Common use of Distribution of Excess Elective Deferrals Clause in Contracts

Distribution of Excess Elective Deferrals. A Participant may allocate to the Plan any Excess Deferrals made during a calendar year by notifying the Committee 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 shall be deemed to notify the Committee of any Excess Elective Deferrals that arise by taking into account only those Elective Deferrals made to this Plan and any other plans of the Employer. 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 to Participants to whose accounts Excess Elective Deferrals were allocated for the preceding year and who claim Excess Elective Deferrals for such taxable year no later than the date specified in the Adoption Agreement.