Common use of Internal Revenue Service Clause in Contracts

Internal Revenue Service. Except in the case of a rollover contribution described in section 402(c), 403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16), an employer contribution to a simplified employee pension plan as described in section 408(k) or a recharacterized contribution described in section 408A(d)(6), the Custodian will accept only cash contributions up to $3,000 per year for tax years 2002 through 2004. That contribution limit is increased to $4,000 for tax years 2005 through 2007, and $5,000 for 2008 and thereafter. For individuals who have reached the age of 50 before the close of the tax year, the contribution limit is increased to $3,500 per year for tax years 2002 through 2004, $4,500 for 2005, $5,000 for 2006 and 2007, and $6,000 for 2008 and thereafter. For tax years after 2008, the above limits will be increased to reflect a cost-of-living adjustment, if any.

Internal Revenue Service. Except in the case of a rollover contribution described in section 402(c), 403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16), an employer contribution to a simplified employee pension plan as described in section 408(k) or a recharacterized contribution described in section 408A(d)(6), the Custodian will accept only cash contributions up to $3,000 5,500 per year for tax years 2002 2013 through 2004. That contribution limit is increased to $4,000 for tax years 2005 through 2007, and $5,000 for 2008 and thereafter2017. For individuals who have reached the age of 50 before by the close end of the tax year, the contribution limit is increased to $3,500 6,500 per year for tax years 2002 2013 through 2004, $4,500 for 2005, $5,000 for 2006 and 2007, and $6,000 for 2008 and thereafter2017. For tax years after 2008, the above 2017; these limits will be increased to reflect a cost-of-of- living adjustment, if any.