Common use of Plan Contribution Limits Clause in Contracts

Plan Contribution Limits. I understand that Code Section 402(g) limits my salary reduction contributions to the 457(b) Plan under this Agreement to a "dollar limit." The general dollar limit is $19,000 for 2019 (this dollar limit will be adjusted by cost of living increases thereafter). However, my actual dollar limit may be higher than the general dollar limit if I will be 50 years old (or older) by the end of the calendar year. If I will be at least 50 years old by the end of the calendar year, I understand that I may make additional "catch-up" salary reduction contributions above the general dollar limit. These additional catch-up salary reduction contributions, which are referred to as "age 50 catch-up contributions," are provided under Code Section 414(v). I understand that the amount of the age 50 catch-up contributions that I may make above the general dollar limit is up to an additional $6,000 for 2019 (this dollar amount will be adjusted by cost of living increases thereafter). Excess Contributions I understand that if my salary reduction contributions to the 457(b) Plan and to other 457(b) plans in which I participate, exceed the applicable dollar limits, the excess will be taxable both in the year the contribution was made and in the year of distribution unless I timely request to have the excess returned to me. To have the excess returned to me, I must notify the College of the excess before March 1 of the year following the year in which the excess was made (e.