Distribution of Excess Deferrals (Regular or Catch-up) Sample Clauses

Distribution of Excess Deferrals (Regular or Catch-up). If a Member has made Excess Deferrals for any Plan Year, the Committee shall, after consultation with the named fiduciary of any applicable other Controlled Group Plan, determine the portion of such Excess Deferrals to be assigned to this Plan (which shall be the total Excess Deferrals less the portion thereof assigned to another Controlled Group Plan) and distribute the portion thereof so assigned, adjusted for any income or loss attributable thereto for such Plan Year. The amount to be distributed for a Plan Year shall be adjusted to reflect the amount of Elective Contributions previously distributed by the Plan on or after the beginning of such Plan Year in order to comply with the limitations of Section 3.3. If the Member’s Elective Account is invested in more than one Investment Fund, such distribution shall be made pro rata, to the extent practicable, from all such Investment Funds. In order to receive such excess Elective Contributions, the Member must deliver a written claim to the Committee by March 1 of the Plan Year of distribution. Such claim must include (i) a statement that the Member’s Elective Deferral Limit will be exceeded unless the excess Elective Contributions are distributed and (ii) an agreement to forfeit Matching Contributions made with respect to such excess Elective Contributions and allocated to his Matching Account (if any). Matching Contributions forfeited pursuant to this Section 3.1.8 shall be applied to reduce contributions by the Employer
Sample 1
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Distribution of Excess Deferrals (Regular or Catch-up). If a Member has made Excess Deferrals for any Plan Year, the Committee shall, after consultation with the named fiduciary of any applicable other Controlled Group Plan, determine the portion of such Excess Deferrals to be assigned to this Plan (which shall be the total Excess Deferrals less the portion thereof assigned to another Controlled Group Plan) and distribute the portion thereof so assigned, adjusted for any (i) income or loss attributable thereto for such Plan Year and, (ii) effective solely for the 2007 Plan Year, “gap period” income or loss from the end of the Plan Year to the date of distribution determined in accordance with such method authorized under applicable regulations as the Committee shall specify. The amount to be distributed for a Plan Year shall be adjusted to reflect the amount of Elective Contributions previously distributed by the Plan on or after the beginning of such Plan Year in order to comply with the limitations of Section 3.3. If the Member's Elective Account is invested in more than one Investment Fund, such distribution shall be made pro rata, to the extent practicable, from all such Investment Funds. In order to receive such excess Elective Contributions, the Member must deliver a written claim to the Committee by March 1 of the Plan Year of distribution. Such claim must include (i) a statement that the Member's Elective Deferral Limit will be exceeded unless the excess Elective Contributions are distributed and (ii) an agreement to forfeit Matching Contributions made with respect to such excess Elective Contributions and allocated to his Matching Account (if any). Matching Contributions forfeited pursuant to this Section 3.1.8 shall be applied to reduce contributions by the Employer hereunder. If a Member's has made Excess Deferrals as a result of contributions to this Plan and any other plans or agreements maintained by an Employer or Controlled Group Affiliate, the Committee shall deem such a claim to have been delivered by the Member and distribute the excess no later than April 15 of the following year.
Sample 1

Related to Distribution of Excess Deferrals (Regular or Catch-up)

  • Distribution of Excess Contributions If the Advisory Committee determines the Plan fails to satisfy the ADP test for a Plan Year, it must distribute the excess contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail to satisfy the ADP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess contributions. The Advisory Committee will determine the respective shares of excess contributions by starting with the Highly Compensated Employee(s) who has the greatest ADP, reducing his ADP (but not below the next highest ADP), then, if necessary, reducing the ADP of the Highly Compensated Employee(s) at the next highest ADP level (including the ADP of the Highly Compensated Employee(s) whose ADP the Advisory Committee already has reduced), and continuing in this manner until the average ADP for the Highly Compensated Group satisfies the ADP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess contributions assigned to the family unit.

  • DISTRIBUTION OF EXCESS AGGREGATE CONTRIBUTIONS The Advisory Committee will determine excess aggregate contributions after determining excess deferrals under Section 14.07 and excess contributions under Section 14.08. If the Advisory Committee determines the Plan fails to satisfy the ACP test for a Plan Year, it must distribute the excess aggregate contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess aggregate contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess aggregate contributions are the amount of aggregate contributions allocated on behalf of the Highly Compensated Employees which causes the Plan to fail to satisfy the ACP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess aggregate contributions. The Advisory Committee will determine the respective shares of excess aggregate contributions by starting with the Highly Compensated Employee(s) who has the greatest contribution percentage, reducing his contribution percentage (but not below the next highest contribution percentage), then, if necessary, reducing the contribution percentage of the Highly Compensated Employee(s) at the next highest contribution percentage level (including the contribution percentage of the Highly Compensated Employee(s) whose contribution percentage the Advisory Committee already has reduced), and continuing in this manner until the ACP for the Highly Compensated Group satisfies the ACP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess aggregate contributions assigned to the family unit.

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Death After Separation from Service But Before Benefit Distributions Commence If the Executive is entitled to benefit distributions under this Agreement, but dies prior to the commencement of said benefit distributions, the Bank shall distribute to the Beneficiary the same benefits that the Executive was entitled to prior to death except that the benefit distributions shall commence within thirty (30) days following receipt by the Bank of the Executive’s death certificate.

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • Qualified Matching Contributions If selected below, the Employer may make Qualified Matching Contributions for each Plan Year (select all those applicable):

  • Deferral Account 3.1 Establishing and Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • Distribution Eligibility Shares issued in a Fund after receipt of a completed purchase order shall be eligible to receive distributions of the Fund at the time specified in the prospectus pursuant to which the Shares are offered.

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