Code Section 415 Limitations. Notwithstanding any other provisions of the Plan, the following limitations shall apply:
Code Section 415 Limitations. Notwithstanding any other provisions of the Plan: Subsections (a)(1) through (a)(4)--(THESE SUBSECTIONS APPLY TO EMPLOYERS WHO DO NOT MAINTAIN ANY QUALIFIED PLAN, INCLUDING A WELFARE BENEFIT FUND, AN INDIVIDUAL MEDICAL ACCOUNT, OR A SIMPLIFIED EMPLOYEE PENSION IN ADDITION TO THIS PLAN.)
(1) If the Participant does not participate in, and has never participated in any other qualified plan, Welfare Benefit Fund, Individual Medical Account, or a simplified employee pension, as defined in section 408(k) of the Code, maintained by the Employer, which provides an annual addition as defined in Section 5.03(e)(1), the amount of Annual Additions to a Participant's Account for a Limitation Year shall not exceed the lesser of the Maximum Permissible Amount or any other limitation contained in this Plan. If the Employer contribution that would otherwise be contributed or allocated to the Participant's Account would cause the Annual Additions for the Limitation Year to exceed the Maximum Permissible Amount, the amount contributed or allocated will be reduced so that the Annual Additions for the Limitation Year will equal the Maximum Permissible Amount.
(2) Prior to the determination of the Participant's actual Compensation for a Limitation Year, the Maximum Permissible Amount may be determined on the basis of a reasonable estimation of the Participant's compensation for such Limitation Year, uniformly determined for all Participants similarly situated. Any Employer contributions based on estimated annual compensation shall be reduced by any Excess Amounts carried over from prior years.
(3) As soon as is administratively feasible after the end of the Limitation Year, the Maximum Permissible Amount for such Limitation Year shall be determined on the basis of the Participant's actual Compensation for such Limitation Year.
(4) If, pursuant to subsection (a)(3) or as a result of the allocation of forfeitures or a reasonable error in determining the total Elective Deferrals there is an Excess Amount with respect to a Participant for a Limitation Year, such Excess Amount shall be disposed of as follows:
(A) Any nondeductible voluntary employee contributions ("employee contributions") or Elective Deferrals, to the extent they would reduce the Excess Amount, will be returned to the Participant. Any gains attributable to returned employee contributions will also be returned or will be treated as additional employee contributions for the Limitation Year in which the employee cont...
Code Section 415 Limitations. Notwithstanding any other provisions of the Plan: Subsections (a)(1) through (a)(4)--(These subsections apply to Employers who do not maintain any qualified plan, including a Welfare Benefit Fund, an Individual Medical Account, or a simplified employee pension in addition to this Plan.)
Code Section 415 Limitations. Annual additions to the Plan (as defined in Code section 415(c)(2)) in a limitation year shall not exceed the limitations under Code section 415(c) and related regulations, which are incorporated herein by reference, including the definition of compensation set forth in Code section 415(c)(3). The dollar limit under Code section 415(c)(1)(A) shall be automatically adjusted for cost-of-living to the extent provided under section 415(d) of the Code. To the extent there are any excess annual additions made on behalf of a Participant in any limitation year, such excess shall be corrected in a manner consistent with applicable Internal Revenue Service guidance on excess annual additions, including applicable provisions of the Employee Plan Compliance Resolution System (EPCRS).
Code Section 415 Limitations a. Limitations Under Other Plans. If limitations would be exceeded under multiple defined contribution plans maintained by Employer:
Code Section 415 Limitations. Participation only in This Plan. If the Participant does not participate in, and has never participated in, another qualified plan, a welfare benefit fund (as defined in Code section 419(e)), an individual medical account (as defined in Code section 415(l)(2)) or a simpli- fied employee pension (as defined in Code section 408(k)) maintained by the Employer, which provides an Annual Addition, the amount of Annual Additions which may be credited to the Participant’s Account for any Limitation Year shall not exceed the lesser of the Maximum Permissible Amount or any other limitation contained in this Plan. If the Employer con- tribution that would otherwise be contributed or allocated to the Participant’s Account would cause the Annual Additions for the Limitation Year to exceed the Maximum Permissible Amount, the amount contributed or allocated shall be reduced so that the Annual Additions for the Limitation Year will equal the Maximum Permissible Amount.
Code Section 415 Limitations. Annual additions to the Plan (as defined in Code section 415(c)(2)) in a limitation year shall not exceed the limitations under Code section 415(c), which is incorporated herein by reference. The dollar limit under Code section 415(c)(1)(A) shall be automatically adjusted for cost-of-living to the extent provided under section 415(d) of the Code. To the extent there are any excess annual additions made on behalf of a Participant in any limitation year, such excess shall be corrected in accordance with applicable provisions of the Employee Plan Compliance Resolution System (EPCRS) of the Internal Revenue Service.
Code Section 415 Limitations. With respect to any Plan Year beginning before January 1, 2000, in which this Plan is a Top-Heavy Plan, Section 4.3 shall be read by substituting the number one (1.00) for the number one and twenty-five one hundredths (1.25) wherever it appears therein; provided, however, that such substitution shall not have the effect of reducing a Participant’s Accrued Benefit under any qualified defined benefit plan maintained by a Company prior to the first (1st) calendar day of the Plan Year in which this Article XI initially becomes applicable. This Plan has been adopted on this 13th day of April, 2001, but is to be effective as of January 1, 1997. UNION COMMUNITY BANCORP By: /s/ Xxxxxx X. Xxxxxxx Its: President Attest: By: /s/ Xxxxxx X. Xxxxxxxxxx Its: Secretary UNION FEDERAL SAVINGS & LOAN ASSOCIATION By: /s/ Xxxxxx X. Xxxxxxx Its: President Attest: By: /s/ Xxxxxx X. Xxxxxxxxxx Its: Secretary-Treasurer HOME FEDERAL SAVINGS BANK By: /s/ Xxxxx X. Xxxxxx Its: Vice President and Senior Trust Officer Attest: By: /s/ Xxxxx X. Scheedt Its: Assistant Secretary Pursuant to rights reserved under Section 9.1 of the Union Community Bancorp Employee Stock Ownership Plan, effective as of January 1, 1997, (the “Plan”), Union Federal Savings & Loan Association (the “Bank”) amends the Plan, effective January 1, 1999, as follows:
1. The following sentence is added to the end of Section 6.14(a) of the Plan as follows: An eligible rollover distribution does not include any hardship withdrawals, as defined in Section 401(k)(2)(B)(i)(IV) of the Code, which are attributable to the distributee’s elective contributions under Treas. Reg. section 1.401(k)-1(d)(2)(ii).
Code Section 415 Limitations. Notwithstanding any other provisions of the Plan: Subsections (a)(1) through (a)(4)--(These subsections apply to Employers who do not maintain any qualified Plan including a Welfare Benefit Fund, an Individual Medical Account, or a simplified employee pension in addition to this Plan.)
(1) If the Participant does not participate in, and has never participated in any other qualified plan, Welfare Benefit Fund, Individual Medical Account, or a simplified employee pension, as defined in section 408(k) of the Code, maintained by the Employer, which provides an annual addition as defined in Section 5.03(c)(1), the amount of Annual Additions to a Participant's Account for a Limitation Year shall not exceed the lesser of the Maximum Permissible Amount or any other limitation contained in this Plan. If the Employer contribution that would otherwise be contributed or allocated to the Participant's account would cause the annual additions for the limitation year to exceed the maximum permissible amount, the amount contributed or allocated will be reduced so that the annual additions for the limitation year will equal the maximum permissible amount.
(2) Prior to the determination of the Participant's actual compensation for a Limitation Year, the Maximum Permissible Amount may be determined on the basis of a reasonable estimation of the Participant's compensation for such Limitation year, uniformly determined for all Participants similarly situated. Any Employer Contributions based on estimated annual compensation shall be reduced by any Excess Amounts carried over from prior years.
Code Section 415 Limitations. (a) ♦♦ If contributions to be made under plan, when combined with contributions to be made under other defined contributions plans maintained by employer (or under contracts maintained by the participant or another employer controlled by the participant), would exceed the 415 limits
