Common use of Excess Elective Deferrals Clause in Contracts

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. A Participant may assign to the this Plan the amount of any Excess Elective Deferrals in excess of the amount allowed pursuant to Section 5.07 and, if applicable, Section 5.08, made during a taxable year of the Participant (“excess Elective Deferrals”) by notifying the Plan Administrator on or before the date specified in Section 31 of the Adoption Agreement of the amount of the excess Excess Elective Deferrals to be assigned to the Plan. Such notification must be provided A Participant is deemed to notify the Plan Administrator on of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. Excess Elective Deferrals shall be adjusted for any income or before March 1 following loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals is the sum of: (i) income or loss allocable to the Participant's Elective Deferrals 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 is the Participant's Account balance attributable to Elective Deferrals without regard to any income or loss occurring during such taxable year; and (ii) 10% of the amount determined under (i) multiplied by the number of whole calendar months between the end of the Participant’s 's taxable year in which and the date of distribution, counting the month of distribution if distribution occurs after the 15th of such excess Elective Deferrals were mademonth. Notwithstanding any other provision of the Plan, excess 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 Account Excess Elective Deferrals were assigned for the preceding taxable year and who claimed excess claims 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. A Participant participant may assign to the Plan the amount of this plan any excess Elective Deferrals in excess of the amount allowed pursuant to Section 5.07 and, if applicable, Section 5.08, made during a taxable year of the Participant (“excess Elective Deferrals”) participant by notifying the Plan Administrator plan administrator on or before March 1 following such taxable year of the amount of the excess Elective Deferrals to be assigned to the Planplan. Such notification must be provided A participant is deemed to notify the Plan Administrator on or before March 1 following the end plan administrator of the Participant’s taxable year in which such excess any Excess Elective Deferrals were madethat arise by taking into account only those Elective Deferrals made to this plan and any other plans of this employer. Notwithstanding any other provision of the Planplan, excess Excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15 to any Participant participant to whose account excess Excess Elective Deferrals were assigned for the preceding taxable year and who claimed excess claims Excess Elective Deferrals for such taxable year. Distribution Determination of excess income or loss: 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 adjusted for the year, unless the Participant specifies otherwise. The any income or loss allocable to excess Elective Deferrals distributed under this Section is for the income plan year in which such contributions were made. Income or loss allocable attributable 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 plan year and the date of distribution (the gap-period) of such excess Elective Deferralswill be disregarded in determining income or loss. 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 A withdrawal of an excess Elective Deferralunder this section may be made notwithstanding any otherwise applicable restrictions or spousal consent requirement on in-service withdrawals. Any amounts withdrawn under this section will nevertheless be considered as annual additions for purposes of applying the limitations of Article 13 unless such amounts are distributed no later than the first April 15 following the close of the participant's taxable year. The amount of any 401(k) savings contributions to be withdrawn under this section will be reduced by any amounts previously distributed or recharacterized under Section 5.9.

Excess Elective Deferrals. A Participant Member may assign to the this Plan the amount of any Excess Elective Deferrals in excess of the amount allowed pursuant to Section 5.07 and, if applicable, Section 5.08, made during a taxable year of the Participant (“excess Elective Deferrals”) Member by notifying the Plan Administrator in writing on or before the first following March 1 of the amount of the excess Excess Elective Deferrals to be assigned to the Plan. Such notification must be provided A Member is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferral Contributions made to this Plan and any other plan of ours or a Controlled Group member. The Member’s claim for Excess Elective Deferrals shall be accompanied by the Member’s written statement that if such amounts are not distributed, such Excess Elective Deferrals will exceed the limit imposed on or before March 1 following the end of Member by Code Section 402(g) for the Participant’s taxable year in which such excess the deferral occurred. The Excess Elective Deferrals were madeassigned to this Plan cannot exceed the Elective Deferral Contributions allocated under this Plan for such taxable year. Notwithstanding any other provision of the Plan, excess Elective DeferralsDeferral Contributions in an amount equal to the Excess Elective Deferrals assigned to this Plan, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15 to any Participant Member to whose account excess Account Excess Elective Deferrals were assigned for the preceding taxable year and who claimed excess claims Excess Elective Deferrals for such taxable year. Distribution of excess The 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 adjusted for the year, unless the Participant specifies otherwiseany income or loss. The income or loss allocable to excess such Excess Elective Deferrals distributed under this Section is shall be equal to the income or loss allocable to the ParticipantMember’s Elective Deferral Account Contributions for the taxable year in which the excess occurred multiplied by a fraction, the . The numerator of which the fraction is such Participant’s excess the Excess Elective Deferrals for the year and the Deferrals. The denominator of which the fraction is the sum of the Participant’s Elective Deferral Account closing balance without regard to any income or loss occurring during such taxable year (as of the beginning end of such taxable year) of the taxable year plus Member’s Account resulting from Elective Deferral Contributions. Any Matching Contributions which were based on 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 Deferral Contributions which are distributed as Excess Elective Deferrals. No distribution of excess Elective Deferrals , plus any income and minus any loss allocable thereto, 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 Deferralforfeited.

Excess Elective Deferrals. A Participant Member may assign to the this Plan the amount of any Excess Elective Deferrals in excess of the amount allowed pursuant to Section 5.07 and, if applicable, Section 5.08, made during a taxable year of the Participant (“excess Elective Deferrals”) Member by notifying the Plan Administrator in writing on or before the first following March 1 of the amount of the excess Excess Elective Deferrals to be assigned to the Plan. Such notification must be provided A Member is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferral Contributions made to this Plan and any other plan of ours or a Controlled Group member. The Member's claim for Excess Elective Deferrals shall be accompanied by the Member's written statement that if such amounts are not distributed, such Excess Elective Deferrals will exceed the limit imposed on or before March 1 following the end of Member by Code Section 402(g) for the Participant’s taxable year in which such excess the deferral occurred. The Excess Elective Deferrals were madeassigned to this Plan cannot exceed the Elective Deferral Contributions allocated under this Plan for such taxable year. Notwithstanding any other provision of the Plan, excess Elective DeferralsDeferral Contributions in an amount equal to the Excess Elective Deferrals assigned to this Plan, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15 to any Participant Member to whose account excess Account Excess Elective Deferrals were assigned for the preceding taxable year and who claimed excess claims Excess Elective Deferrals for such taxable year. Distribution of excess The 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 adjusted for the year, unless the Participant specifies otherwiseany income or loss. The income or loss allocable to excess such Excess Elective Deferrals distributed under this Section is shall be equal to the income or loss allocable to the Participant’s Member's Elective Deferral Account Contributions for the taxable year in which the excess occurred multiplied by a fraction, the . The numerator of which the fraction is such Participant’s excess the Excess Elective Deferrals for the year and the Deferrals. The denominator of which the fraction is the sum of the Participant’s Elective Deferral Account closing balance without regard to any income or loss occurring during such taxable year (as of the beginning end of such taxable year) of the taxable year plus Member's Account resulting from Elective Deferral Contributions. Any Matching Contributions which were based on 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 Deferral Contributions which are distributed as Excess Elective Deferrals. No distribution of excess Elective Deferrals , plus any income and minus any loss allocable thereto, 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 Deferralforfeited.

Excess Elective Deferrals. A Participant may assign to the this Plan the amount of any Excess Elective Deferrals in excess of the amount allowed pursuant to Section 5.07 and, if applicable, Section 5.08, made during a taxable year of the Participant (“excess Elective Deferrals”) by notifying the Plan Administrator in writing on or before the first following March 1 of the amount of the excess Excess Elective Deferrals to be assigned to the Plan. Such notification must be provided A Participant is deemed to notify the Plan Administrator on of any Excess Elective Deferrals that arise by taking into account only those Elective Deferral Contributions made to this Plan and any other plan, contract, or before March 1 following arrangement of the end of Employer or a Controlled Group member. The Participant’s claim for Excess Elective Deferrals shall be accompanied by the Participant’s taxable written statement that if such amounts are not distributed, such Excess Elective Deferrals will exceed the limit imposed on the Participant by Code Section 402(g) (including, if applicable, the dollar limitation on Catch-up Contributions under Code Section 414(v)) for the year in which such excess the deferral occurred. The Excess Elective Deferrals were madeassigned to this Plan cannot exceed the Elective Deferral Contributions allocated under this Plan for such taxable year. Notwithstanding any other provision provisions of the Plan, excess Elective DeferralsDeferral Contributions in an amount equal to the Excess Elective Deferrals assigned to this Plan, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15 to any Participant to whose account excess Account Excess Elective Deferrals were assigned for the preceding taxable year and who claimed excess claims Excess Elective Deferrals for such taxable year or calendar year. Distribution If Item N(5)(b) is not selected, distribution of excess Excess Elective Deferrals shall be made on a pro rata basis from the Participant’s Account resulting from Pre-tax Elective Deferral Contributions and Xxxx Elective Deferral Contributions in the same proportion that such Contributions were made for the applicable year. If Item N(5)(b) is selected, distribution of Excess Elective Deferrals shall be made first from the Participant’s preAccount resulting from Pre-tax Elective Deferral account to Contributions. If Item N(5)(c) was selected and applied as of the extent pre-tax last day of the applicable year, the Participant may elect a different order of distribution. The Excess Elective Deferrals were made shall be adjusted for the year, unless the Participant specifies otherwiseany income or loss. The income or loss allocable to excess such Excess Elective Deferrals distributed under this Section is shall be equal to the income or loss allocable to the Participant’s Elective Deferral Account Contributions for the taxable year in which the excess occurred multiplied by a fraction, the . The numerator of which the fraction is such Participant’s excess the Excess Elective Deferrals for the year and the Deferrals. The denominator of which the fraction is the sum closing balance without regard to any income or loss occurring during such taxable year (as of the end of such taxable year) of the Participant’s Account resulting from Elective Deferral Account balance Contributions. For purposes of determining income or loss on Excess Elective Deferrals, no adjustment shall be made for income or loss for the gap period. Any Matching Contributions that were based on the Elective Deferral Contributions distributed as Excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be forfeited. If Catch-up Contributions are not matched (Item P(8)(a) was selected and applied as of the beginning first day of the Plan Year in which such taxable year plus ends), any Matching Contributions that were based on 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 Deferral Contributions distributed as 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.