Applicable Contribution Limits Sample Clauses

Applicable Contribution Limits. I understand that my salary reduction contributions under this Agreement cannot exceed the contribution limits under Code Section 402(g) or 415(c) (as explained below), except as permitted by Code Section 414(v) allowing age 50 catch-up contributions (as explained below). • I understand that Code Section 402(g) limits my salary reduction contributions under this Agreement to a "dollar limit." The general dollar limit is $18,000 for calendar year 2017 (this dollar limit will be adjusted by cost of living increases thereafter). However, my actual dollar limit may be higher than the general dollar limit if I will be 50 years old (or older) by the end of the calendar year. • If I will be at least 50 years old by the end of the calendar year, I understand that I may make additional "catch- up" salary reduction contributions above the general dollar limit. These additional catch-up salary reduction contributions, which are referred to as "age 50 catch-up contributions," are provided under Code Section 414(v). I understand that the amount of the age 50 catch-up contributions that I may make above the general dollar limit is up to an additional $6,000 for 2017 (this dollar amount will be adjusted by cost of living increases thereafter). • I understand that the dollar limit, with all appropriate adjustments described above, applies to any pre-tax or post-tax Xxxx contributions I make in a calendar year to any retirement plans in which I participate (not including PERF, TRF, deferred compensation plans or flexible benefit plan contributions), including plans maintained by other employers. • I understand that, if my salary reduction contributions to this Plan and to other retirement plans exceed the applicable dollar limits described above in any calendar year, the excess will be taxable both in the year the contribution was made and in the year of distribution unless I timely request to have the excess returned to me. To have the excess returned to me, I must notify the School or Lincoln Financial of the excess before March 1 of the year following the year in which the excess contribution was made (e.g. March 1, 2017 for excess amounts deferred in 2016). If the notice is timely given, Lincoln Financial will distribute the excess amount of the contribution (with any accrued earnings) to me on or before April 15 of the year following the excess contribution. • I understand that my salary reduction contributions to the Plan and other retirement plans for each year are ...
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Applicable Contribution Limits. I understand my total annual pre-tax contributions and/or post-tax Xxxx contributions to the Plan cannot exceed $23,000 for 2024. I further understand that if I am age 50 or older by the end of 2024, I can make additional pre-tax contributions up to $7,500 for 2024, for a total limit of $30,500. The IRS adjusts these limits for cost of living from year to year. I understand that I may also be eligible for a special catch-up if I have 15 years of service with Montana University System ("MUS") and I have not elected to make pre-tax contributions and/or post-tax Xxxx contributions up to the maximum limits for prior years. The 15 years of service catch-up must be used before I can use the age-50 catch-up for the year. The 15 years of service catch-up is the lesser of (i) $3,000 or (ii) $5,000 multiplied by my total years of service with MUS less the total deferrals made on my behalf by MUS for all years of service. I cannot contribute more than $15,000 under this special 403(b) catch-up during my lifetime.  I intend to utilize the 15 years of service catch-up, and I have included with this Salary Reduction Agreement a certification that I am eligible for this catch-up based on my total years of service and total deferrals for all years of service with MUS. I understand that I must provide a certification each year that I elect to utilize the 15 years of service catch-up, and that the certification must be verified by both TIAA (or other vendor) and MUS.
Sample 1

Related to Applicable Contribution Limits

  • Average Contribution Amount For purposes of this Agreement, to ensure that all employees enrolled in health insurance through the City’s HSS are making premium contributions under the Percentage-Based Contribution Model, and therefore have a stake in controlling the long term growth in health insurance costs, it is agreed that, to the extent the City's health insurance premium contribution under the Percentage-Based Contribution Model is less than the “average contribution,” as established under Charter section A8.428(b), then, in addition to the City’s contribution, payments toward the balance of the health insurance premium under the Percentage-Based Contribution Model shall be deemed to apply to the annual “average contribution.” The parties intend that the City’s contribution toward employee health insurance premiums will not exceed the amount established under the Percentage-Based Contribution Model.

  • Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Nondeductible Contributions You may make nondeductible contributions to your Traditional IRA to the extent that deductible contributions are not allowed. The sum of your deductible and nondeductible IRA contributions cannot exceed your contribution limit (the lesser of the allowable contribution limit described previously, or 100 percent of Compensation). You may elect to treat deductible Traditional IRA contributions as nondeductible contributions. If you make nondeductible contributions for a particular tax year, you must report the amount of the nondeductible contribution along with your income tax return using IRS Form 8606. Failure to file IRS Form 8606 will result in a $50 per failure penalty. If you overstate the amount of designated nondeductible contributions for any taxable year, you are subject to a $100 penalty unless reasonable cause for the overstatement can be shown.

  • Contribution Rates ‌ The Employer's contribution rate to the pension fund shall be 8% of each employee's gross monthly earnings. The Employer shall also deduct from each eligible employee's gross monthly earnings 6% and remit that amount together with the Employer's required contribution on behalf of each employee to the pension fund.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • Additional Contributions The Member is not required to make any additional capital contribution to the Company. However, the Member may at any time make additional capital contributions to the Company in cash or other property.

  • Annual Contributions □ Check enclosed in the amount of $ representing current contribution for tax year 20 . This contribution does not exceed the maximum permitted amount for the year of contribution as described in the Xxxx XXX Disclosure Statement. If no tax year is indicated, contribution will automatically apply to current year.

  • Initial Contributions The Members initially shall contribute to the Company capital as described in Schedule 2 attached to this Agreement.

  • Contribution Amounts The Sellers and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section 8 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 8(h). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

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