Common use of Applicable Contribution Limits Clause in Contracts

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 $19,500 for calendar year 2021 (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 $6,500 for 2021 (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 salary reduction contributions I make in a calendar year to any retirement plans in which I participate (not including a 457 plan, deferred compensation plans or flexible benefit plan contributions), including plans maintained by other employers. • I understand that, if my salary reduction contributions to the 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 University or my vendor of the excess before March 1 of the year following the year in which the excess contribution was made (e.g. March 1, 2018 for excess amounts deferred in 2017). If the notice is timely given, the vendor 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 total contributions (my salary reduction contributions and the University's matching and nonelective contributions) to the Plan for each year are also limited, except as permitted under Code Section 414(v) allowing age 50 catch-up contributions, by the general rules of Code Section 415 to the lesser of $58,000 for 2021 (this dollar amount will be adjusted by cost of living increases thereafter) or 100% of compensation.

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 $19,500 18,000 for calendar year 2021 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-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 $6,500 6,000 for 2021 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 salary reduction pre-tax or post-tax Xxxx contributions I make in a calendar year to any retirement plans in which I participate (not including a 457 planPERF, TRF, deferred compensation plans or flexible benefit plan contributions), including plans maintained by other employers. •  I understand that, if my salary reduction contributions to the 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 University School or my vendor 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, 2018 2017 for excess amounts deferred in 20172016). If the notice is timely given, the vendor 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 total contributions (my salary reduction contributions and the University's matching and nonelective contributions) to the Plan and other retirement plans for each year are also limited, except as permitted under Code Section 414(v) allowing age 50 catch-up contributions, by the general rules of Code Section 415 to the lesser of $58,000 54,000 for 2021 2017 (this dollar amount will be adjusted by cost of living increases thereafter) or 100% of compensation.

Applicable Contribution Limits. I understand that my salary reduction contributions under this Agreement cannot exceed the applicable 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. o If I have attained 15 or more years of service and have averaged less than $5,000 per year in elected deferrals with the employer taking into account only employment with the employer, 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 explained below)"catch-up limitation for employees with 15 years of service contributions," are provided under Internal Revenue Code. • I understand that the amount of the catch-up contributions that I may make above the general dollar limit is an amount equal to the permissible limit under the Code. o I understand that Code Section 402(g) limits my salary reduction contributions under this Agreement to a "general dollar limit." The general dollar limit is $19,500 17,000 for calendar year 2021 (this dollar limit will be adjusted by cost of living increases thereafter)2012. However, my actual general dollar limit may be higher than the general dollar limit if I will be 50 years old (or older) older by the end of the calendar year. • o 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 $6,500 5,500 for 2021 (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 salary reduction contributions I make in a calendar year to any retirement plans in which I participate (not including a 457 plan, deferred compensation plans or flexible benefit plan contributions), including plans maintained by other employers. • I understand that, if my salary reduction contributions to the 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 University or my vendor of the excess before March 1 of the year following the year in which the excess contribution was made (e.g. March 1, 2018 for excess amounts deferred in 2017). If the notice is timely given, the vendor 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 total contributions (my salary reduction contributions and the University's matching and nonelective contributions) to the Plan for each year are also limited, except as permitted under Code Section 414(v) allowing age 50 catch-up contributions, by the general rules of Code Section 415 to the lesser of $58,000 for 2021 (this dollar amount will be adjusted by cost of living increases thereafter) or 100% of compensation2012.

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 $19,500 for calendar year 2021 2020 (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 $6,500 for 2021 2020 (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 salary reduction contributions I make in a calendar year to any retirement plans in which I participate (not including a 457 plan, deferred compensation plans or flexible benefit plan contributions), including plans maintained by other employers. • I understand that, if my salary reduction contributions to the 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 University or my vendor of the excess before March 1 of the year following the year in which the excess contribution was made (e.g. March 1, 2018 for excess amounts deferred in 2017). If the notice is timely given, the vendor 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 total contributions (my salary reduction contributions and the University's matching and nonelective contributions) to the Plan for each year are also limited, except as permitted under Code Section 414(v) allowing age 50 catch-up contributions, by the general rules of Code Section 415 to the lesser of $58,000 57,000 for 2021 2020 (this dollar amount will be adjusted by cost of living increases thereafter) or 100% of compensation.