Common use of Distribution of Excess Contributions Clause in Contracts

Distribution of Excess Contributions. Notwithstanding any other provision of the Plan, Excess Contributions, plus any income and minus any loss allocable thereto, shall be distributed no later than the last day of each Plan Year to Participants to whose accounts Excess Contributions were allocated for the preceding Plan Year. If such excess amounts are distributed more than 2-1/2 months after the last day of the Plan Year in which such excess amounts arose, a ten (10) percent excise tax will be imposed on the Employer maintaining the Plan with respect to such amounts. Such distributions shall be made to Highly Compensated Employees on the basis of the respective portions of the Excess Contributions attributable to each of such Employees. Excess Contributions of Participants who are subject to the Family Member aggregation rules shall be allocated among the Family Members in proportion to the Before Tax Contributions (and amounts treated as Before Tax Contributions) of each Family Member that is combined to determine the combined ADP. Excess Contributions (including the amounts recharacterized) shall be treated as Annual Additions under the Plan.

Distribution of Excess Contributions. (a) Notwithstanding any other provision of the this Plan, Excess Contributions, plus any income and minus any loss allocable thereto, shall be distributed no later than the last day of each Plan Year year to Participants to whose accounts such Excess Contributions were allocated for the preceding Plan Year. If such excess amounts are distributed more than 2-2 1/2 months after the last day of the Plan Year plan year in which such excess amounts amount arose, a ten (10) 10 percent excise tax will shall be imposed on the Employer maintaining the Plan with respect to such amounts. Such distributions shall be made to Highly Compensated Employees on the basis of the respective portions of the Excess Contributions attributable to each of such Employees. Excess Contributions of Participants who are subject to the Family Member family member aggregation rules shall be allocated among the Family Members family members in proportion to the Before Tax Contributions Elective Deferrals (and amounts treated as Before Tax ContributionsElective Deferrals) of each Family Member family members that is combined to determine the combined ADP. . (b) Excess Contributions (including the amounts recharacterized) shall be treated as Annual Additions annual additions under the Planplan.

Distribution of Excess Contributions. GENERAL RULE - Notwithstanding any other provision of the this Plan, Excess Contributions, plus any income and minus any loss allocable thereto, shall be distributed no later than the last day of each Plan Year to Participants to whose accounts Individual Accounts such Excess Contributions were allocated for the preceding Plan Year. If such excess amounts are distributed more than 2-2 1/2 months after the last day of the Plan Year in which such excess amounts arose, a ten (10) percent % excise tax will be imposed on the Employer maintaining the Plan with respect to such amounts. Such distributions shall be made to Highly Compensated Employees on the basis of the respective portions of the Excess Contributions attributable to each of such Employees. Excess Contributions of Participants who are subject to the Family Member family member aggregation rules shall be allocated among the Family Members family members in proportion to the Before Tax Contributions Elective Deferrals (and amounts treated as Before Tax ContributionsElective Deferrals) of each Family Member family member that is combined to determine the combined ADP. Excess Contributions (including the amounts recharacterized) shall be treated as Annual Additions annual additions under the Plan.