Limit on Catch-Up Deferrals Sample Clauses

Limit on Catch-Up Deferrals. A Participant's Catch-Up Deferrals for a Taxable Year may not exceed the lesser of: (a) 100% of the Participant's Compensation for the Taxable Year when added to the Participant's other Elective Deferrals; or (b) the Catch-Up Deferral dollar limit in effect for the Taxable Year as set forth below: Year Non-SIMPLE Plan SIMPLE Plan 2002 $ 1,000 $ 500 2003 $ 2,000 $ 1,000 2004 $ 3,000 $ 1,500 2005 $ 4,000 $ 2,000 2006 $ 5,000 $ 2,500