Section 415(b) Limitations definition

Section 415(b) Limitations means the limitations on benefits applicable to ERFC 2001 under section 415(b) of the Code and applicable Treasury regulations issued thereunder as they are in effect for each Limitation Year, in accordance with the Rules of Operation set forth in Section 12.01(b).
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Examples of Section 415(b) Limitations in a sentence

  • Under no circumstances shall a Member receive a distribution that is in excess of the Section 415(b) Limitations.

  • Notwithstanding any other provision of this Plan Document, the annual benefit to which any Member may be entitled shall not exceed the Section 415(b) Limitations.

  • For the purposes of testing compliance with the Section 415(b) Limitations, the dollar limitation described in section 415(b)(1)(A) of the Code shall be automatically adjusted to reflect each annual increase under section 415(d) of the Code.

  • Notwithstanding any other provision of this Plan Document, the annual benefit to which any Member may be entitled, without regard to any benefit attributable to Purchased Service Credit, shall not exceed the Section 415(b) Limitations.

  • Except as otherwise provided in this Section 17.01, and solely for purposes of testing compliance with the Section 415(b) Limitations, benefits payable from ERFC shall be adjusted to a straight life (level) annuity as defined in section 415(b)(2) of the Code.

  • For purposes of testing compliance with the Section 415(b) Limitations, the dollar limitation described in section 415(b)(1)(A) of the Code shall be automatically adjusted to reflect each annual increase under section 415(d) of the Code.

  • To the extent that benefits under VRS and ERFC are required to be aggregated for purposes of applying the Section 415(b) Limitations, and to the extent that annual benefits payable to a Member under VRS and ERFC, as aggregated under both plans, exceed the Section 415(b) Limitations, the Section 415(b) Limitations shall operate first on the benefits payable to the Member under ERFC.

  • To the extent that benefits under VRS and ERFC 2001 are required to be aggregated for purposes of applying the Section 415(b) Limitations, and to the extent that annual benefits payable to a Member under VRS and ERFC 2001, as aggregated under both plans, exceed the Section 415(b) Limitations, the Section 415(b) Limitations shall operate first on the benefits payable to the Member under ERFC 2001.

  • To the extent that benefits under VRS and ERFC 2001 are required to be aggregated for purposes of applying the Section 415(b) Limitations, and to the extent that annual benefits payable to a Member under VRS and ERFC 2001, as aggregated under both plans, exceed the Section 415(b) Limitations, the Section 415(b)Limitations shall operate first on the benefits payable to the Member under ERFC 2001.

  • To the extent that benefits under VRS and ERFC 2001 are required to be aggregated for purposes of applying theSection 415(b) Limitations, and to the extent that annual benefits payable to a Member under VRS and ERFC 2001, as aggregated under both plans, exceed the Section 415(b) Limitations, the Section 415(b) Limitations shall operate first on the benefits payable to the Member under ERFC 2001.

Related to Section 415(b) Limitations

  • Acid rain emissions limitation means, as defined in 40 CFR 72.2*, a limitation on emissions of sulfur dioxide or nitrogen oxides under the acid rain program under Title IV of the Clean Air Act (CAA).

  • Section 510(b) Claims means any Claim against any Debtor: (a) arising from the rescission of a purchase or sale of a Security of any Debtor or an affiliate of any Debtor; (b) for damages arising from the purchase or sale of such a Security; or (c) for reimbursement or contribution Allowed under section 502 of the Bankruptcy Code on account of such a Claim; provided that a Section 510(b) Claim shall not include any Claims subject to subordination under section 510(b) of the Bankruptcy Code arising from or related to an Interest.

  • Section 415 Compensation means:

  • Plantwide applicability limitation (PAL means an emission limitation expressed in tons per year, for a pollutant at a major stationary source, that is enforceable as a practical matter and established source-wide in accordance with Chapter 19, section 011.

  • Annual Additions means the sum of the following amounts credited to a Participant for a Limitation Year:

  • Concentration Limitations has the meaning set forth in Schedule 4.

  • Article 55 BRRD means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

  • Exceptions and Limitations means fair use, fair dealing, and/or any other exception or limitation to Copyright and Similar Rights that applies to Your use of the Licensed Material.

  • Defined Contribution Dollar Limitation means, for any Limitation Year, $46,000, as adjusted for increases in the cost-of-living under Code section 415(d). If a short Limitation Year is created because of a Plan amendment changing the Limitation Year to a different 12-consecutive month period, the Defined Contribution Dollar Limitation for the short Limitation Year will not exceed the amount determined in the preceding sentence multiplied by a fraction, the numerator of which is the number of months in the short Limitation Year and the denominator of which is 12.

  • 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 and debited with additional amounts in accordance with Section 3.13 below, even if such amount is being paid out in installments. The amounts so deferred and amounts credited (net of amounts debited) 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.

  • Statutory maximum sentence means the maximum length of

  • Section 385 Expanded Group shall have the meaning set forth in Treasury Regulation Section 1.385-1(c)(4) for an “expanded group”.

  • Loss Allocation Limitation As defined in Section 4.4(g).

  • Section 510(b) Claim means any Claim arising from: (a) rescission of a purchase or sale of a security of the Debtors or an Affiliate of the Debtors; (b) purchase or sale of such a security; or (c) reimbursement or contribution allowed under section 502 of the Bankruptcy Code on account of such a Claim.

  • Country Limitation Schedule means the schedule published from time to time by Ex-Im Bank setting forth on a country by country basis whether and under what conditions Ex-Im Bank will provide coverage for the financing of export transactions to countries listed therein.

  • Annual Addition The sum of the following amounts allocated on behalf of a Participant for a Limitation Year, of (i) all Employer contributions; (ii) all forfeitures; and (iii) all Employee contributions. Except to the extent provided in Treasury regulations, Annual Additions include excess contributions described in Code Section 401(k), excess aggregate contributions described in Code Section 401(m) and excess deferrals described in Code Section 402(g), irrespective of whether the plan distributes or forfeits such excess amounts. Annual Additions also include Excess Amounts reapplied to reduce Employer contributions under Section 3.10. Amounts allocated after March 31, 1984, to an individual medical account (as defined in Code Section 415(l)(2)) included as part of a defined benefit plan maintained by the Employer are Annual Additions. Furthermore, Annual Additions include contributions paid or accrued after December 31, 1985, for taxable years ending after December 31, 1985, attributable to post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code Section 419A(d)(3)) under a welfare benefit fund (as defined in Code Section 419(e)) maintained by the Employer.

  • Emission limitation means a requirement established by the Board, the director or the Administrator, EPA, which limits the quantity, rate or concentration of emission of air pollutants on a continuous emission reduction including any requirement relating to the operation or maintenance of a source to assure continuous emission reduction (Section 302(k)).

  • Section 4(2) shall have the meaning set forth in the recitals of this Agreement.

  • Maximum Permissible Amount The lesser of (i) $30,000 (or, if greater, one-fourth of the defined benefit dollar limitation under Code Section 415(b)(1)(A)), or (ii) 25% of the Participant's Compensation for the Limitation Year. If there is a short Limitation Year because of a change in Limitation Year, the Advisory Committee will multiply the $30,000 (or adjusted) limitation by the following fraction: Number of months in the short Limitation Year --------------------------------------------- 12

  • Non-Section 423 Component means those Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares during an Offering Period may be granted to Eligible Employees that need not satisfy the requirements for rights to purchase Shares granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the Code.

  • Capital Account Limitation has the meaning set forth in Section 4.05(b) hereof.

  • Applicable effluent standards and limitations means all State and Federal effluent standards and limitations to which a discharge is subject under the Act, including, but not limited to, effluent limitations, standards of performance, toxic effluent standards and prohibitions, and pretreatment standards.

  • Extension limitation means (a) the lesser of 5% or the

  • Deductible Amount means, with respect to any Insuring Agreement, the amount set forth under the heading “Deductible Amount” in Item 3 of the Declarations or in any Rider for such Insuring Agreement, applicable to each Single Loss covered by such Insuring Agreement.

  • Section 423 Component means those Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares during an Offering Period may be granted to Eligible Employees that are intended to satisfy the requirements for rights to purchase Shares granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the Code.

  • Tax Limitation Amount means the maximum amount which may be placed as the Appraised Value on the Applicant’s Qualified Property for maintenance and operations tax assessment in each Tax Year of the Tax Limitation Period of this Agreement pursuant to Section 313.054 of the TEXAS TAX CODE.