Common use of Contribution Limitations Clause in Contracts

Contribution Limitations. 22.3.2 The Employer may sponsor an Internal Revenue Code of 1986, as amended (the "Code") Section 403(b) plan, in order to maximize the use of tax deferral and reduction of payroll taxes. The maximum Employer contribution shall not cause an employee's 403(b) contribution to exceed the applicable contribution limit under Section 415(c)( I) 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 in 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: a. For members in the New York State Teachers' Retirement System ("TRS") with a membership date before June 17, 1971,1 the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Code in the 403(b) plan. Employer shall then pay any excess 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 code is fully met through payment of the Employer's Non-Elective Contributions to maximize deferrals; and b. 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 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 Code in the 403(b) plan, as the case may be, utilizing the maximum contribution over the applicable plan year. In no case shall the Employer Non-elective Contribution exceed the Contribution Limit of the Code. Any amount in excess of the contribution limit of the Code shall be paid as compensation directly to the employee.

Contribution Limitations. 22.3.2 22.3.1 The Employer may sponsor an Internal Revenue Code of 1986, as amended (the "“Code"”) Section 403(b) plan, in order to maximize the use of tax deferral and reduction of payroll taxes. The maximum Employer contribution shall not cause an employee's ’s 403(b) contribution to exceed the applicable contribution limit under Section 415(c)( I415(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 ’s compensation, as determined under Section 403(b)(3) of the Code in the taxable year in which that employee terminated employment. . 22.3.2 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: a. For members in the New York State Teachers' ’ Retirement System ("“TRS"”) with a membership date before June 17, 1971,1 19711, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Code in the 403(b) plan. Employer shall then pay any excess 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 code is fully met through payment of the Employer's ’s Non-Elective Contributions to maximize deferrals; and b. 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 Employees' ’ Retirement System regardless of their membership date, the Employer shall first make an Employer Non­ Non- elective Contribution up to the Contribution Limit of the Code in the 403(b) plan, as the case may be, utilizing the maximum contribution over the applicable plan year. In no case shall the Employer Non-elective Contribution exceed the Contribution Limit of the Code. Any amount in excess of the contribution limit of the Code shall be paid as compensation directly to the employee.

Contribution Limitations. 22.3.2 The Employer may sponsor an Internal Revenue Code of 1986In any applicable year, as amended (the "Code") Section 403(b) plan, in order to maximize the use of tax deferral and reduction of payroll taxes. The maximum Employer contribution Contribution shall not cause an employee's ’s 403(b) contribution account to exceed the applicable contribution limit under Section 415(c)( I415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Non- Elective Contributions made post-employment to former employees' ’ 403(b) account, ; the Contribution Limit shall be based on the employee's ’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 (5th) 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 the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows: a. i. For all members in the New York State Teachers' ’ Retirement System ("“TRS"”) with a membership date before June 17, 1971,1 19711*, the Employer shall first make an Employer Non-elective Elective Contribution up to the Contribution Limit of the Internal Revenue Code in the 403(b) plan. Employer shall and then pay any excess 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 code is Internal Revenue Code are fully met through payment of the Employer's ’s Non-Elective Contributions to maximize deferralsContribution; and b. ii. 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 Employees' Employees Retirement System regardless of their membership date, the Employer shall first make an Employer Non­ elective Non-Elective Contribution up to the Contribution Limit of the Code in Internal Revenue Code. To the extent that the Employer Non-Elective Contribution exceeds the Contribution Limit, such excess2* shall be contributed to the Employee’s 403(b) planby January 15th of the following year as an Employer Non-Elective Contribution (which Contribution shall not exceed the maximum amount permitted under the Code), and by January 15th of each subsequent year for up to five (5) years after the year of the Employee ‘s employment severance, or until such time as the case may be, utilizing Employer Non-Elective Contribution is fully deposited into the maximum contribution over the applicable plan yearEmployee’s 403(b) account. In no case shall the Employer Non-elective Elective Contribution exceed the Contribution Limit of the Code. Any amount in excess of the contribution limit of the Code shall be paid as compensation directly to the employee.Internal

Contribution Limitations. 22.3.2 The Employer may sponsor an Internal Revenue Code of 1986In any applicable year, as amended (the "Code") Section 403(b) plan, in order to maximize the use of tax deferral and reduction of payroll taxes. The maximum Employer contribution Contribution shall not cause an employee's ’s 403(b) contribution account to exceed the applicable contribution limit under Section 415(c)( I415(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) accountaccount(s), the Contribution Limit shall be based on the employee's ’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. 1. 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: a. For all members in the New York State Teachers' ’ Retirement System ("“TRS"”) or New York State Employee’s System (“ERS”) with a membership date before June 17, 1971,1 19711, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code in the 403(b) plan. Employer shall and then pay any excess 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 code Internal Revenue Code is fully met through payment of the Employer's Non-Elective Contributions to maximize deferrals’s Non­ elective Contribution; and b. 2. 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 Employees' ’ Retirement System regardless of their membership date, the Employer shall first make an Employer Non­ Non-elective Contribution up to the Contribution Limit of the Code in Internal Revenue Code. To the 403(b) plan, as the case may be, utilizing the maximum contribution over the applicable plan year. In no case shall 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 Contribution Limit maximum amount permitted under the Code), and in January of each subsequent year for up to four (4) years after the year of the Code. Any amount in excess of the contribution limit of the Code shall be paid as compensation directly to the employee.Employee’s

Contribution Limitations. 22.3.2 The Employer may sponsor an Internal Revenue Code of 1986In any applicable year, as amended (the "Code") Section 403(b) plan, in order to maximize the use of tax deferral and reduction of payroll taxes. The maximum Employer contribution Contribution shall not cause an employee's ’s 403(b) contribution account to exceed the applicable contribution limit under Section 415(c)( I415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-Non­ elective Contributions made post-employment to a former employees' employee’s 403(b) account, the Contribution Limit shall be based on the employee's ’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. The Employer utilizes a calendar year for the purposes of determining the section 415(c)(1) limit. 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: a. For all members in the New York State Teachers' ’ Retirement System ("“TRS"”) with a membership date before June 17, 1971,1 1971% the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code in the 403(b) plan. Employer shall and then pay any excess amount as compensation directly to the Employee. In no instance shall a Explanation for TRS Categories: Under Education Law § 501(1 l)(a), the Employee have calculation of a pre-June 17, 1971 TRS Tier I member’s last five (5) years final average salary (upon which a member’s life-time pension is, in part, calculated) includes any rights to, including the ability to receive, any excess amount non-ordinary income (such as termination pay) which is received as compensation unless and until the Contribution Limit prior to December 3 1st of the code is fully met through payment year of retirement. Thus, such a member would benefit from receiving, as compensation, in their final year of employment that portion of the Employer's Employer Non-Elective Contributions to maximize deferrals; and b. For elective contribution, which is in excess of the maximum Contribution Limits of IRC § 415. The final average salary of all other members in of the New York State Teachers Retirement System TRS ("TRS") i.e. all TRS members with a membership date in the TRS on or after June 17, 1971, and for all members in the New York State Employees' Retirement System regardless ) may not include any form of their membership dateTermination Pay; therefore, the Employer shall first make an Employer Non­ elective Contribution up to Employer’s post-retirement payment into the Contribution Limit of the Code in the employee’s 403(b) plan, as the case may be, utilizing the maximum contribution over the applicable plan year. In no case shall account of that portion of the Employer Non-elective Contribution exceed the Contribution Limit of the Code. Any amount Contribution, which is in excess of the contribution limit maximum Contribution Limits of the Code shall be paid as compensation directly to the employeeIRC § 415, is more advantageous for those members.

Contribution Limitations. 22.3.2 The Employer may sponsor an Internal Revenue Code of 1986In any applicable year, as amended (the "Code") Section 403(b) plan, in order to maximize the use of tax deferral and reduction of payroll taxes. The maximum Employer contribution Contribution shall not cause an employee's ’s 403(b) contribution account to exceed the applicable contribution limit under Section 415(c)( I415(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 ’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: a. A. For all members in the New York State Teachers' ’ Retirement System ("“TRS"”) with a membership date before June 17, 1971,1 1971, the Employer shall first make an Employer Non-Non- elective Contribution up to the Contribution Limit of the Internal Revenue Code in the 403(b) plan. Employer shall and then pay any excess 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 code is are fully met through payment of the Employer's ’s Non-Elective Contributions to maximize deferralsContribution; and b. and B. 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 Employees' ’ Retirement System regardless of their membership date, the Employer shall first make an Employer Non­ Non-elective Contribution up to the Contribution Limit of the Code in Internal Revenue Code. To the 403(b) planextent that the Employer Non-elective Contribution exceeds the contribution Limit, as such excess shall be reallocated to the case may be, utilizing Employee the maximum contribution over the applicable plan yearfollowing year account. In no case shall the Employer Nonnon-elective Contribution exceed the Contribution Limit of the CodeInternal Revenue Code 3. Any amount 403(b) Accounts Employer contributions shall be deposited into the 403(b) account selected by employee to receive Employer contributions, provided such account will accept Employer Non- elective Contributions. If the employee does not designate a 403(b) account to receive Employer’s contributions, or if the account designated will not accept Employer’s Non-elective Contributions for any reason, then Employer shall deposit contributions, in excess the name of the contribution limit of employee, into the Code shall be paid as compensation directly to the employeeendorsed 403(b) program.

Contribution Limitations. 22.3.2 The Employer may sponsor an Internal Revenue Code of 1986In any applicable year, as amended (the "Code") Section 403(b) plan, in order to maximize the use of tax deferral and reduction of payroll taxes. The maximum Employer contribution Contribution shall not cause an employee's ’s 403(b) contribution account to exceed the applicable contribution limit under Section 415(c)( I415(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 ’s compensation, as determined under Section 403(b)(3) of the Code Code. and in the taxable year in which that employee terminated employment. In the event that the calculation of the any event, no Employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by made on behalf of such former employee after the Employer as follows:fifth a. A. For all members in the New York State Teachers' ’ Retirement System ("“TRS"”) with a membership date before June 17, 1971,1 1971i, and for all members in the New York State B. 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, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Code Internal Revenue Code. To the extent that the Non-elective Employer Contribution exceeds the Contribution Limit, such excess shall be reallocated to the Employee the following year as a Non-elective Employer Contribution (which Contribution shall not exceed the maximum amount permitted under the Code), and in January of the following year for up to four (4) years after the year of the Employee’s employment severance, until such time as the Non-elective Employer Contribution is fully deposited into the Employee’s 403(b) plan. Employer shall then pay any excess 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 code is fully met through payment of the Employer's Non-Elective Contributions to maximize deferrals; and b. 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 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 Code in the 403(b) plan, as the case may be, utilizing the maximum contribution over the applicable plan yearaccount. In no case shall the Non- elective Employer Non-elective Contribution exceed the Contribution Limit of the Internal Revenue Code. Any amount in excess of the contribution limit of the Code shall be paid as compensation directly to the employee.

Contribution Limitations. 22.3.2 The Employer may sponsor an Internal Revenue Code of 1986In any applicable year, as amended (the "Code") Section 403(b) plan, in order to maximize the use of tax deferral and reduction of payroll taxes. The maximum Employer contribution Contribution shall not cause an employee's ’s 403(b) contribution account to exceed the die applicable contribution limit under Section 415(c)( I415(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) accountaccounts), the Contribution Limit shall be based on the employee's ’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: a. 1. For all members in the New York State Teachers' ’ Retirement System ("“TRS"”) with a membership date before June 17, 1971,1 19711, the Employer shall first make an Employer Non-Non­ elective Contribution up to the Contribution Limit of the Internal Revenue Code in the 403(b) plan. Employer shall and then pay any excess 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 Lhnit of the code Internal Revenue Code is fully met through payment of the Employer's ’s Non-Elective Contributions to maximize deferralselective Contribution; and b. 2. 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 Employees' ’ Retirement System regardless of their membership date, the 1 Explanation for TRS Categories: Under Education Law § 501(1 l)(a), the calculation of a pre-June 17, 1971 TRS Tier I member’s last five years final average salary (upon which a member’s life-time pension is, in part, calculated) includes any non-ordinary income (such as termination pay) which is received as compensation prior to December 31st of the year of retirement. Thus, such a member would benefit from receiving, as compensation, in their final year of employment that portion of the Employer Non-elective contribution, which is in excess of the maximum Contribution Limits of IRC §415. The final average salary of all other members of the TRS (i.e. all TRS members with a membership date on or after June 17, 1971) may not include any form of Termination Pay; therefore, the Employer’s post-retirement payment into the employee’s 403(b) account'of that portion of the Employer Non-elective Contribution, which is in excess of the maximum Contribution Limits of IRC §415, is more advantageous for those members. Employer shall first make an Employer Non­ Non-elective Contribution up to the Contribution Limit of the Code 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) plan, as the case may be, utilizing the maximum contribution over the applicable plan yearaccount. In no case shall the Employer Non-elective Contribution exceed the Contribution Limit of the Internal Revenue Code. Any amount in excess of the contribution limit of the Code shall be paid as compensation directly to the employee.