Excess Annual Additions. The excess of the Participant’s Annual Additions for the Limitation Year over the Maximum Permissible Amount.
Excess Annual Additions. Notwithstanding any provision of the Plan to the contrary, if the annual additions (within the meaning of Code §415) are exceeded for any participant, then the Plan may only correct such excess in accordance with the Employee Plans Compliance Resolution System (EPCRS) as set forth in Revenue Procedure 2006-27 or any superseding guidance, including, but not limited to, the preamble of the final §415 regulations.
Excess Annual Additions. (a) If and to the extent it is determined that any contribution of any Contributing Company is in excess of the limitations imposed by Section 7.3, and provided that such contribution was made by a good faith mistake of fact, then such excess shall be returned to the Contributing Company within one year after payment of the contribution.
(b) If, due to a reasonable error in estimating a Member’s annual Compensation, a reasonable error in determining the amount of Member Pre-Tax Contributions that may be made with respect to any individual under the limits of Section 415 of the Code, or due to such other facts and circumstances as may justify the availability of this special rule, the Annual Additions to the Member’s Account under this Fund and under any other defined contribution plans of the Contributing and Affiliated Companies exceed the limitations set forth in Section 7.3(a), then the excess Annual Additions shall be treated in the order described below until the applicable limitation is satisfied:
(1) To the extent of Company Contributions made during the Plan Year, the excess Annual Additions, in a Member’s account, if any, shall be treated in accordance with any one of the following three methods:
(A) Such excess Annual Additions in a Member’s Account shall be used to reduce Company Contributions for the next calendar year (and succeeding calendar years, as necessary) for that Member, if that Member is covered by the Fund as of the end of the calendar year. However, if that Member is not covered by the Fund as of the end of the calendar year, then the excess Annual Additions must be held unallocated in a suspense account for the calendar year and allocated and reallocated in the next calendar year to all of the remaining Members’ Accounts in the Fund. Furthermore, the excess Annual Additions must be used to reduce Company Contributions for the next calendar year (and succeeding calendar years, as necessary) for all of the remaining Members of the Fund. Excess Annual Additions may not be distributed to Member or Former Members.
(B) Such excess Annual Additions in a Member’s Account shall be allocated and reallocated to other Members’ Accounts. However, if that allocation or reallocation causes the limitations of Section 415 of the Code to be exceeded with respect to each Member for the calendar year, the remaining excess Annual Additions must be held unallocated in a suspense account for the calendar year and allocated and reallocated in the next ca...
Excess Annual Additions. The term “Excess Annual Additions” means an amount of Annual Additions credited to a Participant’s Account that exceeds the maximum Annual Additions limitation set forth in Section 6.1 for any Limitation Year. If Excess Annual Additions are treated according to Section 6.4, then such Excess Annual Additions will not be deemed Annual Additions.
Excess Annual Additions. If, as a result of the allocation of forfeitures, a reasonable error in estimating a Participant’s Compensation or such other mitigating circumstances as the Commissioner of Internal Revenue shall prescribe, the Annual Additions for a Participant for a Plan Year exceed the limitations set forth in subsection 8.3, the excess amounts shall be treated, as necessary, in accordance with Treas. Reg. § 1.415-6(b)(6)(i), after any After-Tax Contributions and then any Before-Tax Contributions are first returned in accordance with Treas. Reg. § 1.415-6(b)(6)(iv). Any Before-Tax or After-Tax Contributions returned to the Participant in accordance with this subsection 8.4 shall be disregarded for purposes of subsections 8.6, 8.7, 8.9 and 8.11.
Excess Annual Additions. If, due to the allocation of Forfeitures, a reasonable estimation of a Participant’s Compensation that exceeds his actual Compensation, or a miscalculation in a Participant’s Elective Deferrals, a Participant’s Annual Additions exceed his Maximum Permissible Amount for the Limitation Year, the following adjustments may be made in an order determined by the Plan Administrator and applied in a uniform and non-discriminatory manner until the Participant’s Annual Additions equal his Maximum Permissible Amount:
Excess Annual Additions. The final income tax regulations relating to section 415 of the Code that were made effective July 1, 2007 do not contain the correction methods for Excess Annual Additions that were in section 1.415-6(b)(6) of the 1981 Income Tax Regulations. If the Plan is eligible for self-correction under Rev. Proc. 2006-27, 2006-22 I.R.B. 945, it may be able to implement corrections using these methods.
Excess Annual Additions. If the annual additions limitation described in this Article V is exceeded for any Plan Year, first, any voluntary contribution in the Plan Year shall be returned to the Participant whose annual additions limitation was exceeded. Second, the excess, if any, consisting of forfeitures, shall be reallocated to the other eligible Participants who received an allocation of the Employer's Contribution under Section 6.01 of this Plan in proportion to the ratio which each such Participant's total Compensation for the applicable Plan Year bears to the total Compensation paid to all such Participants for the applicable Plan Year. If the annual additions limitation is still exceeded after the above steps, then the excess, consisting of forfeitures, shall be held in a suspense account. This process shall be repeated each Plan Year until the suspense account is exhausted. Upon termination of this Plan, the balance in such suspense account shall revert to the Employer.
Excess Annual Additions. If Annual Additions to the accounts of a Participant exceed the limitations described in Section 5.4, contributions made by the Employer under salary reduction agreements for the Plan Year which cause the excess, if any, shall be returned to the Participant. If, after returning such contributions to the Participant, an excess still exists, such excess shall be treated as a Forfeiture. This Forfeiture shall be reallocated to the ESOP Accounts of other Participants under Paragraph D of Section 5.
Excess Annual Additions. If in any Plan Year a Participant’s Annual Additions exceed the limitation determined under Subsection (a)(6), such excess shall not be allocated to the Participant’s accounts under any defined contribution plan. Instead, the excess shall be handled in the following manner and order until it is eliminated:
(1) The Participant’s unmatched employee contributions under any other defined contribution plan, or any part thereof, shall be refunded to the Participant;
(2) The Participant’s matched employee contributions under any other defined contribution plan, or any part thereof, shall be refunded to the Participant;
(3) The employer matching contributions allocated to the Participant under any other defined contribution plan, or any part thereof, shall be placed in a suspense account; and
(4) The Employer Contributions allocated to the Participant under this Plan, or any part thereof, shall be placed in a suspense account. The amount held in a suspense account under Subsection (b)(3) or (b)(4) shall be used to reduce contributions by the Employer of the affected Participant for the next Plan Year. Any such suspense account shall share in the gains and losses of the Trust Fund on the same basis as other accounts.
