as a distribution of an excess Elective Deferral.
Excess Elective Deferrals. (i) No Participating Employee shall be permitted to have Elective Deferrals made under this Plan or any other qualified plan maintained by the Employer during any taxable year pursuant to Code Sections 401(k), 408(k) or 403(b) in excess of the dollar limitation contained in Code Section 402(g) in effect at the beginning of such taxable year.
Excess Elective Deferrals. For purposes of this section 7.3, the term "Excess Elective Deferrals" means for each Participant the Elective Deferrals that are includable in gross income under Code section 402(g) to the extent the Participant's Elective Deferrals for a taxable year exceed the dollar limitations under Code section 402(g) for such taxable year.
Excess Elective Deferrals. The term “Excess Elective Deferrals” means those Elective Deferrals of a Participant that either (a) are made during the Participant’s taxable year and exceed the dollar limitation under Code §402(g) (including, if applicable, the Catch-up Contribution Limit as defined in Code §414(v)) for such taxable year; or (b) are made during a calendar year and exceed the dollar limitation under Code §402(g) (including, if applicable, the Catch-Up Contribution Limit as defined in Code §414(v)) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals made under this Plan and any other plan, contract or arrangement maintained by the Sponsoring Employer.
Excess Elective Deferrals. The term Excess
Excess Elective Deferrals. 8 1.44 Family Member . . . . . . . . . . . . . . . . . . . . . . . . 8 1.45 401(k) Contributions Accounts. . . . . . . . . . . . . . . . . 8 1.46 401(k) Election. . . . . . . . . . . . . . . . . . . . . . . . 8 1.47 Fully Vested Separation. . . . . . . . . . . . . . . . . . . . 8 1.48
Excess Elective Deferrals. 8 1.44 Family Member..................................................................................8 1.45 401(k) Contributions Accounts..................................................................8 1.46 401(k) Election................................................................................8 1.47 Fully Vested Separation........................................................................8 1.48
