Excess Contributions. If the Participant contributes more than allowed with respect to a Tax Year, the Individual must notify the Trustee or Insurer to return to the Individual the excess contribution, together with any investment earnings on that amount, or to apply the excess contribution as a contribution for the Individual’s next succeeding Tax Year. The Participant must notify the Trustee or Insurer in writing prior to the date on which the Individual files, or is required to file, the Individual’s income tax return for the Tax Year for which the excess contribution was made.
Appears in 6 contracts
Samples: Prototype Defined Contribution Plan (Wellesley Bancorp, Inc.), Prototype Defined Contribution Plan (Savannah Bancorp Inc), Prototype Defined Contribution Plan (Fraternity Community Bancorp Inc)
Excess Contributions. If the Participant contributes more than allowed with respect to a Tax Year, the Individual must notify the Trustee or Insurer insurer to return to the Individual the excess contribution, together with any investment earnings on that amount, or to apply the excess contribution as a contribution for the Individual’s next succeeding Tax Year. The Participant must notify the Trustee or Insurer insurer in writing prior to the date on which the Individual files, or is required to file, the Individual’s income tax return for the Tax Year for which the excess contribution was made.
Appears in 3 contracts
Samples: Prototype Defined Contribution Plan (1st Constitution Bancorp), Prototype Defined Contribution Plan (FNB United Corp.), Century Bancorp Inc
