Common use of Designation of Excess Deferrals Clause in Contracts

Designation 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) The individual designates the distribution from this Plan as an Excess Deferral prior to April 15 of the next taxable year; (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.