Excess Savings Contribution definition
Excess Savings Contribution means the aggregate amount of the Before-Tax Contributions during a Plan Year (up to 10% of Pay during the Plan Year determined without regard to the Compensation Limitation), and, beginning January 1, 1998, the amount of Employer Matching Contribution which would be made with respect to such Before-Tax Contributions during a Plan Year, which if contributed by a Savings Participant or the Company or an Employer under the Savings Plan would constitute: (i) Annual Additions in excess of the limitations placed on Annual Additions to the Savings Plan by ERISA and Section 415 of the Internal Revenue Code of 1986 ("Code") or any successor thereto (the "Section 415 Limitation"), (ii) contributions in excess of the limitations on the maximum amount of compensation which may be considered Pay in determining the amount which may be contributed to the Savings Plan under Section 401(a)(17) of the Code (the "Compensation Limitation"), (iii) contributions in excess of the limitations on amounts which may be excluded from federal income taxation under Section 402(g) of the Code (the "$10,000 Limitation"), and/or (iv) with respect to Participant described in paragraph (d)(iv) of Section B.1, contributions with respect to Pay attributable to an Eligibility Period which is not otherwise treated as Pay under the Savings Plan.
Examples of Excess Savings Contribution in a sentence
A Participant's interest in the reserve established for him which represents his Excess Savings Contribution and/or Supplemental Savings Contribution shall be nonforfeitable.