WITHDRAWAL OF EXCESS CONTRIBUTIONS Sample Clauses

WITHDRAWAL OF EXCESS CONTRIBUTIONS. The Participant may elect to withdraw any excess contributions (as described in Code Section 408(d)(4)) made to the Custodial Account and, if withdrawn pursuant to Code Section 408(d)(4), the net income attributable thereto. Participant must furnish Custodian a written notice (in a manner acceptable to Custodian) of the election to make such a withdrawal. The Custodian shall not have any responsibility for determining whether an excess contribution has been made or for notifying the Participant of such an excess contribution.
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WITHDRAWAL OF EXCESS CONTRIBUTIONS. If the Custodian should at any time receive notice from the Employer or Employee that any contribution on behalf of the Employee exceeded the limitations set forth in Article 3 of this Agreement, the Custodian shall, as soon as practical after the receipt of such notification, distribute to such Employee from the Account, Shares representing the amount of such excess contribution and the net income attributable thereto. If the excess contribution is not withdrawn before the end of the Employee's taxable year, the amount of the excess contribution must be included in the Employee's taxable income and shall be subject to a 6% penalty tax for each taxable year until the excess is eliminated. Notwithstanding any of the above provisions, if such excess contribution is not withdrawn before the end of the Employee's taxable year, the Employee may direct the Custodian to retain the excess contribution in the Account, providing such excess is used to reduce the permissible contribution for the current taxable year. -------------------------------------------------------------------------------- ARTICLE 6 - THE CUSTODIAN
Sample 1
WITHDRAWAL OF EXCESS CONTRIBUTIONS. If a Participant makes a contribution under this Agreement which exceeds the limits set forth in Section 4.1 or such limits as may be prescribed by law, then the excess portion may be withdrawn by the Participant. Such withdrawal must be made prior to the date, including any extension thereof, on which the Participant is required to file a Federal income tax return. Any income allocable to the excess amount of such contribution must be withdrawn by the Participant at the same time.
Sample 1

Related to WITHDRAWAL OF EXCESS CONTRIBUTIONS

  • Distribution of Excess Contributions If the Advisory Committee determines the Plan fails to satisfy the ADP test for a Plan Year, it must distribute the excess contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail to satisfy the ADP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess contributions. The Advisory Committee will determine the respective shares of excess contributions by starting with the Highly Compensated Employee(s) who has the greatest ADP, reducing his ADP (but not below the next highest ADP), then, if necessary, reducing the ADP of the Highly Compensated Employee(s) at the next highest ADP level (including the ADP of the Highly Compensated Employee(s) whose ADP the Advisory Committee already has reduced), and continuing in this manner until the average ADP for the Highly Compensated Group satisfies the ADP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess contributions assigned to the family unit.

  • DISTRIBUTION OF EXCESS AGGREGATE CONTRIBUTIONS The Advisory Committee will determine excess aggregate contributions after determining excess deferrals under Section 14.07 and excess contributions under Section 14.08. If the Advisory Committee determines the Plan fails to satisfy the ACP test for a Plan Year, it must distribute the excess aggregate contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess aggregate contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess aggregate contributions are the amount of aggregate contributions allocated on behalf of the Highly Compensated Employees which causes the Plan to fail to satisfy the ACP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess aggregate contributions. The Advisory Committee will determine the respective shares of excess aggregate contributions by starting with the Highly Compensated Employee(s) who has the greatest contribution percentage, reducing his contribution percentage (but not below the next highest contribution percentage), then, if necessary, reducing the contribution percentage of the Highly Compensated Employee(s) at the next highest contribution percentage level (including the contribution percentage of the Highly Compensated Employee(s) whose contribution percentage the Advisory Committee already has reduced), and continuing in this manner until the ACP for the Highly Compensated Group satisfies the ACP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess aggregate contributions assigned to the family unit.

  • 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.

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • Employer Profit Sharing Contributions An Employee will be eligible to become a Participant in the Plan for purposes of receiving an allocation of any Employer Profit Sharing Contribution made pursuant to Section 11 of the Adoption Agreement after completing 1 (enter 0, 1, 2 or any fraction less than 2)

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

  • Plan Withdrawals The Borrower or any member of the Controlled Group as employer under a Multiemployer Plan shall have made a complete or partial withdrawal from such Multiemployer Plan and the plan sponsor of such Multiemployer Plan shall have notified such withdrawing employer that such employer has incurred a withdrawal liability in an annual amount exceeding $1,000,000;

  • Permissible Withdrawals The Servicer may make withdrawals from each related Custodial P&I Account solely for the following:

  • Partial Withdrawals At any time any Holder shall be entitled to request a withdrawal of such portion of the Interest held by such Holder as such Holder shall request.

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