Maximum Annual Addition definition

Maximum Annual Addition means with respect to a Participant for any Limitation Year an amount equal to the lesser of (i) the Defined Contribution Dollar Limitation or (ii) 25% of the Participant's Includable Compensation.

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Maximum Annual Addition means that the Annual Addition that may be contributed or allocated to a Participant's Account under the Plan for any Limitation Year shall not exceed the lesser of:

Maximum Annual Addition means the limitation described in Section 5.3.

Examples of Maximum Annual Addition in a sentence

The Annual Addition which may be credited to a Participant's Account under this Plan for any such Limitation Year will not exceed the Maximum Annual Addition reduced by the Annual Addition credited to a Participant's accounts under the other Defined Contribution Plans and Welfare Benefit Funds for the same Limitation Year.
In no event may the Employer's contribution exceed the amount allowable as a deduction under the I.R.C., provide a contribution to any Participant that would exceed the Maximum Annual Addition or any other Limitation provided for under this Plan or applicable law, or provide an allocation to any Participant based on compensation in excess of Participant Compensation as defined above.
The Annual Addition of a Participant for any Limitation Year shall not exceed the Maximum Annual Addition.
If a Participant's Annual Addition under this Plan and the other Defined Contribution Plans and Welfare Benefit Funds maintained by Controlled Group Members would result in the Annual Addition exceeding the Maximum Annual Addition for the Limitation Year, the excess amount will be deemed to consist of the Annual Addition last allocated.
No Participant may make voluntary contributions to the extent such contributions, coupled with the Company's contributions allocated to the Participant for such Plan Year, would exceed the Maximum Annual Addition amount.

More Definitions of Maximum Annual Addition

Maximum Annual Addition means with respect to a Participant (except as otherwise permitted by Section 3.2.1(b) and Code section 414(v)), an Annual Addition equal to the lesser of (i) $40,000 (as adjusted for the cost of living pursuant to Code section 415(d)) or (ii) 100% of the Participant’s Includable Compensation.”

Maximum Annual Addition means the limit on Annual Additions imposed by I.R.C. ss. 415 on all qualified deferred compensation plans in each Limitation Year as defined below.

Maximum Annual Addition means with respect to a Participant for any Limitation Year an amount equal to the lesser of (i) $30,000 (as adjusted by the Secretary of the Treasury for increases in the cost-of-living), or (ii) 25% of the Participant's Includable Compensation.

Maximum Annual Addition means with respect to a Member for any Limitation Year an amount equal to the lesser of (i) the Defined Contribution Dollar Limitation or (ii) 25% of the Member's Includible Compensation.

Maximum Annual Addition means the maximum Annual Addition that may be contributed or allocated to a Participant's Account under the Plan for any Limitation Year. The Maximum Annual Addition shall be the lesser of: (i) the Defined Contribution Dollar Limitation, or (ii) 100% of the Participant's Includable Compensation for the Limitation Year.

Maximum Annual Addition means an amount that does not exceed the lesser of (A) $40,000 as indexed under Code Section 415, or (B) 100% of his Compensation for the Limitation Year.

Maximum Annual Addition as applied to a participant for any limitation year means the lesser of $30,000 (or such other amount as the Secretary of the Treasury may from time to time specify pursuant to Section 415(c) of the Code) or 25 percent of his total compensation. If, for any limitation year, the annual addition to the accounts of a participant exceeds such limitations, the participant's after-tax savings (plus any earnings thereon), if any, shall be returned to him to the extent necessary and then his before-tax savings (plus any earnings thereon), if any, shall be returned to him to the extent necessary, in order to make such limitations inapplicable. To the extent matched savings are returned, any matching allocation with respect thereto shall be forfeitable if the committee determines this is necessary to comply with nondiscrimination requirements under the Code.