Common use of Contribution Limitations Clause in Contracts

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c) (1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Contributions made post-employment to former employees’ 403(b) account, the Contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b) (3) of the Code and in any event, no Employer Non-elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment. In the event that the calculation of the Employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows: For all members in the New York State Teachers Retirement System (“TRS”) regardless of membership date in the TRS, and for all members in the New York State Employees’ Retirement System regardless of their membership date, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-Elective Contribution exceeds the Contribution Limit, such excess shall be paid as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code are fully met through payment of the Employer’s Non-Elective Contribution; In no case shall the Employer Non-elective Contribution exceed the Contribution Limit of the Internal Revenue Code.

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c) (1) of the Code, as adjusted for cost-of-living increases. For Employer Non-Non- elective Contributions made post-employment to former employees’ 403(b) account, the Contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b) (3) of the Code and in any event, no Employer Non-elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment. In the event that the calculation of the Employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows: For all members in the New York State Teachers Retirement System (“TRS”) regardless of membership date in the TRS, and for all members in the New York State Employees’ Retirement System regardless of their membership date, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-Elective Contribution exceeds the Contribution Limit, such excess shall be paid as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code are fully met through payment of the Employer’s Non-Elective Contribution; In no case shall the Employer Non-elective Contribution exceed the Contribution Limit of the Internal Revenue Code.

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c) (1) of the Code, as adjusted for cost-of-living increasesincrease. For Employer Non-elective Contributions made post-employment to former employees’ 403(b) account, the Contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b) (3) of the Code and in any event, no Employer Non-Non- elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment. In the event that the calculation of the Employer Non-elective Contribution referenced in any of the preceding proceeding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows: For all members in the New York State Teachers Retirement System (“TRS”) regardless of membership date in the TRS, and for all members in the New York State Employees’ Retirement System regardless of their membership dateeligible employees, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-Elective Contribution exceeds the Contribution Limit, such Code and then pay any excess shall be paid amount as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code are fully met through payment of the Employer’s Non-Elective Contribution; . In no case shall the Employer Non-elective Contribution exceed the Contribution Limit contribution limit of the Internal Revenue Code.

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c) (1415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Elective Contributions made post-employment to former employees’ 403(b) account, the Contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b) (3) of the Code and in any event, no Employer Non-elective Elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that the employee terminated employment. In the event that the calculation of the Employer Non-elective Elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limitscontribution limits, the excess amount shall be handled by the Employer employer as follows: For all members in the New York State Teachers Retirement System (“TRS”) regardless of membership date in the TRS, and for all members in the New York State Employees’ Retirement System regardless of their membership datemembers, the Employer shall first make an Employer Non-elective Elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-Elective Contribution exceeds the Contribution Limit, such Code and then pay any excess shall be paid amount as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code are fully met through payment of the Employer’s Non-Elective Contribution; . In no case shall the Employer Non-elective Elective Contribution exceed the Contribution Limit of the Internal Revenue Code.

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c) (1415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Contributions made post-employment to former employees’ 403(b) account, the Contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b) (3403(b)(3) of the Code and in any event, no Employer Non-Non­ elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment. In the event that the calculation of the Employer Non-elective Elective Contribution referenced in any of the preceding paragraphs exceed exceeds the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows: For all members in the New York State Teachers Retirement System (“TRS”) regardless of membership date in the TRS, and for all members in the New York State Employees’ Retirement System regardless of their membership dateSystem, the Employer shall first make an Employer Non-Non­ elective Contribution up to the Contribution Limit limit of the Internal Revenue Code. To the extent that the Employer Non-Elective elective Contribution exceeds the Contribution Limit, such excess shall be paid as compensation directly reallocated to the Employee. In no instance Employee the following year as an Employer Non­ elective Contribution (which Contribution shall not exceed the Employee have any rights tomaximum amount permitted under the Code), including and in January of each subsequent year for up to four (4) years after the ability to receive, any excess amount as compensation unless and until the Contribution Limit year of the Internal Revenue Code are fully met through payment of Employee’s employment severance or until such time as the Employer’s Employer Non-Elective Contribution; elective Contribution is fully deposited into the Employee’s 403(b) account, whichever is sooner. In no case shall the Employer Non-elective Contribution exceed the Contribution Limit of the Internal Revenue Code.

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c) (1) 1 of the Code, as adjusted for cost-of-living increases. For Employer employer Non-elective Elective Contributions made post-employment to former employees’ 403(b) account, the Contribution contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b) (3403(b)(3) of the Code and in any event, no Employer Non-elective Elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment. In the event that the calculation of the Employer Non-elective Lake Placid Central School Non- Elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by the Employer Lake Placid Central School as follows: - For all members in the New York State Teachers Teacher’s Retirement System (“TRS”) regardless of with a membership date in the TRSbefore June 17, and for all members in the New York State Employees’ Retirement System regardless of their membership date1971, the Employer shall first make an Employer Non-elective Elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-Elective Contribution exceeds the Contribution Limit, such Code and then pay any excess shall be paid amount as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code are fully met through payment of the Employer’s Non-Elective Contribution; and - For all members in the New York State Teachers Retirement System (“TRS”) with a membership date in the TRS on or after June 17, 1971, and for all members in the New York State Employee’s Retirement System regardless of their membership date, the Lake Placid Central School shall first make an Employer Non-Elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-Elective Contribution exceeds the Contribution Limit, such excess shall be reallocated to the Employee the following year as an Employer Non-Elective Contribution (which Contribution shall not exceed the maximum amount permitted under the Code), and in January of each subsequent year for up to four (4) years after the year of the Employee’s employment severance, until such time as the Employer Non-Elective Contribution is fully deposited into the Employee’s 403(b) account. In no case shall the Employer Non-elective Elective Contribution exceed the Contribution Limit of the Internal Revenue Code.

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c) (1415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Contributions made post-post­ employment to former employees’ employee’s 403(b) account, the Contribution Limit shall be based on the employee’s compensation, compensation as determined under Section 403(b) (3403(b)(3) of the Code and and, in any event, no Employer employer Non-elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment. In the event that the calculation of the Employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by the Employer Employee as follows: For all members in the New York State Teachers Retirement System (“TRS”) regardless of membership date in the TRS, and for all members in the New York State Employees’ Retirement System regardless of their membership datemembers, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-Elective Contribution exceeds the Contribution Limit, such Code and then pay any excess shall be paid amount as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code are is fully met through payment of the Employer’s Non-Elective Non­ elective Contribution; . In no case shall the Employer Non-elective eiective Contribution exceed the Contribution Limit of the Internal Revenue Code.

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 's 403(b) account to exceed the applicable contribution limit under Section 415(c) (1) 1 of the Code, as adjusted for cost-of-living increases. For Employer employer Non-elective Elective Contributions made post-employment to former employees’ ' 403(b) account, the Contribution contribution Limit shall be based on the employee’s 's compensation, as determined under Section 403(b) (3403(b)(3) of the Code and in any event, no Employer Non-elective Elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment. In the event that the calculation of the Employer Non-elective Lake Placid Central School Non- Elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by the Employer Lake Placid Central School as follows: ▪ For all members in the New York State Teachers Teacher's Retirement System (“"TRS”") regardless of with a membership date in the TRSbefore June 17, and for all members in the New York State Employees’ Retirement System regardless of their membership date1971, the Employer shall first make an Employer Non-elective Elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-Elective Contribution exceeds the Contribution Limit, such Code and then pay any excess shall be paid amount as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code are fully met through payment of the Employer’s 's Non-Elective Contribution; and ▪ For all members in the New York State Teachers Retirement System ("TRS") with a membership date in the TRS on or after June 17, 1971, and for all members in the New York State Employee's Retirement System regardless of their membership date, the Lake Placid Central School shall first make an Employer Non-Elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-Elective Contribution exceeds the Contribution Limit, such excess shall be reallocated to the Employee the following year as an Employer Non-Elective Contribution (which Contribution shall not exceed the maximum amount permitted under the Code), and in January of each subsequent year for up to four (4) years after the year of the Employee's employment severance, until such time as the Employer Non-Elective Contribution is fully deposited into the Employee's 403(b) account. In no case shall the Employer Non-elective Non- Elective Contribution exceed the Contribution Limit of the Internal Revenue Code.