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. 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 estimation a Participant's compensation, a reasonable error in determining the amount of Elective Deferrals that may be made by an individual under the limits on Annual Additions, or because of other facts and circumstances which the Commissioner of the Internal Revenue Service finds justifies the availability of the rules under Treasury Regulation Section 1.415-6(b)(6), the Annual Additions under this Plan for a particular Participant would cause the limitations of Code Section 415 applicable to that Participant for the Limitation Year in question to be exceeded, the excess amounts shall not be deemed Annual Additions in that Limitation Year if the Following procedures are followed for that Limitation Year:
Excess Annual Additions. If, due to the allocation of forfeitures, a reasonable estimation of a Participant's compensation which exceeds his actual compensation, or a miscalculation in a Participant's elective deferrals (within the meaning of section 402(g)(3) of the Code), the Annual Addition for a Participant exceeds his Maximum Permissible Annual Addition for the Limitation Year, the following adjustments shall be made in the following order until the Participant's Annual Addition equals his Maximum Permissible Annual Addition:
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.
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 5.3. To the extent reallocation of the Forfeiture cannot occur because of the limits of
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:
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, as a result of 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 8.2, the excess amounts shall be used to reduce Matching Contributions for the next Plan Year (and succeeding years) for that Participant in accordance with Treas. Reg. § 1.415-6(b)(6)(ii), after any Before-Tax Contributions are first returned. Any Before-Tax Contributions returned to a Participant in accordance with this subsection 8.5 shall be disregarded for purposes of subsections 8.6, 8.8, 8.10 and 8.12.
