Disposition of Excess Amount. If, pursuant to Section 3.03(A), or because of the allocation of forfeitures, there is an Excess Amount with respect to a Participant in the Plan for a Limitation Year, the Advisory Committee will dispose of such Excess Amount as follows:
(a) The Advisory Committee will return any nondeductible voluntary Employee contributions to the Participant to the extent that the return would reduce the Excess Amount.
(b) If, after the application of paragraph (a), an Excess Amount still exists, and the Plan covers the Participant at the end of the Limitation Year, then the Advisory Committee will use the Excess Amount(s) to reduce future Employer contributions (including any allocation of forfeitures) under the Plan for the next Limitation Year and for each succeeding Limitation Year, as is necessary, for the Participant.
(c) If, after the application of paragraph (a), an Excess Amount still exists, and the Plan does not cover the Participant at the end of the Limitation Year, then the Advisory Committee will hold the Excess Amount unallocated in a suspense account. The Advisory Committee will apply the suspense account to reduce Employer contributions (including allocation of forfeitures) for all remaining Participants in the Plan in the next Limitation Year, and in each succeeding Limitation Year if necessary.
(d) The Advisory Committee will not distribute any Excess Amount(s) to Participants or to former Participants.
Disposition of Excess Amount. If as a result of allocation of Amounts Forfeited or the application of (c) above there is an Excess Amount with respect to a Participant for a Limitation Year, such Excess Amount shall be disposed of in the following order:
(i) Any Voluntary Nondeductible Contributions to the extent they would reduce the excess amount shall be returned to the Participant.
(ii) If the Participant is an Employee at the end of the Limitation Year, Excess Amounts shall not be distributed to the Participant but shall be reapplied to reduce future Employer contributions and Amounts Forfeited under this Plan for such Participant for the next Limitation Year and succeeding years, as necessary. The amount allocated to such Participant’s accounts in the next Limitation Year shall equal the sum of his share of actual Employer contributions and Amounts Forfeited and any Excess Amount carried forward for such Participant.
(iii) If the Participant is not an Employee at the end of the Limitation Year, the Excess Amount shall be held unallocated in a suspense account. The amounts contained in the suspense account shall be applied to reduce the future allocation of Employer contributions and Amounts Forfeited for all remaining Participants in the next Limitation Year and each succeeding Limitation Year, if necessary. All amounts in the suspense account must be allocated and reallocated to Participants’ accounts before any Employer or Employee contributions may be made to the Plan for that Limitation Year. Excess Amounts may not be distributed to Participants or former Participants. Any amount held in a suspense account shall not participate in the allocation of the Trust Fund investment gains and losses.
Disposition of Excess Amount. If, as a result of the use of estimated Total Compensation, the allocation of forfeitures, a reasonable error in determining the amount of Section 401(k) Deferrals that may be made under this Article 7, or other reasonable error in applying the Annual Additions Limitation, an Excess Amount arises, the excess will be disposed of as follows:
(1) Any Employee After-Tax Contributions (plus attributable earnings), to the extent such contributions would reduce the Excess Amount, will be returned to the Participant. The Employer may elect not to apply this subsection (1) if the ACP Test (as defined in Section 17.3) has already been performed and the distribution of Employee After-Tax Contributions to correct the Excess Amount will cause the ACP Test to fail or will change the amount of corrective distributions required under Section 17.3(d)(1) of this BPD. If Employer Matching Contributions were allocated with respect to Employee After-Tax Contributions for the Limitation Year, the Employee After-Tax Contributions and Employer Matching Contributions will be corrected together. Employee After-Tax Contributions will be distributed under this subsection (1) only to the extent the Employee After-Tax Contributions, plus the Employer Matching Contributions allocated with respect to such Employee After-Tax Contributions, reduce the Excess Amount. Thus, after correction under this subsection (1), each Participant should have the same level of Employer Matching Contribution with respect to the remaining Employee After-Tax Contributions as provided under Part 4B of the Agreement. Any Employer Matching Contributions identified under this subsection (1) will be treated as an Excess Amount correctable under subsections (3) and (4) below. If Employer Matching Contributions are allocated to both Employee After-Tax Contributions and to Section 401(k) Deferrals, this subsection (1) is applied by treating Employer Matching Contributions as allocated first to Section 401(k) Deferrals.
(2) If, after the application of subsection (1), an Excess Amount still exists, any Section 401(k) Deferrals (plus attributable earnings), to the extent such deferrals would reduce the Excess Amount, will be distributed to the Participant. The Employer may elect not to apply this subsection (2) if the ADP Test (as defined in Section 17.2) has already been performed and the distribution of Section 401(k) Deferrals to correct the Excess Amount will cause the ADP Test to fail or will change the amount of...
Disposition of Excess Amount. If there is an Excess Amount with respect to a Participant for a Limitation Year because of contributions based on estimated Compensation or because of the allocation of forfeitures, the Committee shall dispose of such Excess Amount as follows:
Disposition of Excess Amount. If under Section 3.7.2(C), as a result of the allocation of forfeitures or as a result of an error in estimating 415 Limitation Compensation or in determining the amount of Elective Deferral Contributions, there is an Excess Amount with respect to the Participant for a Limitation Year, the Excess Amount shall be disposed of as follows:
Disposition of Excess Amount. If, pursuant to subsection 3.3(a), or because of the allocation of Forfeitures, there is an Excess Amount with respect to a Participant for a Limitation Year, the Plan Administration Committee shall dispose of such Excess Amount as provided under the Employee Plans Compliance Resolution System or such other correction method allowed by statute, regulations or regulatory authorities.
Disposition of Excess Amount. If, pursuant to Section 5.3(b) or ---------------------------- because of an allocation of Forfeitures, there is an Excess Amount attributable to a Participant for a Limitation Year, then the Committee will dispose of the Excess Amount as follows:
(i) The Committee shall return any nondeductible Participant Voluntary After Tax Contributions to the Participant to the extent that the return would reduce the Excess Amount.
(ii) If, after the application of clause (i) an Excess Amount still exists, and the Plan covers the Participant at the end of the Limitation Year, then the Committee will use the Excess Amounts to reduce future Employer Contributions (including any allocation of Forfeitures) under the Plan for the next Limitation Year and for each succeeding Limitation Year, as is necessary, for the Participant. The Participant may elect to limit Compensation for allocation purposes to the extent necessary to reduce the allocation for the Limitation Year to the Maximum Permissible Amount and eliminate the Excess Amount.
(iii) If, after the application of clause (i) an Excess Amount still exits and the Plan does not cover the Participant at the end of the Limitation Year, then the Committee shall hold the Excess Amount in a suspense account and use the Excess Amount to reduce Employer Contributions on behalf of remaining Participants and shall allocate and reallocate to the Individual Accounts of remaining Participants in succeeding Limitation Years to the extent permissible under the foregoing limitations, prior to any further Annual Additions to the Plan. If the Plan should be terminated or contributions should be completely discontinued, the funds in the suspense account will be allocated to the extent not prohibited by Code Section 415. Any suspense account shall not be adjusted for investment gains or losses of the Trust Fund.
(iv) The Committee will not distribute any Excess Amount(s) to Participants or to Former Participants.
(v) Notwithstanding the foregoing sentence and the foregoing paragraphs (i), (ii), (iii), and (iv), the Committee may distribute Elective Deferrals (within the meaning of Code Section 402(g)(3)) or return voluntary or mandatory Employee Contributions, to the extent the distribution or return would reduce the excess amounts in the Participant's account.
Disposition of Excess Amount. If there is an Excess Amount with respect to ---------------------------- a Participant for a Limitation Year because of contributions based on estimated Testing Compensation, the allocation of forfeitures or a reasonable error in determining the amount of Elective Deferrals, the Plan Administrator shall dispose of such Excess Amount as follows:
Disposition of Excess Amount. If, because of (i) a reasonable error in estimating a Participant's Compensation, (ii) the allocation of forfeitures, or (iii) such other limited facts and circumstances which, pursuant to Treasury Regulations at Section 1.415-6(b)(6), the Commissioner of the Internal Revenue Service believes justify the availability of the rules set forth in this Section 3.07(B), there is an Excess Amount with respect to a Participant for a Limitation Year, the Plan Administrative Committee shall hold such Excess Amount unallocated in a suspense account for the Limitation Year and shall allocate and reallocate such Excess Amount in the next Limitation Year to all of the Participants in the Plan in the manner described in Treasury regulations at Section 1.415-6(b)(6)(i). Such Excess Amounts shall be used to reduce Employer contributions for the next Limitation Year (and succeeding Limitation Years, as necessary) for all Participants in the Plan.
Disposition of Excess Amount. If, because of the determination of the Participant's actual Compensation, because of the allocation of forfeitures or because of a Participant's Elective Contributions, there is an Excess Amount with respect to a Participant for a Limitation Year, the Plan Administrator will dispose of such Excess Amount as follows:
