Common use of General Limitations on Salary Reduction Contributions Clause in Contracts

General Limitations on Salary Reduction Contributions. Contributions to the Account under Section 3.2 in any taxable year of the Employee may not include any amount which is an excess contribution under Code Section 4973(c) (an “Excess Contribution”) or that would exceed the limit on annual additions to the Account for a limitation year under Code Section 415 as applicable to the Employee. In addition, salary reduction contributions to the Account under Section 3.2 for a calendar year may not exceed the elective deferral limit applicable to the Employee for such year under Code Sections 401(a)(30) and 402(g) (taking into account increases to such limit due to changes in the cost of living (to the extent applicable for a particular calendar year) and taking into account such higher limit as the Employee qualifies for under the provisions of Code Section 402(g)(7)). The Employee shall have the sole responsibility for ensuring that these limitations are satisfied.