Common use of Catch-up Limitations for Individuals Clause in Contracts

Catch-up Limitations for Individuals. Age Fifty (50) or Over: to the extent permitted by law, in the case of any individual who has attained the age of fifty (50) before the close of the taxable year, the maximum combined Elective Deferral and/or Xxxx 457(b) Contribution amount that may be contributed pursuant for such taxable year shall be increased by the applicable amount set forth in Section 414(v) of the Code. Notwithstanding the immediately preceding sentence, contributions shall not be made in accordance with this Section (3), if the general catch-up contributions described in Section (2) provide a higher limitation. I acknowledge and agree that UNC has the right to reduce the contributions elected if it is determined that the legal limit has been or will be reached and refund to me any excess amounts. I acknowledge and agree that contributions must be coordinated with the State's 457(b) Plan. I agree to make in-service transfers from the Funding Vehicles permitted under the Plan only to Funding Vehicles currently approved by UNC. I agree that approved Funding Vehicles and UNC are permitted to enforce this in-service transfer restriction. Notwithstanding the above, I understand that this Agreement to restrict transfers while I am employed by UNC does not restrict my ability to make transfers or direct rollovers of eligible rollover distributions from the Plan to another eligible retirement program after I have separated from employment with UNC, as described in the Plan and related materials which I have been given. No provision of this Agreement shall affect the University's right to separate my employment in accordance with other UNC policies. It is further agreed and understood that UNC shall not be obligated to pay any amount to my selected Funding Vehicles in excess of the amount then due from UNC to me. I understand participation in the Plan requires that account information be coordinated between (i) the Funding Vehicles which are available under the program (ii) the State’s 457(b) Plan, and (iii) my employer. I hereby consent for the Funding Vehicles I have selected above to share information about my account(s) with the company acting as data aggregator, for the purpose of sharing with the entities identified above in this paragraph to coordinate compliance with tax requirements, such as for loan and unforeseeable hardships. Regarding the investments I select with the Funding Vehicles, I understand that UNC will monitor the performance and fees for Tiers I, II, and III. I acknowledge and agree that, if I select a fund or investment from Tier IV (self-directed brokerage window), I make such selection at my own risk and am solely responsible for such choice, and that UNC has no responsibility whatsoever to monitor the performance of, or fees associated with, investments from Tiers IV.