Common use of Imposition of Limitations Clause in Contracts

Imposition of Limitations. Notwithstanding anything contained in the Plan to the contrary, the Administrator may, in his or her sole discretion, limit the amount of a Participant’s Pre-Tax Contributions during a Plan Year to the extent that he or she determines that the imposition of such a limit is necessary or appropriate to ensure that the Plan will satisfy the requirements of this Article. Any such limitation may be imposed on a Participant at any time and without advance notice to the Participant, and regardless of whether the Participant is covered by a collective bargaining agreement between employee representatives and an Employer. The Administrator can impose limitations beyond those that are absolutely necessary to satisfy the requirements of this Article and may, in his or her sole discretion, impose more restrictive limitations that are designed to enable the Plan to satisfy those requirements by a reasonable margin. Notwithstanding anything contained in the Plan to the contrary, in the event that the Contributions to be allocated to a Participant for a particular payroll period would cause the limitations of Section 13.04 to be exceeded with respect to a Participant, the Matching Contributions which otherwise would be made with respect to such Participant for such period will be first reduced or eliminated so that the limitations of Section 13.04 are not exceeded.

Imposition of Limitations. Notwithstanding anything contained in the Plan to the contrary, the Administrator may, in his or her sole discretion, limit the amount of a Participant’s Pre-Tax Contributions during a Plan Year to the extent that he or she determines that the imposition of such a limit is necessary or appropriate to ensure that the Plan will satisfy the requirements of this Article. Any such limitation may be imposed on a Participant at any time and without advance notice to the Participant, and regardless of whether the Participant is covered by a collective bargaining agreement between employee representatives and an Employer. The Administrator can impose limitations beyond those that are absolutely necessary to satisfy the requirements of this Article and may, in his or her sole discretion, impose more restrictive limitations that are designed to enable the Plan to satisfy those requirements by a reasonable margin. Notwithstanding anything contained in the Plan to the contrary, in the event that the Contributions to be allocated to a Participant for a particular payroll period would cause the limitations of Section 13.04 13.05 to be exceeded with respect to a Participant, the Matching Contributions which otherwise would be made with respect to such Participant for such period will be first reduced or eliminated so that the limitations of Section 13.04 13.05 are not exceeded.