Common use of Correction of Excess Clause in Contracts

Correction of Excess. If the Maximum Permissible Amount is exceeded in any Plan Year for any Participant, the Plan shall distribute to the Participant any After-tax Savings or Section 401(k) Contributions made by the Participant to the Plan for the Plan Year to the extent such distribution would cause the excess to be reduced. If, after returning such After-tax Savings or Section 401(k) Contributions to the Participant an excess still exists, such excess shall be corrected in accordance with the provisions of Treasury Regulation Section 415-6(b)(6) or such other rules or procedures as the Internal Revenue Service shall allow.

Appears in 5 contracts

Samples: Retirement and Savings Plan (Host Hotels & Resorts L.P.), Retirement and Savings Plan (Host Marriott Corp/), Retirement and Savings Plan (Host Hotels & Resorts, Inc.)

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