Catch-Up Contribution Sample Clauses

Catch-Up Contribution. In the case of annual contributions to a Traditional IRA or IRA Rollover Account, a Catch-Up Contribution is an amount not to exceed the Applicable Amount as defined in Code Section 219(b)(5)(B)(i). Catch-Up Contributions that may be made by or on behalf of an Individual for any taxable year to an IRA established under this Plan shall be reduced by the amount of Catch-Up Contributions made by or on behalf of the same Individual to any other IRA or Xxxx XXX for the same taxable year except that, in the case of Catch-Up Contributions made as salary reduction contributions to a SARSEP IRA Account, the amount of such Catch-Up Contributions allowed for any taxable year shall be reduced by the amount of Catch-Up Contributions made by or on behalf of the same Individual to any other retirement plan described in Code Sections 401(a), 403(b), 408(p) or 457. Catch-Up Contributions may be made by or on behalf of an Individual who has attained the age of fifty (50) on or before the last day of the year for which the contribution is made. The Plan shall be interpreted to deem any Individual’s contribution that exceeds the Maximum Annual Contribution as defined in paragraph 18.2 but not an amount greater than the Applicable Amount to be a Catch-Up Contribution unless the Individual elects to treat such amount as an Excess Contribution described in paragraph 18.8.
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Catch-Up Contribution. The term “Catch-Up Contribution” means Elective Deferrals made to the Plan that are in excess of an otherwise applicable Plan limit and that are made by Participants who are age 50 or over by the end of their taxable year. An otherwise applicable Plan limit is a limit in the Plan that applies to Elective Deferrals without regard to Catch-Up Contributions, such as (a) the limit on Annual Additions; (b) the dollar limit on Elective Deferrals under Code §402(g) (not counting Catch-Up Contributions); (c) the limit imposed by the ADP Test under § 401(k)(3); or (d) a Plan imposed limit set forth in a resolution properly executed by the Employer which is considered to be an amendment to the Plan. Catch-Up Contributions are not subject to the limit on Annual Additions, are not counted in the ADP Test, and are not counted in determining the Top Heavy Minimum Allocations under Code §416. However, Catch-Up Contributions made in prior years are counted in determining whether the Plan is Top-Heavy. Provisions in the Plan relating to Catch-Up Contributions apply to Elective Deferrals made to the Plan after 2001. The total amount of Catch-Up Contributions for any taxable year will not exceed the Catch-Up Contribution Limit
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Catch-Up Contribution. Maximum of $1,000 annually for employees 55 or older during the plan year. □ Annual Amount up to $1000 annual maximum $_ to be deducted throughout the plan year.
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Catch-Up Contribution. The following is the amount of regular compensation the Employee designates as catch-up contributions (before tax) beginning _/ / . Employees who have attained or will attain age 50 during the calendar year are eligible to make these contributions if the amount(s) in sections 1 and 2, less the 2% mandatory minimum contribution, meet the Employee’s statutory limitations. These contributions will not be matched by the College and will not be part of the Employee's W-2 pay. $ per pay period (up to $6,500 total for 2020). Restrictions - With the exception of the mandatory minimum contribution of 2%, which is irrevocable, either the Employee or the College may change this Agreement at the end of any pay period so that it will not apply to salary subsequently earned by giving at least thirty (30) days written notice. This Agreement will be effective only with respect to amounts earned beginning with the dates listed above. The same amounts on this form will carryover each year unless changed by the Employee by signing a new Salary Reduction Agreement form. In addition allocations between the two investment carriers may only be changed once per quarter during the calendar year. *Regular compensation is the compensation earned under nine-month, twelve-month, and summer contracts only (summer contracts to include administrative internships and sabbaticals) for all full-time faculty, counselors and academic advisors; for all other full-time categories of Employees, regular compensation refers to base annual earnings exclusive of overtime pay.
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Catch-Up Contribution. If you are age 50 or older by the close of the taxable year, you may make an additional contribution to your Xxxx XXX. The maximum additional contribution to your Xxxx XXX is $1,000 per year.
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Catch-Up Contribution. Following the ratification of the 2007-2008 contract currently employed teachers who received an original contribution that was less than one thousand two hundred fifty dollars ($1,250.00) will be given an additional one time contribution. The amount of this contribution shall be the difference between the individual’s original contribution and one thousand two hundred fifty dollars ($1,250.00).
Sample 1
Catch-Up Contribution. Employees who will be at least age 50 during the year may contribute an additional catch-up contribution, in an amount up to the IRS maximum each year (indexed each year for inflation). For 2020, the maximum Age 50 Catch-Up Contribution is $6,500. Age 50 Catch-Up Contributions do not count against the IRS maximum employee contribution limit. □ Reduce my base salary, on a pre-tax basis, to make an Age 50 Catch-Up Contribution in the amount of $ per calendar year (no more than $6,500 in 2020). Please note the IRS requires that your Annual Pre-tax Contribution be taken first, then if applicable, the Years of Service Catch-Up Contribution, and then the Age 50 Catch-Up Contribution. This means that if you do not contribute enough of your pay under box 3(a) to make the maximum pre-tax contribution to the Savings Plan in a year ($19,500 in 2020), then you will not be able to make any catch-up contributions.
Sample 1
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Catch-Up Contribution. All Participants who have elected to make Pre-Tax Savings Contributions and/or Xxxx Savings Contributions for a Plan Year and who will attain age 50 on or before the last day of their taxable year are eligible to make a Catch-Up Contribution during such Plan Year in accordance with, and subject to the limitations of, Section 414(v) of the Code. In furtherance of, but without limiting, the foregoing, to the extent permitted under Section 414(v) of the Code, Pre-Tax Savings Contributions and/or Xxxx Savings Contributions for such a Participant for a Plan Year which exceed the maximum contribution permitted under Section 4.2(c) for the Plan Year or the maximum contribution permitted under Section 4.6 for the Plan Year shall be treated as a Catch-Up Contribution; provided, however, that whether Pre-Tax Savings Contributions and Xxxx Savings Contributions are in excess of any applicable limit and therefore shall be treated as a Catch-Up Contribution shall be determined as of the end of the Plan Year. The Catch-Up Contribution will not be taken into account for purposes of the limitation on the maximum amount of the Participant’s Pre-Tax Savings Contributions and Xxxx Savings Contributions for a Plan Year under Subsection 4.2(c) of the Plan (and Section 402(g) of the Code) or the limitation on contributions for a Plan Year under Section 4.6 of the Plan (and Section 415(c) of the Code). Further, by allowing such Catch-Up Contributions, the Plan shall not be treated as failing to satisfy the provisions of the Plan implementing the requirements of Section 401(k)(12), 410(b) or 416 of the Code, as applicable. Except as provided in the preceding two sentences, Catch-Up Contributions shall be treated in the same manner as Pre-Tax Savings Contributions and Xxxx Savings Contributions for all purposes under the Plan, including for purposes of Matching Contributions under Section 4.3 of the Plan.
Sample 1

Related to Catch-Up Contribution

  • 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.

  • 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.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Payment of Contributions The College and eligible academic staff members of the plan shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

  • Initial Contribution The member agrees to make an initial contribution to the Company of $____________.

  • Company Contributions The Company shall continue to make a Company Contribution for Plan Years 2017, 2018 and 2019, on the same terms and conditions set forth in the Participant Agreement, with the performance metrics and targets in connection with such Company Contributions for such Plan Years to be established in the sole discretion of the Committee, following consultation with the Chief Executive Officer of the Company.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Contribution Allocation The Advisory Committee will allocate deferral contributions, matching contributions, qualified nonelective contributions and nonelective contributions in accordance with Section 14.06 and the elections under this Adoption Agreement Section 3.04. PART I. [OPTIONS (a) THROUGH (d)].

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

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