Elective Deferrals In A 401 Sample Clauses

Elective Deferrals In A 401. (k) Plan (a) Elective Deferrals are Employer contributions made to the Plan at the election of the Participant in lieu of cash compensation. With respect to any taxable year, a Participant’s Elective Deferrals are the sum of all Employer contributions made on behalf of such Participant pursuant to an election to defer under any qualified cash or deferred arrangement (“CODA”) described in Code Section 401(k), any salary reduction simplified employee pension described in Code Section 408(k)(6), any SIMPLE IRA Plan described in Code Section 408(p), any Plan described under Code Section 501(c)(18), and any Employer contributions made on the behalf of a Participant for the purchase of an annuity contract under Code Section 403(b) pursuant to a salary reduction agreement. For Plan Years beginning after 2005, the term “Elective Deferrals” includes both pre-tax Elective Deferrals and ▇▇▇▇ Elective Deferrals. Pre-tax Elective Deferrals are a Participant’s Elective Deferrals that are not includible in the Participant’s gross income at the time deferred. Elective Deferrals or ▇▇▇▇ Elective Deferrals shall not include any deferrals properly distributed as Excess Annual Additions. (b) A Participant may enter into a Salary Deferral Agreement with the Employer authorizing the Employer to withhold a portion of such Participant's Compensation not to exceed the dollar limit under Code Section 402(g), as adjusted under Code Section 415(d), for the Applicable Calendar Year, or the percentage or dollar amount of Compensation specified in the Adoption Agreement except to the extent permitted under paragraph 4.7 and Code Section 414(v), if applicable. The dollar limitation contained in Code Section 402(g) was $15,000 for taxable years beginning in 2006. After 2006, this limit may be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 402(g)(4). (c) Any Salary Deferral Agreement may not be effective earlier than the latest date of the following: (1) the date of the Participant’s entry (or reentry) into the Plan; (2) the execution of the Participant’s Salary Deferral Agreement; (3) the date the Employer adopts the Cash or Deferred Profit-Sharing Plan by executing the Adoption Agreement; (4) the Effective Date of the Elective Deferral or ▇▇▇▇ Elective Deferral provisions as specified in the Adoption Agreement; (5) the first Entry Date after the Participant becomes subject to the Plan’s Automatic Enrollment Provisions. (d) Any such contribution ...