Contribution Limits definition

Contribution Limits. The IRS limits the amount a participant may contribute to an employer's retirement plan. These limits are based on the calendar year, and may change from year to year. While ORU will monitor your deferral contributions and attempt to prevent an excess contribution, you are primarily responsible for ensuring that your contributions do not exceed the allowable limit. Basic Limit: Unless you are eligible for one of the "catch-up" rules described below, the annual contribution limit for deferral contributions is $20,500 for 2022. This limit applies to your aggregate deferral contributions to the Plan. Your pre-tax contributions and ▇▇▇▇ contributions are aggregated for this purpose.
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Contribution Limits. The IRS limits the amount a participant may contribute into an employer's retirement plan. These limits are based on the calendar year, and may change from year to year. While ORU will monitor your deferral contributions and attempt to prevent an excess contribution, you are primarily responsible for ensuring that your contributions do not exceed the allowable limit.
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Contribution Limits. The IRS limits the amount a participant may contribute to an employer's retirement plan. These limits are based on the calendar year, and may change from year to year. While ORU will monitor your deferral contributions and attempt to prevent an excess contribution, you are primarily responsible for ensuring that your contributions do not exceed the allowable limit. Basic Limit: Unless you are eligible for one of the "catch-up" rules described below, the employee annual contribution limit for deferral contributions is $23,000 for 2024. This limit applies to your aggregate deferral contributions to the Plan. The 2024 annual limit for employee and employer match combined is $69,000. Your pre-tax contributions and ▇▇▇▇ contributions are aggregated for this purpose.
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Examples of Contribution Limits in a sentence

  • Thus, such a member would benefit from receiving, as compensation, in their final year of employment that portion of the Employer Non-elective contribution, which is in excess of the maximum Contribution Limits of IRC §415.

  • Deductions from your paycheck will be made pre- tax up to the HSA Contribution Limits designated by the IRS.

  • If this Agreement requires Council approval, Contractor must sign and date an Acknowledgment of Campaign Contribution Limits Form attached hereto and incorporated herein as Schedule O.

  • The final average salary of all other members of the TRS (i.e. all TRS members with a membership date on or after June 17, 1971) may not include any form of Termination Pay; therefore, the Employer’s post-retirement payment into the employee’s 403(b) account of that portion of the Employer Non-elective Contribution, which is in excess of the maximum Contribution Limits of IRC §415, is more advantageous for those member.

  • Thus, such a member would benefit from receiving, as compensation, in their final year of employment that portion of the Employer Non-elective contribution, which is in excess of the maximum Contribution Limits of IRC § 415.

  • If applicable, Contractor certifies that it has completed a signed certification form (Schedule O, Acknowledgment of Campaign Contribution Limits) to secure this Agreement, incorporated herein, and agrees to comply with Oakland Municipal Code Chapter 2.32.

  • The final average salary of all other members of the TRS (i.e. all TRS members with a membership date on or after June 17, 1971) may not include any form of Termination Pay; therefore, the Employer’s post-retirement payment into the employee’s 403(b) account of that portion of the Employer Non-elective Contribution, which is in excess of the maximum Contribution Limits of IRC §415, is more advantageous for those members.

  • In the event that the calculation of the Employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code and then pay any excess amount as compensation directly to the Employee.

  • The limits, if any, are shown on Contract Schedule I under Contribution Limits.

  • I have read and understand the section under this Agreement entitled Applicable Contribution Limits.


More Definitions of Contribution Limits

Contribution Limits. (check the appropriate box(es)): (A) |_| Deferral Contributions in excess of ______% of the Participant's Compensation for the period in question shall not be considered for Matching Contributions.
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Contribution Limits. The minimum initial contribution is $500. Subsequent contributions must be at least $100. The current maximum contribution limit for all Plan Accounts for the same beneficiary under all 529 savings plans sponsored by the State of Nevada is $500,000. Although you can no longer contribute to an Account once this limit is reached, the Account may continue to grow through investment returns. Residency Requirements: You do not have to be a resident of Nevada. You must simply be a U.S. citizen or resident alien.
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Related to Contribution Limits

  • Catch-Up Contributions means Salary Reduction Contributions made to the Plan that are in excess of an otherwise applicable Plan limit and that are made by Participants who are Age 50 or over by the end of their taxable years. An “otherwise applicable Plan limit” is a limit in the Plan that applies to Salary Reduction Contributions without regard to Catch-up Contributions, such as the limits on Annual Additions, the dollar limitation on Salary Reduction Contributions under Code Section 402(g) (not counting Catch-up Contributions) and the limit imposed by the Actual Deferral Percentage (ADP) test under Code Section 401(k)(3). Catch-up Contributions for a Participant for a taxable year may not exceed the dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) for the taxable year. The dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) is $1,000 for taxable years beginning in 2002, increasing by $1,000 for each year thereafter up to $5,000 for taxable years beginning in 2006 and later years. After 2006, the $5,000 limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 414(v)(2)(C). Any such adjustments will be in multiples of $500.

  • Defined Contribution Dollar Limitation means $40,000 as adjusted under Code §415(d).

  • Contribution Rate means, in a reserve study as described in RCW 64.34.380, the amount contributed to the reserve account so that the association will have cash reserves to pay major maintenance, repair, or replacement costs without the need of a special assessment.

  • Deduction Limitation means the following described limitation on a benefit that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation shall be applied to all distributions that are "subject to the Deduction Limitation" under this Plan. If an Employer determines in good faith prior to a Change in Control that there is a reasonable likelihood that any compensation paid to a Participant for a taxable year of the Employer would not be deductible by the Employer solely by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Participant pursuant to this Plan prior to the Change in Control is deductible, the Employer may defer all or any portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Section 3.6 below, even if such amount is being paid out in installments. The amounts so deferred and amounts credited thereon shall be distributed to the Participant or his or her Beneficiary (in the event of the Participant's death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the Participant for the taxable year of the Employer during which the distribution is made will not be limited by Section 162(m), or if earlier, the effective date of a Change in Control. Notwithstanding anything to the contrary in this Plan, the Deduction Limitation shall not apply to any distributions made after a Change in Control.

  • Catch-Up Contribution means an Elective Deferral made to the Plan by a Catch-Up Eligible Participant that, during any taxable year of such Participant, exceeds one of the following: