Common use of Distribution of Excess Contributions Clause in Contracts

Distribution of Excess Contributions. Notwithstanding any other provisions of 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 such 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 10% excise tax will be imposed on the Employer 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 which are attributable to each of such Employees. Excess Contributions shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Contributions is the sum of: (i) income or loss allocable to the Participant's Elective Deferral account (and, if applicable, the Qualified Employer Nonelective Contribution Account or the Qualified Employer Matching Contribution Account, or both) for the Plan Year multiplied by a fraction, the numerator of which is such Participant's Excess Contributions for the year and the denominator of which is the Participant's account balance attributable to Elective Deferrals (and Qualified Employer Nonelective or Matching Contributions, or both, if included in the ADP test) without regard to any income or loss occurring during such Plan Year, and (ii) 10% of the amount determined under (I) multiplied by the number of whole calendar months between the end of the Plan Year and the date of distribution, counting the month of distribution if distribution occurs after the 15th day of such month.

Distribution of Excess Contributions. Notwithstanding any other provisions provision of 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 such 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 which are attributable to each of such Employees. Excess Contributions shall be allocated to Participants who are subject to the family member aggregation rules of Section 414(q)(6) of the Code in the manner prescribed by the regulations. Excess Contributions (including the amounts recharacterized) shall be treated as Annual Additions under the Plan. (1) Determination of Income or Loss: Excess Contributions shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Contributions is the sum of: (ia) income Income or loss allocable to the Participant's Elective Deferral account (and, if applicable, the Qualified Employer Nonelective Non-elective Contribution Account account or the Qualified Employer Matching Contribution Account, Contributions account or both) for the Plan Year multiplied by a fraction, the numerator of which is such Participant's Excess Contributions for the year and the denominator of which is the Participant's account balance attributable to Elective Deferrals (and Qualified Employer Nonelective Non-Elective Contributions or Qualified Matching Contributions, or both, if any of such contributions are included in the ADP test) without regard to any income or loss occurring during such Plan Year, ; and (iib) 10% Ten Percent of the amount determined under (Ia) multiplied by the number of whole calendar months between the end of the Plan Year and the date of distribution, counting the month of distribution if distribution occurs after the 15th day of such month. (2) Accounting for Excess Contributions: Excess Contributions shall be distributed from the Participant's Elective Deferral account and Qualified Matching Contribution account (if applicable) in proportion to the Participant's Elective Deferrals and Qualified Matching Contributions (to the extent used in the ADP test) for the Plan Year. Excess Contributions shall be distributed from the Participant's Qualified Defined Contribution Plan and Trust Document (3) A Participant may treat his Excess Contributions as an amount distributed to the Participant and then contributed by the Participant to the Plan. Recharacterized amounts will remain nonforfeitable and subject to the same distribution requirements as Elective Deferrals. Amounts may not be recharacterized by a Highly Compensated Employee to the extent that such amount in combination with other Employee Contributions made by that Employee would exceed any stated limit under the Plan on Employee Contributions. Recharacterization must occur no later than two and one-half months after the last day of the Plan Year in which such Excess Contributions arose and is deemed to occur no earlier than the date the last Highly Compensated Employee is informed in writing of the amount recharacterized and the consequences thereof. Recharacterized amounts will be taxable to the Participant for the Participant's tax year in which the Participant would have received them in cash.

Distribution of Excess Contributions. Notwithstanding any other provisions provision of 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 who are Highly Compensated Employees on the basis of the amount of contributions by, or on behalf of, each of such Excess Contributions were allocated for Employees beginning with such Highly Compensated Employee with the preceding Plan Yeargreatest contribution. If such excess amounts are distributed more than 2 1/2 21/2 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 which are attributable to each of such Employees. Excess Contributions distributed under this Section shall be adjusted for any income or loss up to based on a reasonable method of computing the date of distributionallocable income or loss. The method selected must be applied consistently to all Participants and used for all corrective distributions under the Plan for the Plan Year, and must be the same method that is used by the Plan for allocating income or loss allocable to Excess Contributions is the sum of: (i) income Participants' Accounts. Income or loss allocable to the Participant's Elective Deferral account (and, if applicable, the Qualified Employer Nonelective Contribution Account or the Qualified Employer Matching Contribution Account, or both) for the Plan Year multiplied by a fraction, the numerator of which is such Participant's Excess Contributions for the year and the denominator of which is the Participant's account balance attributable to Elective Deferrals (and Qualified Employer Nonelective or Matching Contributions, or both, if included in the ADP test) without regard to any income or loss occurring during such Plan Year, and (ii) 10% of the amount determined under (I) multiplied by the number of whole calendar months period between the end of the Plan Year taxable year and the date of distribution, counting distribution may be disregarded in determining income or loss. Matching Contributions attributable to Excess Contributions that have been returned shall be forfeited and allocated in the month of distribution if distribution occurs after same manner as Employer Matching Contributions. Excess Contributions attributable to Qualified Non-Elective Contributions shall be distributed from the 15th day of Participant's Qualified Non-Elective Contribution Account or Qualified Matching Contribution Account only to the extent that such monthExcess Contributions exceed the balance in the Participant's Elective Contribution Account.

Distribution of Excess Contributions. Notwithstanding any other provisions provision of 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 Accounts such 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 which are 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 Elective Deferrals (and any amounts treated as Elective Deferrals) of each family member that is combined to determine the combined ADP. Excess Contributions distributed under this section shall be adjusted for any income or loss up to based on a reasonable method of computing the date of distributionallocable income or loss. The method selected must be applied consistently to all Participants and used for all corrective distributions under the Plan for the Plan Year, and must be the same method that is used by the Plan for allocating income or loss allocable to Excess Contributions is the sum of: (i) income Participants' Accounts. Income or loss allocable to the Participant's Elective Deferral account (and, if applicable, the Qualified Employer Nonelective Contribution Account or the Qualified Employer Matching Contribution Account, or both) for the Plan Year multiplied by a fraction, the numerator of which is such Participant's Excess Contributions for the year and the denominator of which is the Participant's account balance attributable to Elective Deferrals (and Qualified Employer Nonelective or Matching Contributions, or both, if included in the ADP test) without regard to any income or loss occurring during such Plan Year, and (ii) 10% of the amount determined under (I) multiplied by the number of whole calendar months period between the end of the Plan Year taxable year and the date of distribution, counting distribution may be disregarded in determining income or loss. Excess Contributions shall be distributed from the month of distribution if distribution occurs after Participant's Elective Contribution Account in proportion to the 15th day of Participant's Elective Deferrals for the Plan Year. Excess Contributions attributable to Qualified Non-Elective Contributions shall be distributed from the Participant's Qualified Non-Elective Contribution Account only to the extent that such monthExcess Contributions exceed the balance in the Participant's Elective Contribution Account.