Nature and Limit Sample Clauses

Nature and Limit. If the Custodian is a Designated Vendor, the Employer may make Contributions for the Employee’s benefit, which Contributions shall be in accordance with this Article 3 and shall be credited by the Custodian to the Employee’s Account. The Employer must specify the amount of each Contribution to be credited to each Employee’s Account. Contributions will be invested only in accordance with Article 4. Contributions shall be made only pursuant to a salary reduction agreement (within the meaning of Code Section 3121(a)(5)(D)) between the Employer and the Employee. Any salary reduction agreement shall be effective only with respect to amounts the Employee earns after the agreement becomes effective and may be modified in accordance with the rules applicable to cash or deferred elections under Code Section 401(k). A salary reduction agreement may be terminated at any time, but only with respect to amounts the Employee earns after such termination. Neither the Custodian nor the Distributor shall have any responsibility for determining (i) that the aggregate Contributions made to an Employee’s Account are made only with respect to the amount of the Employee’s Compensation, (ii) that the aggregate “elective deferrals” (within the meaning of Code Section 402(g)) made on the Employee’s behalf by the Employer, together with those made by any other employer, do not exceed the limit on such elective deferrals prescribed in Code Section 402(g) (as defined by Code Section 414(c)),
Sample 1
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Related to Nature and Limit

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  • Compensation and Limitation of Liability Section 1.

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