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.)
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. 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
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. 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. Prior to determining the Participant’s actual Compensation for the Limitation Year, the Employer may determine the Maximum Permissible Amount for a Participant on the basis of a reasonable estimation of the Participant’s Compensation for the Limitation Year, uniformly determined for all Participants similarly situated. As soon as is administratively feasible after the end of the Limitation Year, the Maximum Permissible Amount for the Limitation Year shall be determined on the basis of the Participant’s actual Compensation for the Limitation Year. If, pursuant to the last sentence of the preceding paragraph or as a result of the allocation of Forfeitures, there is an Excess Amount for a Limitation Year beginning on or after July 1, 2007, such Excess Amount may be corrected through the Internal Revenue Service Employee Plans Compliance Resolution System (EPCRS) or any successor program or as otherwise permitted by Internal Revenue Service guidance.
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
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 FIRST AMENDMENT TO THE UNION COMMUNITY BANCORP EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST AGREEMENT (EFFECTIVE JANUARY 1, 1997) 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:
Code Section 415 Limitations a. Limitations Under Other Plans. If limitations would be exceeded under multiple defined contribution plans maintained by Employer:
