Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable year. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. Furthermore, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned. (b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred. (c) Excess Elective Deferrals shall be adjusted for any income or loss up to the end of the taxable year, during which such excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Plan. (d) If the Participant receives a return of his or her Elective Deferrals, the amount of such contributions which are returned must be brought into the Employee's taxable income.
Appears in 5 contracts
Samples: Profit Sharing Plan (First Keystone Corp), Cash or Deferred Profit Sharing Plan (Port Financial Corp), 401(k) Plan Document (Berkshire Hills Bancorp Inc)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision No Participant shall be permitted to defer under this Plan with respect to a calendar year more than the maximum dollar amount permitted under Code Section 402(g), as indexed, for such calendar year. If a Participant defers more than the maximum allowed due to mistake of the Planfact, such Excess Elective Deferrals plus any income and minus any loss allocable thereto, or Xxxx Elective Deferrals shall be distributed to the Participant no later than April 1515 following the calendar year to which the excess is attributable. If a Participant who participates in this Plan and in another plan which permits Elective Deferrals or Xxxx Elective Deferrals defers more than the Code Section 402(g) maximum, 1988, and each April 15 thereafter, such Participant shall have the right to Participants notify one or both plans by March 1 of the calendar year following the year to whose accounts which the excess is attributable requesting a distribution of the Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess or Xxxx Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable yearDeferrals. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans the Plan, contract, or arrangement of this the Employer. FurthermoreIf distribution is requested, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount applicable plan(s) shall make distribution of the Excess Elective Deferrals or Xxxx Elective Deferrals, plus any income and minus any loss allocable thereto, no later than April 15 following the calendar year to which the excess is attributable. Excess Elective Deferrals or Xxxx Elective Deferrals that are distributed on a timely basis shall not be assignedconsidered Annual Additions for the Limitation Year during which such amounts are deferred.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Xxxx Elective Deferrals shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals or Xxxx Elective Deferrals is the sum of (1) income or loss allocable to the Participant’s Elective Deferral account or Xxxx Elective Deferral (and if applicable, the QNEC or QMAC account, or both) for the Plan Year multiplied by a fraction, the numerator of which is such Participant’s Excess Elective Deferrals or Xxxx Elective Deferrals for the year and the denominator is the Participant’s account balance attributable to Elective Deferrals or Xxxx Elective Deferrals (and QNECs or QMACs, 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 (2) ten percent (10%) of the amount determined under (1) multiplied by the number of whole calendar months between the end of the Plan Year and the date of distribution, counting the month of the distribution if the distribution occurs after the fifteenth (15th) of such month.
(c) The amount a Participant receives as a distribution of his or her Excess Elective Deferrals or Xxxx Elective Deferrals is includible in income with respect to the taxable year, during year to which such the excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Planis attributable.
(d) If Any income attributable to the Excess Elective Deferrals or Xxxx Elective Deferrals determined in (b) above shall be includible in income with respect to the taxable year in which the excess is distributed.
(e) Additionally, if so elected by the Employer in the Adoption Agreement, effective with the Plan Year beginning with or after January 1, 2006, Excess Elective Deferrals may be recharacterized as Catch-Up Contributions.
(f) A distribution of Excess Elective Deferrals is not includible in gross income to the extent it represents a distribution of designated Xxxx Elective Deferrals. However, the income allocable to a corrective distribution of Excess Elective Deferrals that are designated Xxxx Elective Deferrals is included in gross income in the same manner as income allocable to a corrective distribution of Excess Elective Deferrals that are not designated as Xxxx Elective Deferrals.
(g) The Plan Administrator may adopt a uniform written administrative policy that permits a Participant receives (including a return of his or her Highly Compensated Employee) who has made Elective Deferrals for a year where such Elective Deferrals includes both pre-tax Elective Deferrals and Xxxx Elective Deferrals to elect whether the Excess Elective Deferrals, are to be attributed to pre-tax Elective Deferrals or Xxxx Elective Deferrals or a combination of the two. In the event that no such administrative policy is adopted, Excess Elective Deferrals will be first attributed to pre-tax Elective Deferrals, and if such pre-tax contributions are not in an amount of such contributions which are returned must sufficient to make full correction, will then be brought into the Employee's taxable incomeattributed to Xxxx Elective Deferrals.
Appears in 2 contracts
Samples: Defined Contribution Plan (Old Dominion Freight Line Inc/Va), Defined Contribution Plan (Athens Bancshares Corp)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Planplan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable year. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. .
(b) Furthermore, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned.
(b) . The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Elective Deferrals shall be adjusted for any income or loss up to the end of the taxable year, during which such excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the PlanPlan or any other reasonable method. Whichever method is selected shall be used for all Participants and for all corrective distributions made from the Plan for the Plan Year.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount of such contributions which are returned must be brought into the Employee's taxable income.
Appears in 2 contracts
Samples: Adoption Agreement (Shared Technologies Cellular Inc), Non Standardized Adoption Agreement (Princeton Review Inc)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, No Participant shall be distributed no later permitted to defer under this Plan with respect to a calendar year more than April 15the maximum dollar amount permitted under Code Section 402(g), 1988as indexed, and each April 15 thereafter, to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess Elective Deferrals for such taxable calendar year. If a Participant defers more than the maximum allowed due to mistake of fact, such Excess Elective Deferrals shall be treated as Annual Additions under distributed to the Plan, unless such amounts are distributed Participant no later than the first April 15th 15 following the close calendar year to which the excess is attributable. If a Participant who participates in this Plan and in another plan which permits Elective Deferrals defers more than the Code Section 402(g) maximum, such Participant shall have the right to notify one or both plans by March 1 of the Participant's taxable yearcalendar year following the year to which the excess is attributable requesting a distribution of the Excess Elective Deferral. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this the Plan and any other plans of this the Employer. FurthermoreIf distribution is requested, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount applicable plan(s) shall make distribution of the Excess Elective Deferrals, plus any income and minus any loss allocable thereto, no later than April 15 following the calendar year to which the excess is attributable. Excess Elective Deferrals to which are distributed on a timely basis shall not be assignedconsidered Annual Additions for the Limitation Year during which such amounts are deferred.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Elective Deferrals shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals is the sum of (1) income or loss allocable to the Participant’s Elective Deferral account for the taxable year multiplied by a fraction, the numerator of which is such Participant’s Excess Elective Deferrals for the year and the denominator is the Participant’s account balance attributable to Elective Deferrals without regard to any income or loss occurring during such taxable year; and (2) ten percent (10%) of the amount determined under (1) multiplied by the number of whole calendar months between the end of the Participant’s taxable yearyear and the date of the distribution, during counting the month of the distribution if the distribution occurs after the fifteenth (15th) of such month.
(c) The amount a Participant receives as a distribution of his or her Excess Elective Deferrals is includible in income with respect to the taxable year to which such the excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Planis attributable.
(d) If Any income attributable to the Participant receives a return of his or her Excess Elective Deferrals, Deferrals determined in (b) above shall be includible in income with respect to the amount of such contributions taxable year in which are returned must be brought into the Employee's taxable incomeexcess is distributed.
Appears in 2 contracts
Samples: 401(k) Defined Contribution Plan (Measurement Specialties Inc), Defined Contribution Plan (United Community Bancorp)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision No Participant shall be permitted to defer under this Plan with respect to a calendar year more than the maximum dollar amount permitted under Code Section 402(g), as indexed, for such calendar year. If a Participant defers more than the maximum allowed due to mistake of the Planfact, such Excess Elective Deferrals plus any income and minus any loss allocable thereto, or Xxxx Elective Deferrals shall be distributed to the Participant no later than April 1515 following the calendar year to which the excess is attributable. If a Participant who participates in this Plan and in another plan which permits Elective Deferrals or Xxxx Elective Deferrals defers more than the Code Section 402(g) maximum, 1988, and each April 15 thereafter, such Participant shall have the right to Participants notify one or both plans by March 1 of the calendar year following the year to whose accounts which the excess is attributable requesting a distribution of the Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess or Xxxx Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable yearDeferrals. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans the Plan, contract, or arrangement of this the Employer. FurthermoreIf distribution is requested, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount applicable plan(s) shall make distribution of the Excess Elective Deferrals or Xxxx Elective Deferrals, plus any income and minus any loss allocable thereto, no later than April 15 following the calendar year to which the excess is attributable. Excess Elective Deferrals or Xxxx Elective Deferrals that are distributed on a timely basis shall not be assignedconsidered Annual Additions for the Limitation Year during which such amounts are deferred.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Xxxx Elective Deferrals shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals or Xxxx Elective Deferrals is the sum of (1) income or loss allocable to the Participant’s Elective Deferral account or Xxxx Elective Deferral (and if applicable, the QNEC or QMAC account, or both) for the Plan Year multiplied by a fraction, the numerator of which is such Participant’s Excess Elective Deferrals or Xxxx Elective Deferrals for the year and the denominator is the Participant’s account balance attributable to Elective Deferrals or Xxxx Elective Deferrals (and QNECs or QMACs, 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 (2) ten percent (10%) of the amount determined under (1) multiplied by the number of whole calendar months between the end of the Plan Year and the date of distribution, counting the month of the distribution if the distribution occurs after the fifteenth (15th) of such month.
(c) The amount a Participant receives as a distribution of his or her Excess Elective Deferrals or Xxxx Elective Deferrals is includible in income with respect to the taxable year, during year to which such the excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Planis attributable.
(d) If Any income attributable to the Excess Elective Deferrals or Xxxx Elective Deferrals determined in (b) above shall be includible in income with respect to the taxable year in which the excess is distributed.
(e) Additionally, if so elected by the Employer in the Adoption Agreement, effective with the Plan Year beginning with or after January 1, 2006, Excess Elective Deferrals may be recharacterized as Catch-Up Contributions.
(f) A distribution of Excess Elective Deferrals is not includible in gross income to the extent it represents a distribution of designated Xxxx Elective Deferrals. However, the income allocable to a corrective distribution of Excess Elective Deferrals that are designated Xxxx Elective Deferrals is included in gross income in the same manner as income allocable to a corrective distribution of Excess Elective Deferrals that are not designated as Xxxx Elective Deferrals. The Plan Administrator may adopt a uniform written administrative policy that permits a Participant receives (including a return of his or her Highly Compensated Employee) who has made Elective Deferrals for a year where such Elective Deferrals includes both pre-tax Elective Deferrals and Xxxx Elective Deferrals to elect whether the Excess Elective Deferrals, are to be attributed to pre-tax Elective Deferrals or Xxxx Elective Deferrals or a combination of the two. In the event that no such administrative policy is adopted, Excess Elective Deferrals will be first attributed to pre-tax Elective Deferrals, and if such pre-tax contributions are not in an amount of such contributions which are returned must sufficient to make full correction, will then be brought into the Employee's taxable incomeattributed to Xxxx Elective Deferrals.
Appears in 2 contracts
Samples: Defined Contribution Plan (ASB Bancorp Inc), Defined Contribution Plan (Fraternity Community Bancorp Inc)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision No Participant shall be permitted to defer under this Plan with respect to a calendar year more than the maximum dollar amount permitted under Code Section 402(g), as indexed, for such calendar year. If a Participant defers more than the maximum allowed due to mistake of the Planfact, such Excess Elective Deferrals plus any income and minus any loss allocable thereto, or Rxxx Elective Deferrals shall be distributed to the Participant no later than April 1515 following the calendar year to which the excess is attributable. If a Participant who participates in this Plan and in another plan which permits Elective Deferrals or Rxxx Elective Deferrals defers more than the Code Section 402(g) maximum, 1988, and each April 15 thereafter, such Participant shall have the right to Participants notify one or both plans by March 1 of the calendar year following the year to whose accounts which the excess is attributable requesting a distribution of the Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess or Rxxx Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable yearDeferrals. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans the Plan, contract, or arrangement of this the Employer. FurthermoreIf distribution is requested, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount applicable plan(s) shall make distribution of the Excess Elective Deferrals or Rxxx Elective Deferrals, plus any income and minus any loss allocable thereto, no later than April 15 following the calendar year to which the excess is attributable. Excess Elective Deferrals or Rxxx Elective Deferrals that are distributed on a timely basis shall not be assignedconsidered Annual Additions for the Limitation Year during which such amounts are deferred.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Rxxx Elective Deferrals shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals or Rxxx Elective Deferrals is the sum of (1) income or loss allocable to the Participant’s Elective Deferral account or Rxxx Elective Deferral (and if applicable, the QNEC or QMAC account, or both) for the Plan Year multiplied by a fraction, the numerator of which is such Participant’s Excess Elective Deferrals or Rxxx Elective Deferrals for the year and the denominator is the Participant’s account balance attributable to Elective Deferrals or Rxxx Elective Deferrals (and QNECs or QMACs, 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 (2) ten percent (10%) of the amount determined under (1) multiplied by the number of whole calendar months between the end of the Plan Year and the date of distribution, counting the month of the distribution if the distribution occurs after the fifteenth (15th) of such month.
(c) The amount a Participant receives as a distribution of his or her Excess Elective Deferrals or Rxxx Elective Deferrals is includible in income with respect to the taxable year, during year to which such the excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Planis attributable.
(d) If Any income attributable to the Excess Elective Deferrals or Rxxx Elective Deferrals determined in (b) above shall be includible in income with respect to the taxable year in which the excess is distributed.
(e) Additionally, if so elected by the Employer in the Adoption Agreement, effective with the Plan Year beginning with or after January 1, 2006, Excess Elective Deferrals may be recharacterized as Catch-Up Contributions.
(f) A distribution of Excess Elective Deferrals is not includible in gross income to the extent it represents a distribution of designated Rxxx Elective Deferrals. However, the income allocable to a corrective distribution of Excess Elective Deferrals that are designated Rxxx Elective Deferrals is included in gross income in the same manner as income allocable to a corrective distribution of Excess Elective Deferrals that are not designated as Rxxx Elective Deferrals.
(g) The Plan Administrator may adopt a uniform written administrative policy that permits a Participant receives (including a return of his or her Highly Compensated Employee) who has made Elective Deferrals for a year where such Elective Deferrals includes both pre-tax Elective Deferrals and Rxxx Elective Deferrals to elect whether the Excess Elective Deferrals, are to be attributed to pre-tax Elective Deferrals or Rxxx Elective Deferrals or a combination of the two. In the event that no such administrative policy is adopted, Excess Elective Deferrals will be first attributed to pre-tax Elective Deferrals, and if such pre-tax contributions are not in an amount of such contributions which are returned must sufficient to make full correction, will then be brought into the Employee's taxable incomeattributed to Rxxx Elective Deferrals.
Appears in 1 contract
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Planplan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable year. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. .
(b) Furthermore, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned.
(b) . The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified 408(k)[Simplified Employee Pensions], or 403(b) [annuity 403(b)[annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Elective Deferrals shall be adjusted for any income or loss up to the end of the taxable year, during which such excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the PlanPlan or any other reasonable method. Whichever method is selected shall be used for all Participants and for all corrective distributions made from the Plan for the Plan Year.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount of such contributions which are returned must be brought into the Employee's taxable income.
Appears in 1 contract
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, No Participant shall be distributed no later permitted to defer under this Plan with respect to a calendar year more than April 15the maximum dollar amount permitted under Code Section 402(g), 1988as indexed, and each April 15 thereafter, to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess Elective Deferrals for such taxable calendar year. If a Participant defers more than the maximum allowed due to mistake of fact, such Excess Elective Deferrals shall be treated as Annual Additions under distributed to the Plan, unless such amounts are distributed Participant no later than the first April 15th 15 following the close calendar year to which the excess is attributable. If a Participant who participates in this Plan and in another plan which permits Elective Deferrals defers more than the Code Section 402(g) maximum, such Participant shall have the right to notify one or both plans by March 1 of the Participant's taxable yearcalendar year following the year to which the excess is attributable requesting a distribution of the Excess Elective Deferral. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this the Plan and any other plans of this the Employer. FurthermoreIf distribution is requested, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount applicable plan(s) shall make distribution of the Excess Elective Deferrals, plus any income and minus any loss allocable thereto, no later than April 15 following the calendar year to which the excess is attributable. Excess Elective Deferrals to which are distributed on a timely basis shall not be assignedconsidered Annual Additions for the Limitation Year during which such amounts are deferred.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Elective Deferrals shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals is the sum of (1) income or loss allocable to the Participant's Elective Deferral account for the taxable year multiplied by a fraction, the numerator of which is such Participant's Excess Elective Deferrals for the year and the denominator is the Participant's account balance attributable to Elective Deferrals without regard to any income or loss occurring during such taxable year; and (2) ten percent (10%) of the amount determined under (1) multiplied by the number of whole calendar months between the end of the Participant's taxable yearyear and the date of the distribution, during counting the month of the distribution if the distribution occurs after the fifteenth (15th) of such month.
(c) The amount a Participant receives as a distribution of his or her Excess Elective Deferrals is includible in income with respect to the taxable year to which such the excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Planis attributable.
(d) If Any income attributable to the Participant receives a return of his or her Excess Elective Deferrals, Deferrals determined in (b) above shall be includible in income with respect to the amount of such contributions taxable year in which are returned must be brought into the Employee's taxable incomeexcess is distributed.
Appears in 1 contract
Samples: Nonstandardized Adoption Agreement (Banctrust Financial Group Inc)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision provisions of the Planplan, Excess Elective Deferrals excess elective deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants participants to whose accounts Excess Elective Deferrals excess elective deferrals were allocated for the preceding taxable year, year and who claim Excess Elective Deferrals excess elective deferrals for such taxable year. Excess Elective Deferrals elective deferrals shall be treated as Annual Additions annual additions under the Plan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable yearplan. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. Furthermore, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned.
(b) The Participantparticipant's claim under this Section 3.2.3 shall be in writing; shall be submitted to the Plan Administrator plan administrator not later than March 1 of each year1; shall specify the amount of the Participantparticipant's Excess Elective Deferrals excess elective deferral for the preceding taxable year; and shall be accompanied by the Participantparticipant's written statement that if such amounts are not distributed, such Excess Elective Deferralsexcess elective deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions]), or 403(b) [annuity programs for public schools and charitable organizations] of the Code, will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant participant by Code Section 402(g) of the Code for the taxable year in which the deferral occurred.
(c) Excess Elective Deferrals . The excess elective deferral shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to excess elective deferrals is the sum of (i) income or loss allocable to the participant's elective deferral account for the taxable year multiplied by a fraction, the numerator of which is such participant's excess elective deferrals for the year and the denominator of which is the participant's accrued benefit attributable to elective deferrals without regard to any income or loss occurring during such taxable year; and (ii) 10% of the amount determined under (i) multiplied by the number of whole calendar months between the end of the participant's taxable yearyear and the date of distribution, during which such excess was deferred. Income or loss will be calculated under counting the method used to calculate investment earnings and losses elsewhere in month of distribution if distribution occurs after the Plan.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount 15th of such contributions which are returned must be brought into the Employee's taxable incomemonth.
Appears in 1 contract
Samples: Profit Sharing Plan Adoption Agreement (Emerging Communications Inc)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision No Participant shall be permitted to defer under this Plan with respect to a calendar year more than the maximum dollar amount permitted under Code Section 402(g), as indexed, for such calendar year. If a Participant defers more than the maximum allowed due to mistake of the Planfact, such Excess Elective Deferrals plus any income and minus any loss allocable thereto, or Xxxx Elective Deferrals shall be distributed to the Participant no later than April 1515 following the calendar year to which the excess is attributable. If a Participant who participates in this Plan and in another plan which permits Elective Deferrals or Xxxx Elective Deferrals defers more than the Code Section 402(g) maximum, 1988, and each April 15 thereafter, such Participant shall have the right to Participants notify one or both plans by March 1 of the calendar year following the year to whose accounts which the excess is attributable requesting a distribution of the Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess or Xxxx Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable yearDeferrals. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans the Plan, contract, or arrangement of this the Employer. FurthermoreIf distribution is requested, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount applicable plan(s) shall make distribution of the Excess Elective Deferrals or Xxxx Elective Deferrals, plus any income and minus any loss allocable thereto, no later than April 15 following the calendar year to which the excess is attributable. Excess Elective Deferrals or Xxxx Elective Deferrals that are distributed on a timely basis shall not be assignedconsidered Annual Additions for the Limitation Year during which such amounts are deferred.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Xxxx Elective Deferrals shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals or Xxxx Elective Deferrals is the sum of (1) income or loss allocable to the Participant’s Elective Deferral account or Xxxx Elective Deferral (and if applicable, the QNEC or QMAC account, or both) for the Plan Year multiplied by a fraction, the numerator of which is such Participant’s Excess Elective Deferrals or Xxxx Elective Deferrals for the year and the denominator is the Participant’s account balance attributable to Elective Deferrals or Xxxx Elective Deferrals (and QNECs or QMACs, 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 (2) ten percent (10%) of the amount determined under (1) multiplied by the number of whole calendar months between the end of the Plan Year and the date of distribution, counting the month of the distribution if the distribution occurs after the fifteenth (15th) of such month. For Plan Years beginning after December 31, 2007, the requirement that gap period income be allocated pursuant to Code Section 402(g)(2)(A)(ii) shall no longer apply to such Excess Elective Deferrals.
(c) The amount a Participant receives as a distribution of his or her Excess Elective Deferrals or Xxxx Elective Deferrals is includible in income with respect to the taxable year, during year to which such the excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Planis attributable.
(d) If Any income attributable to the Excess Elective Deferrals or Xxxx Elective Deferrals determined in (b) above shall be includible in income with respect to the taxable year in which the excess is distributed.
(e) Additionally, if so elected by the Employer in the Adoption Agreement, effective with the Plan Year beginning with or after January 1, 2006, Excess Elective Deferrals may be recharacterized as Catch-Up Contributions.
(f) A distribution of Excess Elective Deferrals is not includible in gross income to the extent it represents a distribution of designated Xxxx Elective Deferrals. However, the income allocable to a corrective distribution of Excess Elective Deferrals that are designated Xxxx Elective Deferrals is included in gross income in the same manner as income allocable to a corrective distribution of Excess Elective Deferrals that are not designated as Xxxx Elective Deferrals.
(g) The Plan Administrator may adopt a uniform written administrative policy that permits a Participant receives (including a return of his or her Highly Compensated Employee) who has made Elective Deferrals for a year where such Elective Deferrals includes both pre-tax Elective Deferrals and Xxxx Elective Deferrals to elect whether the Excess Elective Deferrals, are to be attributed to pre-tax Elective Deferrals or Xxxx Elective Deferrals or a combination of the two. In the event that no such administrative policy is adopted, Excess Elective Deferrals will be first attributed to pre-tax Elective Deferrals, and if such pre-tax contributions are not in an amount of such contributions which are returned must sufficient to make full correction, will then be brought into the Employee's taxable incomeattributed to Xxxx Elective Deferrals.
Appears in 1 contract
Samples: Savings and Investment Plan Document (Sterling Chemicals Inc)
Distribution of Excess Elective Deferrals. (a) Notwithstanding A. General Rule - A Participant may assign to this Plan any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts made during a taxable year of the Participant by notifying the Plan Administrator of the amount of the Excess Elective Deferrals were allocated for to be assigned to the preceding taxable yearPlan. Unless specified otherwise in the Adoption Agreement, and Participants who claim Excess Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions the preceding calendar year must submit their claims (either in writing or in any other form permitted under rules promulgated by the Plan, unless such amounts are distributed no later than IRS and DOL) to the first April 15th following the close of the Participant's taxable yearPlan Administrator by March 1. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans plan, contract, or arrangement of this the Employer. FurthermoreNotwithstanding any other provision of the Plan, a Excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15th to any Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any whose Individual Account Excess Elective Deferrals made during a taxable were assigned for the preceding year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's and who claims Excess Elective Deferrals for such taxable year except to the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, extent such Excess Elective DeferralsDeferrals were classified as Catch-up Contributions. For years beginning after 2005, when added to amounts deferred under other plans or arrangements described the Plan Administrator, in Code Sections 401(k)a uniform and nondiscriminatory manner, 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed determine whether the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) distribution of Excess Elective Deferrals shall for a year will be adjusted for any income made first from the Participant’s Pre-Tax Elective Deferral account or loss up the Xxxx Elective Deferral account, or a combination of both, to the end of extent both Pre-Tax Elective Deferrals and Xxxx Elective Deferrals were made for the taxable year, during which such excess was deferred. Income or loss will be calculated under the method used may allow Participants to calculate investment earnings and losses elsewhere in the Planspecify otherwise.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount of such contributions which are returned must be brought into the Employee's taxable income.
Appears in 1 contract
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Planplan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable year. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. .
(b) Furthermore, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned.
(b) . The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, . when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Elective Deferrals shall be adjusted for any income or loss up to the end of the taxable year, during which such excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the PlanPlan or any other reasonable method. Whichever method is selected shall be used for all Participants and for all corrective distributions made from the Plan for the Plan Year.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount of such contributions which are returned must be brought into the Employee's taxable income.
Appears in 1 contract
Distribution of Excess Elective Deferrals. (a) A participant may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant by notifying the Plan Administrator on or before the date specified in the adoption agreement of the amount of the Excess Elective Deferrals to be assigned to the Plan. Notwithstanding any other provision provisions of the Plan, Excess Elective Deferrals Deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants any Participant to whose accounts account Excess Elective Deferrals were allocated assigned for the preceding taxable year, year and who claim claims Excess Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable year. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. Furthermore, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned.
(b1) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator plan administrator not later than March 1 the date elected in Section 15 of each yearthe CODA adoption agreement; shall specify the amount of the Participant's Excess Elective Deferrals Deferral for the preceding taxable calendar year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions]), or 403(b) [annuity programs for public schools and charitable organizations] of the Code, will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) of the Code for the year in which the deferral occurred.
(c2) Determination of income and loss: Excess Elective Deferrals shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals is the sum of: (a) Income or loss allocable to the Participant's Elective Deferral account for the taxable year multiplied by a fraction, the numerator of which is such Participant's Excess Elective Deferrals for the year and the denominator is the Participant's account balance attributable to Elective Deferrals without regard to any income or loss occurring during such taxable year; and (b) Ten percent of the amount determined under (a) multiplied by the number of whole calendar months between the end of the Participant's taxable yearyear and the date of distribution, during which such excess was deferred. Income or loss will be calculated under counting the method used to calculate investment earnings and losses elsewhere in month of distribution if distribution occurs after the Plan.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount 15th of such contributions which are returned must be brought into the Employee's taxable incomemonth.
Appears in 1 contract
Samples: Tax Sheltered Custodial Account Agreement (New England Funds Trust I)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess Elective Deferrals for such taxable year1. Excess Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable year. General Rule - A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. Furthermore, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, Participant by notifying the Plan Administrator by the following April 15, or by such earlier date specified in the Adoption Agreement, of the amount of the Excess Elective Deferrals to be assigned.
(b) assigned to this Plan. The Participant's claim shall Participant will be in writing; shall be submitted to treated as if he or she had notified the Plan Administrator not later than March 1 of any Excess Elective Deferrals arising only from Elective Deferrals under this Plan and other plans of the Employer or any Affiliated Company. Regardless of any other Plan provision, Excess Elective Deferrals assigned to this Plan, as adjusted for earnings and losses, will be distributed to the Participant on or before the April 15 following the taxable year in which they arose.
2. Determination of Earnings or Loss - Excess Elective Deferrals assigned to this Plan are adjusted for earnings and losses only until the end of the taxable year preceding or coinciding with the date of distribution, unless the Employer elects in the Adoption Agreement to have them adjusted for earnings and losses through the date of distribution. The earnings or loss allocable to each year; shall specify Participant's Excess Elective Deferrals assigned to this Plan is: (1) earnings or loss allocable to the amount Participant's Elective Deferral sub-account for the taxable year multiplied by a fraction, the numerator of which is the Participant's Excess Elective Deferrals assigned to this Plan for the preceding taxable year; year and shall be accompanied by the denominator of which is the Participant's written statement that if such amounts are not distributed, such Excess Individual Account balance at the close of the year attributable to Elective Deferrals, when added without regard to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Elective Deferrals shall be adjusted for any income earnings or loss up occurring during that taxable year, plus (2) if the Adoption Agreement indicates that earnings and losses through the date of distribution are to be paid out, 10% of the amount determined under (1) multiplied by the number of whole calendar months between the end of the taxable year, during which such excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Plan.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount of such contributions which are returned must be brought into the EmployeeParticipant's taxable incomeyear and the date of distribution, counting the month of distribution if the distribution occurs after the 15th of that month.
Appears in 1 contract
Samples: Plan Document and Trust Agreement (Stonepath Group Inc)
Distribution of Excess Elective Deferrals. (aA) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, thereto shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Planplan, unless such amounts are distributed no later than the first April 15th 15 following the close of the Participant's taxable year. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. .
(B) Furthermore, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned.
(b) . The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], ] or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) ), imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(cC) Excess Elective Deferrals shall be adjusted for any income or loss up to the end of the taxable year, year during which such excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the PlanPlan or any other reasonable method. Whichever method is selected shall be used for all Participants and for all corrective distributions made from the Plan for the Plan Year.
(dD) If the Participant receives a return of his or her Elective Deferrals, the amount of such contributions which are returned must be brought into the Employee's taxable income.
Appears in 1 contract
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Planplan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable year. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. .
(b) Furthermore, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned.
(b) . The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Elective Deferrals shall be adjusted for any income or loss up to the end of the taxable year, during which such excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Plan.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount of such contributions which are returned must be brought into the Employee's taxable income.
Appears in 1 contract
Samples: Adoption Agreement (Professionals Insurance Co Management Group)
Distribution of Excess Elective Deferrals. (a) Notwithstanding A. General Rule - A Participant may assign to this Plan any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts made during a taxable year of the Participant by notifying the Plan Administrator of the amount of the Excess Elective Deferrals were allocated for to be assigned to the preceding taxable yearPlan. Unless specified otherwise in the Adoption Agreement, and Participants who claim Excess Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions the preceding calendar year must submit their claims (either in writing or in any other form permitted under rules promulgated by the Plan, unless such amounts are distributed no later than IRS and DOL) to the first April 15th following the close of the Participant's taxable yearPlan Administrator by March 1. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this the Employer. FurthermoreNotwithstanding any other provision of the Plan, a Excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15th to any Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any whose Individual Account Excess Elective Deferrals made during a taxable were assigned for the preceding year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's and who claims Excess Elective Deferrals for the preceding such taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) B. Determination of Income or Loss - Excess Elective Deferrals shall be adjusted for any income or loss up to the end last day of the Plan Year. The income or loss allocable to Excess Elective Deferrals is equal to the income or loss allocable to the Participant's Elective Deferral account for the taxable year multiplied by a fraction, the numerator of which is such Participant's Elective Deferrals for the year and the denominator is the Participant's Individual Account balance attributable to Elective Deferrals without regard to any income or loss occurring during such taxable year. Notwithstanding the preceding sentence, during which such excess was deferred. Income the Plan Administrator may compute the income or loss will be calculated allocable to Excess Elective Deferrals in the manner described in Section 7.02(B) of the Plan (i.e., the usual manner used by the Plan for allocating income or loss to Participants' Individual Accounts or any reasonable method), provided such method is used consistently for all Participants and for all corrective distributions under the method used to calculate investment earnings and losses elsewhere in Plan for the PlanPlan Year.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount of such contributions which are returned must be brought into the Employee's taxable income.
Appears in 1 contract
Samples: Retirement Plan Document (Merchants & Manufacturers Bancorporation Inc)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts Excess mean those Elective Deferrals were allocated for that are includible in a Participant's gross income under Section 402(g) of the preceding taxable year, and who claim Excess Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such taxable yearCode Section. Excess Elective Deferrals shall be treated as Annual Additions under the Planplan, unless such amounts are distributed no later than the first April 15th 15 following the close of the Participant's taxable year. A Participant may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant by notifying the Plan Administrator on or before the date specified in the Adoption Agreement of the amount of the Excess Elective Deferrals to be assigned to the Plan. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. FurthermoreNotwithstanding any other provisions of the Plan, a Excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15 to any Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any whose account Excess Elective Deferrals made during a taxable were assigned for the preceding year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assigned.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's and who claims Excess Elective Deferrals for the preceding such taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans . Determination of income or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) loss: Excess Elective Deferrals shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals is the sum of: (1) income or loss allocable to the Participant's Elective Deferral account for the taxable year multiplied by a fraction, the numerator of which is such Participant's Excess Elective Deferrals for the year and the denominator is the Participant's Account balance attributable to Elective Deferrals without regard to any income or loss occurring during such taxable year; and (2) ten percent of the amount determined under (1) multiplied by the number of whole calendar months between the end of the Participant's taxable yearyear and the date of distribution, during which such excess was deferred. Income or loss will be calculated under counting the method used to calculate investment earnings and losses elsewhere in month of distribution if distribution occurs after the Plan.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount 15th of such contributions which are returned must be brought into the Employee's taxable incomemonth.
Appears in 1 contract
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision No Participant shall be permitted to defer under this Plan with respect to a calendar year more than the maximum dollar amount permitted under Code Section 402(g), as indexed, for such calendar year. If a Participant defers more than the maximum allowed due to mistake of the Planfact, such Excess Elective Deferrals plus any income and minus any loss allocable thereto, or Xxxx Elective Deferrals shall be distributed to the Participant no later than April 1515 following the calendar year to which the excess is attributable. If a Participant who participates in this Plan and in another plan which permits Elective Deferrals or Xxxx Elective Deferrals defers more than the Code Section 402(g) maximum, 1988, and each April 15 thereafter, such Participant shall have the right to Participants notify one or both plans by March 1 of the calendar year following the year to whose accounts which the excess is attributable requesting a distribution of the Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess or Xxxx Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable yearDeferrals. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans the Plan, contract, or arrangement of this the Employer. FurthermoreIf distribution is requested, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount applicable plan(s) shall make distribution of the Excess Elective Deferrals or Xxxx Elective Deferrals, plus any income and minus any loss allocable thereto, no later than April 15 following the calendar year to which the excess is attributable. Excess Elective Deferrals or Xxxx Elective Deferrals that are distributed on a timely basis shall not be assignedconsidered Annual Additions for the Limitation Year during which such amounts are deferred.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Xxxx Elective Deferrals shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals or Xxxx Elective Deferrals is the sum of (1) income or loss allocable to the Participant’s Elective Deferral account or Xxxx Elective Deferral (and if applicable, the QNEC or QMAC account, or both) for the Plan Year multiplied by a fraction, the numerator of which is such Participant’s Excess Elective Deferrals or Xxxx Elective Deferrals for the year and the denominator is the Participant’s account balance attributable to Elective Deferrals or Xxxx Elective Deferrals (and QNECs or QMACs, 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 (2) ten percent (10%) of the amount determined under (1) multiplied by the number of whole calendar months between the end of the Plan Year and the date of distribution, counting the month of the distribution if the distribution occurs after the fifteenth (15th) of such month.
(c) The amount a Participant receives as a distribution of his or her Excess Elective Deferrals or Xxxx Elective Deferrals is includible in income with respect to the taxable year, during year to which such the excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Planis attributable.
(d) If Any income attributable to the Excess Elective Deferrals or Xxxx Elective Deferrals determined in (b) above shall be includible in income with respect to the taxable year in which the excess is distributed.
(e) Additionally, if so elected by the Employer in the Adoption Agreement, effective with the Plan Year beginning with or after January 1, 2006, Excess Elective Deferrals may be recharacterized as Catch-Up Contributions.
(f) A distribution of Excess Elective Deferrals is not includible in gross income to the extent it represents a distribution of designated Xxxx Elective Deferrals. However, the income allocable to a corrective distribution of Excess Elective Deferrals that are designated Xxxx Elective Deferrals is included in gross income in the same manner as income allocable to a corrective distribution of Excess Elective Deferrals that are not designated as Xxxx Elective Deferrals.
4. The Plan Administrator may adopt a uniform written administrative policy that permits a Participant receives (including a return of his or her Highly Compensated Employee) who has made Elective Deferrals for a year where such Elective Deferrals includes both pre-tax Elective Deferrals and Xxxx Elective Deferrals to elect whether the Excess Elective Deferrals, are to be attributed to pre-tax Elective Deferrals or Xxxx Elective Deferrals or a combination of the two. In the event that no such administrative policy is adopted, Excess Elective Deferrals will be first attributed to pre-tax Elective Deferrals, and if such pre-tax contributions are not in an amount of such contributions which are returned must sufficient to make full correction, will then be brought into the Employee's taxable incomeattributed to Xxxx Elective Deferrals.
Appears in 1 contract
Samples: Defined Contribution Plan (Wellesley Bancorp, Inc.)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision of the Plan, Excess Elective Deferrals plus any income and minus any loss allocable thereto, No Participant shall be distributed no later permitted to defer under this Plan with respect to a calendar year more than April 15the maximum dollar amount permitted under Code Section 402(g), 1988as indexed, and each April 15 thereafter, to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess Elective Deferrals for such taxable calendar year. If a Participant defers more than the maximum allowed due to mistake of fact, such Excess Elective Deferrals shall be treated as Annual Additions under distributed to the Plan, unless such amounts are distributed Participant no later than the first April 15th 15 following the close calendar year to which the excess is attributable. If a Participant who participates in this Plan and in another plan which permits Elective Deferrals defers more than the Code Section 402(g) maximum, such Participant shall have the right to notify one or both plans by March 1 of the Participant's taxable yearcalendar year following the year to which the excess is attributable requesting a distribution of the Excess Elective Deferral. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this the Plan and any other plans of this the Employer. FurthermoreIf distribution is requested, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount applicable plan(s) shall make distribution of the Excess Elective Deferrals, plus any income and minus any loss allocable thereto, no later than April 15 following the calendar year to which the excess is attributable. Excess Elective Deferrals to which are distributed on a timely basis shall not be assigned.considered Annual Additions for the Limitation Year during which such amounts are deferred. 61
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Elective Deferrals shall be adjusted for any income or loss up to the date of distribution. The income or loss allocable to Excess Elective Deferrals is the sum of (1) income or loss allocable to the Participant's Elective Deferral account for the taxable year multiplied by a fraction, the numerator of which is such Participant's Excess Elective Deferrals for the year and the denominator is the Participant's account balance attributable to Elective Deferrals without regard to any income or loss occurring during such taxable year; and (2) ten percent (10%) of the amount determined under (1) multiplied by the number of whole calendar months between the end of the Participant's taxable yearyear and the date of the distribution, during counting the month of the distribution if the distribution occurs after the fifteenth (15th) of such month.
(c) The amount a Participant receives as a distribution of his or her Excess Elective Deferrals is includible in income with respect to the taxable year to which such the excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Planis attributable.
(d) If Any income attributable to the Participant receives a return of his or her Excess Elective Deferrals, Deferrals determined in (b) above shall be includible in income with respect to the amount of such contributions taxable year in which are returned must be brought into the Employee's taxable incomeexcess is distributed.
Appears in 1 contract
Samples: Nonstandardized Adoption Agreement (Felcor Lodging Trust Inc)
Distribution of Excess Elective Deferrals. (aA) Notwithstanding If in any other provision Participant's taxable year the amount of Elective Deferrals made by a Participant exceeds the Planmaximum amount set forth in Section 1 above, the Excess Elective Deferrals plus any income and minus any loss allocable thereto, attributable to the Excess Elective Deferrals shall be distributed no later than April 15, 1988, and each April 15 thereafter, to Participants to whose accounts of the year following the Participant's taxable year in which the Excess Elective Deferrals were allocated for the preceding taxable year, and who claim occurred. Excess Elective Deferrals for such taxable yearthat are not distributed by the April 15 date shall remain in the Plan and be subject to the general withdrawal restrictions applicable to Elective Deferrals as specified in Article XIV. Even if distributed prior to the April 15 date, Excess Elective Deferrals shall be treated as Annual Additions with respect to the maximum limitations under Code Section 415 to the Planextent required by the Secretary of the Treasury.
(B) In the event a Participant enters into two or more salary reduction agreements with respect to the Participants' taxable year, unless such amounts are distributed and the Participant's Elective Deferrals to this Plan and another plan qualified under Code Sections 401(a) and 401(k), exceed the maximum Elective Deferral amount set forth in Section 1 of this Article for this taxable year, the Participant may notify the employer in writing no later than March 1st of the first April 15th following next taxable year of the close portion of the excess attributable to elective deferrals made to this Plan. The portion of the excess made to this Plan becomes Excess Elective Deferrals and must be handled as provided in subsection (A) above.
(C) The amount of Excess Elective Deferrals for a participant's taxable year that must be distributed to a Participant is reduced by any Excess Contributions attributable to the Plan Year beginning with or within the Participant's taxable year. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals year that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of this Employer. Furthermore, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount of the Excess Elective Deferrals to be assignedhave previously been distributed.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Elective Deferrals shall be adjusted for any income or loss up to the end of the taxable year, during which such excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Plan.
(d) If the Participant receives a return of his or her Elective Deferrals, the amount of such contributions which are returned must be brought into the Employee's taxable income.
Appears in 1 contract
Samples: Retirement Savings Plan (Belden Inc)
Distribution of Excess Elective Deferrals. (a) Notwithstanding any other provision No Participant shall be permitted to defer under this Plan with respect to a calendar year more than the maximum dollar amount permitted under Code Section 402(g), as indexed, for such calendar year. If a Participant defers more than the maximum allowed due to mistake of the Planfact, such Excess Elective Deferrals plus any income and minus any loss allocable thereto, or Xxxx Elective Deferrals shall be distributed to the Participant no later than April 1515 following the calendar year to which the excess is attributable. If a Participant who participates in this Plan and in another plan which permits Elective Deferrals or Xxxx Elective Deferrals defers more than the Code Section 402(g) maximum, 1988, and each April 15 thereafter, such Participant shall have the right to Participants notify one or both plans by March 1 of the calendar year following the year to whose accounts which the excess is attributable requesting a distribution of the Excess Elective Deferrals were allocated for the preceding taxable year, and who claim Excess or Xxxx Elective Deferrals for such taxable year. Excess Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15th following the close of the Participant's taxable yearDeferrals. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans the Plan, contract, or arrangement of this the Employer. FurthermoreIf distribution is requested, a Participant who participates in another plan allowing Elective Deferrals may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant, by notifying the Plan Administrator of the amount applicable plan(s) shall make distribution of the Excess Elective Deferrals or Xxxx Elective Deferrals, plus any income and minus any loss allocable thereto, no later than April 15 following the calendar year to which the excess is attributable. Excess Elective Deferrals or Xxxx Elective Deferrals that are distributed on a timely basis shall not be assignedconsidered Annual Additions for the Limitation Year during which such amounts are deferred.
(b) The Participant's claim shall be in writing; shall be submitted to the Plan Administrator not later than March 1 of each year; shall specify the amount of the Participant's Excess Elective Deferrals for the preceding taxable year; and shall be accompanied by the Participant's written statement that if such amounts are not distributed, such Excess Elective Deferrals, when added to amounts deferred under other plans or arrangements described in Code Sections 401(k), 408(k) [Simplified Employee Pensions], or 403(b) [annuity programs for public schools and charitable organizations] will exceed the $7,000 limit as adjusted under Code Section 415(d) imposed on the Participant by Code Section 402(g) for the year in which the deferral occurred.
(c) Excess Xxxx Elective Deferrals shall be adjusted for any income or loss. For Taxable Years beginning after 2007, the income or loss up allocable to Excess Elective Deferrals or Xxxx Elective Deferrals is the income or loss allocable to the Participant’s Elective Deferral account or Xxxx Elective Deferral (and if applicable, the QNEC or QMAC account, or both) for the Year multiplied by a fraction, the numerator of which is such Participant’s Excess Elective Deferrals or Xxxx Elective Deferrals for the year and the denominator is the Participant’s account balance attributable to Elective Deferrals or Xxxx Elective Deferrals (and QNECs or QMACs, or both, if any of such contributions are included in the ADP Test) without regard to any income or loss occurring during such Year. For Taxable Years beginning before 2008, income or loss allocable to Excess Deferrals or Xxxx Elective Deferrals (and if applicable, QNECs and QMACs) also include 10% of the amount determined under the preceding sentence multiplied by the number of whole calendar months between the end of the Plan Year and the date of distribution, counting the month of the distribution if the distribution occurs after the fifteenth (15th) of such month.
(c) The amount a Participant receives as a distribution of his or her Excess Elective Deferrals or Xxxx Elective Deferrals is includible in income with respect to the taxable year, during year to which such the excess was deferred. Income or loss will be calculated under the method used to calculate investment earnings and losses elsewhere in the Planis attributable.
(d) If Any income attributable to the Participant receives a return of his Excess Elective Deferrals or her Xxxx Elective Deferrals, the amount of such contributions which are returned must be brought into the Employee's taxable income.Deferrals determined in
Appears in 1 contract
Samples: Defined Contribution Plan
