Cumulative Disparity Limit. For a Plan with a Unit Benefit Formula, a Participant's Cumulative Disparity Limit is equal to 35 minus (1) the number of the Participant's Years of Participation under this Plan during which this Plan did not satisfy the safe harbor for target benefit plans in section 1.401 (a)(4)-8(b)(3) of the Federal Income Tax Regulations or was not a Prior Safe Harbor Plan, and (2) the number of years during which the Participant participated in one or more qualified plans or simplified employee pension plans ever maintained by the Employer (other than years counted in clause (1) or counted toward a Participant's total Years of Projected Participation). The Cumulative Disparity Limit shall be determined taking into account only those Years of Participation in this Plan beginning after December 31, 1988 when this Plan had an integrated benefit formula and those years of participation in such other qualified plans and simplified employee pension plans beginning after December 31, 1988 during which the Participant actually received an allocation under an integrated defined contribution plan (other than a target benefit pension plan), during which the Participant was eligible to receive a benefit under an integrated defined benefit pension plan or an integrated target benefit pension plan), or during which the Participant received an allocation or accrued a benefit under a plan which imputed permitted disparity pursuant to section 1.401(a)-7 of the Federal Income Tax Regulations.
Cumulative Disparity Limit. A limit on the amount of permitted disparity that may be provided under the target benefit plan Agreement. See Section 2.5(c)(3)(iv).
Cumulative Disparity Limit. The Cumulative Disparity Limit applies to further limit the permitted disparity under the Plan. If the Cumulative Disparity Limit applies, the following adjustment will be made to the Participant’s Stated Benefit, depending on the type of formula selected under the Agreement.
Cumulative Disparity Limit. Effective for Plan Years beginning after January 1, 1995, the cumulative disparity limit for a Participant is 35 total cumulative permitted disparity years. Total cumulative permitted disparity years mans the number of years credited to the Participant for allocation and accrual purposes under this Plan, any other qualified plan or simplified employee pension plan (whether or not terminated) ever maintained by the Employer. For purposes of determining the Participant’s cumulative permitted disparity limit, all years ended in the same calendar year are treated as the same year. If the Participant has not benefited under a defined benefit or target benefit plan for any year beginning on or after January 1, 1994, the Participant has no cumulative disparity limit.
Cumulative Disparity Limit. The Cumulative Disparity Limit applies to a Participant only if, in any post-1993 plan year, he/she participates in a defined benefit or target benefit plan (including this Plan) maintained by the Employer which relies on Code §401(l) or under which the Employer imputes permitted disparity to satisfy Code §401(a)(4). The Cumulative Disparity Limit is 35. The sum of the Participant's Annual Disparity Fractions (as defined in paragraph 6) under all qualified plans and all SEPs maintained by the Employer may not exceed the Cumulative Disparity Limit. The Years of Participation taken into account under Election 20(b)(1) may not cause the Participant to exceed his/her Cumulative Disparity Limit. If, prior to the maximum number of Years of Participation stated in Election 20(b)(1), a Participant reaches his/her Cumulative Disparity Limit, for any subsequent Year of Participation taken into account in Election 20(b)(1), the first percentage stated in Election 20(b)(1) will adjust to the sum of both percentages stated in Election 20(b)(1), and the second percentage stated in Election 20(b)(1) will adjust to zero.
