Common use of Limitation on Salary Reduction Contributions Clause in Contracts

Limitation on Salary Reduction Contributions. (a) Employer contributions that are made to the Account pursuant to a Salary Reduction Agreement shall not exceed the amount of $10,000, or such greater amounts as may be permitted with respect to the Employee for the taxable year under Section 402(g)(5) of the Code, reduced by the aggregate amounts contributed in any calendar year at the election of the Employee to any qualified cash and deferred arrangement described in Section 401(k) of the Code, any simplified employee pension described in Section 408(k)(6) of the Code, any Simple IRA described in Section 408(p) of the Code, and any eligible deferred compensation plan described in Section 457 of the Code.

Limitation on Salary Reduction Contributions. (a) Employer contributions that are made to the Account pursuant to a Salary Reduction Agreement shall not exceed the amount of $10,000, or such greater amounts as may be permitted with respect to the Employee for the taxable year under Section 402(g)(5) of the Code, reduced by the aggregate amounts contributed in any calendar year at the election of the Employee to any qualified cash and deferred arrangement described in Section 401(k) of the Code, any simplified employee pension described in Section 408(k)(6) of the Code, any Simple IRA described descrxxxd in Section 408(p) of the Code, and any eligible deferred compensation plan described in Section 457 of the Code.