Correction of Excess Deferrals. If the Deferrals on behalf of a Participant for any calendar year exceed the limitations described above, or the Deferrals on behalf of a Participant for any calendar year exceed the limitations described above when combined with other amounts deferred by the Participant under another Eligible Deferred Compensation Plan for which the Participant provides information that is accepted by the Employer, then the Deferral, to the extent in excess of the applicable limitation (adjusted for any income or loss in value, if any, allocable thereto), shall be distributed to the Participant.
Correction of Excess Deferrals. An individual who has Excess Deferrals for a taxable year may receive a corrective distribution of all or a portion of such deferrals during such taxable year or by April 15 of the next taxable year. Such corrective distribution may be made only if all of the following conditions are satisfied:
(1) Not later than the first April 15 following the close of the Participant’s taxable year, the Participant may notify the Plan of the amount of the Excess Deferrals received by the Plan. If any designated Xxxx contributions were made to the Plan, the notification must also identify the extent, if any, to which the Excess Deferrals are comprised of designated Xxxx contributions. The Participant is deemed to have notified the Plan of Excess Deferrals (including the portion of Excess Deferrals that are comprised of designated Xxxx contributions) to the extent the Participant has Excess Deferrals for the taxable year calculated by taking into account only the Elective Deferrals under this Plan and the other qualified plans of all employers within the same control group;
(2) The correcting distribution is made after the date on which the Plan received the Excess Deferral; and
(3) The Plan designates the distribution as a distribution of Excess Deferrals. In order to distribute Excess Deferrals pursuant to this paragraph, such individual must make such designation in writing and the individual must certify or otherwise establish that the specified amount is an Excess Deferral.
Correction of Excess Deferrals. Excess deferrals shall be corrected by first distributing Xxxx 403(b) Contributions (plus earnings thereon) made during the Plan Year and then by distributing a Participant’s Elective Deferrals (plus earnings thereon). However, if a highly compensated employee (as defined in Section 414(q) of the Code) experiences an excess deferral in any Plan Year, he may designate the extent to which the excess amount is composed of Elective Deferrals and Xxxx 403(b) Contributions, provided that both types of contributions were made by the Employee during the applicable Plan Year. If the highly compensated employee does not designate which type of contributions are to be distributed, then Elective Deferrals shall be distributed first, followed by Xxxx 403(b) Contributions.
Correction of Excess Deferrals. If the Annual Deferral on behalf of a Participant for any calendar year exceeds the limitations described
Correction of Excess Deferrals. If the Annual Deferral on behalf of a Participant for any calendar year exceeds the limitations described above, or the Annual Deferral on behalf of a Participant for any calendar year exceeds the limitations described above when combined with other amounts deferred by the Participant under another eligible deferred compensation plan under section 457(b) of the Code for which the Participant provides information that is accepted by the Administrator, then the Annual Deferral, to the extent in excess of the applicable limitation (adjusted for any income or loss in value, if any, allocable thereto), shall be distributed to the Participant.
Correction of Excess Deferrals. If a Participant makes Excess Deferrals (i.e., Elective Deferrals in excess of the Elective Deferral Dollar Limit) under this Plan and any other plan maintained by the Employer, such Excess Deferrals (plus allocable income or loss) shall be distributed to the Participant. A distribution of Excess Deferrals may be made at any time (subject to the correction provisions under the IRS’ EPCRS program as described in Rev. Proc. 2013-12 or subsequent guidance). If the corrective distribution of Excess Deferrals is made by April 15 of the calendar year following the year the Excess Deferrals are made to the Plan, such amounts will be taxable in the year of deferral but not in the year of distribution. If a corrective distribution of Excess Deferrals is made after April 15 of the following calendar year, such amounts will be taxable in both the year of deferral and the year of distribution. See subsection (3) below.
Correction of Excess Deferrals. The amount of excess deferrals for a highly compensated employee for a plan year is the amount (if any) by which the employee's elective contribution must be reduced for the employee's actual deferral ratio to equal the highest permitted ratio under the plan. To calculate the highest permitted actual deferral ratio (ADR) under the plan, the (ADR) of the highly compensated employee with the highest (ADR) is reduced by the amount required to cause the employee's (ADR) to equal the ratio of the highly compensated employee with the next highest (ADR). If a lesser reduction would enable the arrangement to satisfy the actual deferral percentage (ADP) test, only this lesser reduction may be made. This process must be repeated until the cash or deferred arrangement satisfies the (ADP) test. The highest (ADR) remaining under the plan after leveling shall be the highest permitted (ADR). In no case may the amount of excess deferrals be distributed for the plan year with respect to any highly compensated employee, exceed the amount of elective contributions made on behalf of the highly compensated employee for the plan year.
Correction of Excess Deferrals. The Employee must report Excess Deferrals (the $7,000 as adjusted limitation) by March 1 of the next calendar year.
Correction of Excess Deferrals. Excess deferrals shall be corrected by either a. first distributing Xxxx 403(b) Contributions (plus earnings thereon) made during the Plan Year and then by distributing a Participant’s Elective Deferrals (plus earnings thereon) or b. distributing a Participant’s Xxxx 403(b) Contributions (plus earnings thereon) and/or a Participant’s Elective Deferrals (plus earnings thereon) in the order directed by the Participant to the Administrator, depending on the method of correction of excess deferrals authorized in the Adoption Agreement.
Correction of Excess Deferrals. If following the close of a Participant's taxable year, the Participant notifies the Administrator that all or a portion of his or her Elective Contributions for the prior calendar year exceeds the limit of section 402(g) of the Code, the Administrator may distribute such excess amount to the Participant, together with any income, gain, or loss allocable thereto, no later than the April 15 following the calendar year with respect to which the excess deferral was made. No distribution of an excess deferral shall be made during the taxable year of a Participant in which the excess deferral was made unless the correcting distribution is made after the date on which the Plan received the excess deferral and both the Participant and the Plan designate the distribution as a distribution of an excess deferral. The amount of any excess deferral that may be distributed to a Participant will be reduced by the amount of any Elective Contributions previously distributed to the Participant as excess contributions under Section 4.7.
