Common use of Section E Clause in Contracts

Section E. regarding the payment of retirement incentive pay; provided, however, that if the amount payable to the VALIC 403(b) Plan in the calendar year of retirement would exceed the maximum amount that is permitted under the applicable federal income tax law for that year, the remaining amount shall be contributed to the VALIC 403(b) Plan after the first payroll date in January of the next calendar year.