Common use of Catch-Up Contributions Clause in Contracts

Catch-Up Contributions. If the Employee is age 50 or older by the end of any calendar year, the maximum salary reduction contributions to the Account by the Employee for such calendar year will be increased by the amount provided in Code Section 414(v) applicable to such year. In the event an Employee is eligible for both the catch-up contribution under this subsection and the increased elective deferral limit under Code Section 402(g)(7), any additional amount contributed as a result of these increased limits shall be treated first as an amount contributed under the increased limit under Code Section 402(g)(7) and then as an age 50 catch-up contribution (to the extent the age 50 catch-up exceeds the amount of increase under 402(g)(7)).

Catch-Up Contributions. If the Employee is age 50 or older by the end of any calendar year, the maximum salary reduction contributions to the Account by the Employee for such calendar year will be increased by the amount provided in Code Section 414(v) applicable to such year. In the event an Employee is eligible for both the catch-catch- up contribution under this subsection and the increased elective deferral limit under Code Section 402(g)(7), any additional amount contributed as a result of these increased limits shall be treated first as an amount contributed under the increased limit under Code Section 402(g)(7) and then as an age 50 catch-up contribution (to the extent the age 50 catch-up exceeds the amount of increase under 402(g)(7)).

Catch-Up Contributions. If the Employee is age 50 or older by the end of any calendar year, the maximum salary reduction contributions to the Account by the Employee for such calendar year will be increased by the amount provided in Code Section 414(v) applicable to such year. In the event an Employee is eligible for both the catch-catch- up contribution under this subsection and the increased elective deferral limit under Code Section 402(g)(7), any additional amount contributed as a result of these increased limits shall be treated first as an amount contributed under the increased limit under Code Section 402(g)(7) and then as an age 50 catch-up contribution (to the extent the age 50 catch-up exceeds the amount of increase under Code Section 402(g)(7)).