Distribution of Excess Deferrals. Notwithstanding any provision of the Agreement to the contrary, the Employer or the Plan TPA may direct the Custodian in writing to distribute“excess deferrals,” as defined in Code Section 402(g)(2)(A). If the Custodian receives timely written notification of the excess deferral, then the amount of such excess deferral, adjusted for any income or loss allocable thereto, shall be distributed to the Participant no later than the first April 15 following the close of the taxable year, in accordance with Code Section 402(g)(2)(A) and the regulations thereunder. The Custodian shall have no obligation to independently determine or effect distribution of any such amount.
Appears in 4 contracts
Samples: Custodial Account Agreement, Custodial Account Agreement, Custodial Account Agreement
