Maximum Annual Additions definition

Maximum Annual Additions of a Member for any Limitation Year shall mean the lesser of (A) $30,000 (or, if greater, one-fourth of the defined benefit dollar limitation in effect under section 415(b)(1)(A) of the Code for such Limitation Year) or (B) 25% of such Member's compensation, within the meaning of section 415(c)(3) of the Code and applicable Treasury regulations thereunder, during such year except that the limitation in this Clause (B) shall not apply to any contribution for medical benefits (within the meaning of section 419A(f)(2) of the Code) after separation from service with the Employer or a Controlled Entity which is otherwise treated as an Annual Addition or to any amount otherwise treated as an Annual Addition under section 415(l)(1) of the Code.

Maximum Annual Additions means, except for age 50 catch-up elective deferrals described in IRC § 414(v) and allowed under

Maximum Annual Additions means, for any Participant for any Limitation Year beginning after December 31, 2001, and except to the extent permitted under Section 3.07 and Code Section 414(v), the lesser of (A) forty thousand dollars ($40,000), as adjusted for increases in the cost-of-living under Code Section 415(d); or (B) one hundred percent (100%) of such Participant’s Section 415 Compensation during such year, except the limitation in this Clause (B) shall not apply to any contribution for medical benefits (within the meaning of Code Sections 401(h) or 419A(f)(2)) after a Participant’s termination of employment with the Company or an Affiliate which is otherwise treated as an Annual Addition.

Examples of Maximum Annual Additions in a sentence

• An otherwise applicable Plan limit is a limit in the Plan that applies to Elective Deferral Contributions without regard to Catch-up Contributions, such as the limits on the Maximum Annual Additions, as defined in the CONTRIBUTION LIMITATION SECTION of Article III, the dollar limitation on Elective Deferral Contributions under Code Section 402(g) (not counting Catch-up Contributions), and the limit imposed by the ADP Test.

• If the Annual Additions with respect to the Participant under such other defined contribution plans and welfare benefit funds in the aggregate are equal to or greater than the Maximum Annual Additions, no amount will be contributed or allocated to the Participant's Accounts under this Plan for the Limitation Year.

• Catch-up Contributions are not subject to the limits on the Maximum Annual Additions, as defined in the CONTRIBUTION LIMITATION SECTION of Article III, are not counted in the ADP Test, and are not counted in determining the minimum allocation under Code Section 416 (but Catch-up Contributions made in prior years are counted in determining whether the Plan is top-heavy).

• If the Employer contribution that would otherwise be contributed or allocated to the Participant's Account would cause the Annual Additions for the Limitation Year to exceed the Maximum Annual Additions, the amount contributed or allocated will be reduced so that the Annual Additions for the Limitation Year will equal the Maximum Annual Additions.

• The Annual Additions which may be credited to a Participant's Accounts under this Plan for any such Limitation Year will not exceed the Maximum Annual Additions reduced by the Annual Additions credited to a Participant's accounts under the other plans and welfare benefit funds for the same Limitation Year.

More Definitions of Maximum Annual Additions

Maximum Annual Additions means, for any Participant for any Limitation Year, the lesser of (A) thirty thousand dollars ($30,000); or (B) twenty-five percent (25%) of such Participant's Section 415 Compensation during such year, except the limitation in this Clause (B) shall not apply to any contribution for medical benefits (within the meaning of Section 419A(f)(2) of the Code) after a Participant's termination of employment with the Company or an Affiliate which is otherwise treated as an Annual Addition or to any amount otherwise treated as an Annual Addition under Section 415(l)(1) of the Code.

Maximum Annual Additions means the maximum annual addition that may be contributed or allocated to a Participant's account under the Plan for any limitation year and which shall not exceed the lesser of:

Maximum Annual Additions of a Member for any Limitation Year shall mean the lesser of (A) $30,000 (with such amount to be adjusted automatically to reflect any cost-of-living adjustment authorized by section 415(d) of the Code) or (B) 25% of such Member's 415 Compensation during such Limitation Year, except that the limitation in this Clause (B) shall not apply to any contribution for medical benefits (within the meaning of section 419A(f)(2) of the Code) after separation from service with the Employer or a Controlled Entity which is otherwise treated as an Annual Addition or to any amount otherwise treated as an Annual Addition under section 415(l)(1) of the Code.

Maximum Annual Additions means, with respect to a Participant for each Limitation Year, the lesser of:

Maximum Annual Additions of a Participant for a Plan Year means the lesser of:

Maximum Annual Additions of a Participant for a Plan Year means the lesser of (A) and (B) below:

Maximum Annual Additions. Means the maximum amount of all contributions, except for Catch-Up Contributions, that may be contributed or allocated to a Participant’s account under the Plan for any Limitation Year, which shall not exceed the lesser of: (i) $49,000, as adjusted for increases in the cost of living under Section 415(d) of the Code, or (ii) 100% of the Participant’s Compensation for the Limitation Year.