Common use of LIMITATION ON ALLOCATIONS Clause in Contracts

LIMITATION ON ALLOCATIONS. (a) If the Participant does not participate in, and has never participated in another qualified plan or a welfare benefit fund, as defined in section 419(e) of the Code, maintained by the Employer, or an individual medical benefit account, as defined in section 415(l)(2) of the Code, maintained by the Employer, or a simplified employee pension, as defined in section 408(k) of the Code, maintained by the Employer which provides an Annual Addition, the amount of Annual Additions which may be credited to the Participant's Accounts for any Limitation Year will not exceed the lesser of the Maximum Permissible Amount or any other limitation contained in this Plan. If the Employer contribution that would otherwise be contributed or allocated to the Participant's Accounts would cause the Annual Additions for the Limitation Year to exceed the Maximum Permissible Amount, the amount contributed or allocated will be reduced so that the Annual Additions for the Limitation Year will equal the Maximum Permissible Amount.

LIMITATION ON ALLOCATIONS. (a) (1) If the Participant does not participate in, and has never participated in another qualified plan maintained by the Employer or a welfare benefit fund, as defined in section 419(e) of the Code, Code maintained by the Employer, or an individual medical benefit account, as defined in section 415(l)(2415(1)(2) of the Code, maintained by the Employer, or a simplified employee pension, which provides an Annual Addition as defined in section 408(k) of the Code, maintained by the Employer which provides an Annual Addition1.07, the amount of Annual Additions which may be credited to the Participant's Accounts account for any Limitation Year will not exceed the lesser of the Maximum Permissible Amount or any other limitation contained in this Plan. If the Employer contribution that would otherwise be contributed or allocated to the Participant's Accounts account would cause the Annual Additions for the Limitation Year to exceed the Maximum Permissible Amount, the amount contributed or allocated will be reduced so that the Annual Additions for the Limitation Year year will equal the Maximum Permissible Amount.