Section 415 Limitation definition

Section 415 Limitation means the limitation on benefits for qualified defined benefit pension plans and the limitation on allocations for qualified defined contribution plans, which are imposed by Section 415(b) and (c), respectively, of the Code, or any successor provision thereto.

Section 415 Limitation means the limitation, imposed by Section 415 of the Code, on the amount of retirement benefits payable from a qualified retirement plan to a participant in such plan.

Section 415 Limitation means the limitation under Section 415 of the Code on annual benefits payable from the Retirement Plans.

Examples of Section 415 Limitation in a sentence

• The amount of the Section 415 Limitation Credit is the amount by which the employer matching contribution that would have been allocated to the Participant's Bancorp Contribution Account under the terms of the Investment Plan is reduced by application of the limitation on annual additions required by Section 415 of the Internal Revenue Code.

• The Limited Benefit Assumptions are that Compensation (as defined in Article I of the Pension Plan) is subject to the Section 401(a)(17) Limitation and the annual benefit is subject to the Section 415 Limitation.

• Benefits not payable under the Pension Plan because of the limitations imposed on the annual benefit of the Pension Participant by Section 415 of the Code ("Section 415 Limitation").

• The Section 415 Limitation contained in Article XI of the Pension Plan shall not be taken into account.

• Each Salaried Plan Participant whose benefit under the Salaried Plan is curtailed by the Compensation Limitation or the Section 415 Limitation, or both, and each other Salaried Plan Participant whose 1988 pensionable “earnings” under the Salaried Plan, as described in Section 4.2(a), were $75,000 or more shall participate in this Plan.

More Definitions of Section 415 Limitation

Section 415 Limitation means the limitation on Annual Additions described in Section 6.3 of SIP.

Section 415 Limitation means the limitation of the benefit of any one Participant under Code Section 415 or any successor provision to such Code Section, as adjusted from time to time on amounts which can be contributed to the Company's qualified retirement plan(s) for the benefit of any one employee.

Section 415 Limitation means the annual limit imposed by Section 415 of the code on contributions and other additions, which may be made with respect to a Participant under Qualified Plans in which he participates.

Section 415 Limitation means the limitation on benefits for qualified defined benefit pension plans and the limitation on allocations

Section 415 Limitation means the limitation on annual benefits that may be provided under the Pension Plan imposed by Section 415 of the Code, as such limitation is from time to time adjusted.

Section 415 Limitation means, as the case may be, either the limitation on annual additions (in the form of employer and employee contributions) to the ESOP or the RASP imposed by section 415 of the Code or the limitation on benefits payable from the RIGP imposed by section 415 of the Code, including all provisions of the ESOP, the RASP and the RIGP that have been adopted to comply with section 415 of the Code.

Section 415 Limitation means, as the case may be, the limitation on annual additions (in the form of employer and employee contributions) to the Savings Plan imposed by section 415 of the Code, including all provisions of the Savings Plan that have been adopted to comply with section 415 of the Code.