Limitation on Annual Additions. This c. should be checked only if the Employer maintains another Defined Contribution Plan in which any Participant is a participant, and the Employer will not apply the rules set forth under Section 7.2 of the BPD. Instead, the Employer will limit Annual Additions in the following manner: _________________________________________________________________
Limitation on Annual Additions. In no event shall amounts be allocated to the Account of any Participant if, or to the extent, such amounts would exceed the limitations set forth in Appendix A to this Plan Statement.
Limitation on Annual Additions. Subject to Section 6.6, the aggregate Annual Additions to this Plan and all other defined contribution plans (including all plans or portions thereof subject to section 415(c) of the Code) maintained by all Employers and Affiliates for any Plan Year shall not exceed the lesser of (a) $30,000 as adjusted pursuant to section 415(d) of the Code, or (b) 25 percent of the Member’s Earnings for such year.
Limitation on Annual Additions. (a) Notwithstanding anything in this Section 2 to the contrary, the total annual additions made to the Contract on behalf of a Participant for any year may not exceed the limits imposed by section 415 of the Code, as they may be adjusted from time to time. The limits of section 415 of the Code applicable to 403(b) annuity contracts are herein incorporated by reference.
(b) If, as a result of a reasonable error in estimating a Participant's annual compensation (as defined in section 415 of the Code), a reasonable error in determining the amount of Salary Reduction Contributions that may be made with respect to any individual under the limits of section 415, or such other circumstances that the Commissioner of Internal Revenue may find, there is an amount allocated to a Participant's Individual Account in excess of the section 415 limits, such excess may be disposed of as follows at the request of the Participant:
(1) Any Salary Reduction Contributions (including any gains thereon) to the extent they would reduce the excess amount, may be returned to the Participant.
(c) For purposes of this Section 2.4, the term "annual additions" means the amount of Salary Reduction Contributions credited to a Participant's Individual Account for a taxable year.
Limitation on Annual Additions. Anything in this Article VII to the contrary notwithstanding, in no event shall Member Contributions made with respect to any Plan Year regarding a Member subject to the Police CBA exceed the lesser of $54,000 (as modified for cost of living adjustments under Section 415 of the Code) or one hundred percent (100%) of such Member’s compensation, as defined by Section 415(c)(3) of the Code, for the Plan Year.
Limitation on Annual Additions. (1) Notwithstanding any other provision of the Plan, the sum of the Annual Additions to a Participant’s Account for any Limitation Year shall not exceed the lesser of:
(i) Thirty Thousand Dollars ($30,000) for Plan Years ending prior to 2001; Thirty Five Thousand Dollars ($35,000) for Plan Years ending in 2001 or commencing in 2001 and ending in 2002, and Forty Thousand Dollars ($40,000) for Plan Years commencing on or after January 1, 2002 adjusted for each subsequent Plan Year to reflect cost of living increases for the Plan Year provided under Code Section 415(d) or published by the Secretary of the Treasury, or (ii) twenty-five percent (25%) of such Participant’s Limitation Year Compensation for the entire Limitation Year (even though such Participant may not have been a Participant for the entire Limitation Year) for Limitation Years commencing prior to 2002, and 100% of such Participant’s Limitation Year Compensation for the entire Limitation Year (even though such Participant may not have been a Participant for the entire Limitation Year) for Limitation Years commencing in 2002 or later. This paragraph (ii) shall not apply to any contribution for medical benefits after separation from service within the meaning of Code Section 401(h) or 419. If a Limitation Year is less than a 12-consecutive month period, the above dollar limitations for the short Limitation Year shall not exceed the amount determined in the preceding sentence multiplied by a fraction, the numerator of which is the number of whole months in the short Limitation Year and the denominator of which is twelve (12). The term “Annual Additions” to a Participant’s Account for any Limitation Year shall mean the sum of:
(a) such Participant’s allocable share of the Company Contributions and Company Matching Contributions credited to such Participant within such Limitation Year; and
(b) the amount of such Participant’s Elective Contributions (including any amounts characterized as Excess Contributions and amounts characterized as Excess Deferrals, if such Excess Deferrals are not distributed as provided for in Subsection 4.03(7) hereof), and Excess Aggregate Contributions under the Plan, if any, for such Limitation Year; and
(c) such Participant’s allocable share of Forfeitures, if any, credited to such Participant within such Limitation Year; and
(d) any amount allocated to an “individual medical account,” as defined in Code Section 415(1)(2), which is part of a Defined Benefit Plan maintaine...
Limitation on Annual Additions. Notwithstanding any other provision of the Plan, the sum of the annual additions to a Participant's Account(s) for any Limitation Year shall not exceed the lesser of (i) $30,000, or such other amount as may be permitted by regulations prescribed by the Secretary of the Treasury or his delegate pursuant to Section 415(d) of the Code, such adjustment to take effect in the Limitation Year which ends in the calendar year in which such adjustment is effective, or (ii) twenty-five percent (25%) of such Participant's Limitation Year Compensation (including for this purpose Compensation earned during that portion of the Limitation Year prior to the date an employee became a Participant in the Plan). The term "annual additions to a Participant's Account." for any Limitation Year, means the sum of (A) all Employer contributions allocated pursuant to Section 5.01 to such Accounts, (B) all forfeitures allocated pursuant to Section 11.03 to such Account(s), (C) all suspense account amounts, if any, allocated pursuant to Section 5.02(c) to such Account(s), and (D) any voluntary (post-tax) contributions allocated to such Account(s). For purposes of applying the dollar limitation of clause (i) above, annual additions shall also include any amount credited to an individual medical account (as defined in Section 415(l) of the Code) or on behalf of a Participant, or to a Key Employee's post-retirement medical benefit account (as referred to in Section 419A of the Code) maintained by an Employer. In the case of a Limitation Year of less than twelve (12) months' duration, the dollar limit of clause (i) above, as adjusted, shall be proportionately reduced.
Limitation on Annual Additions. Notwithstanding anything else contained herein, the Annual Additions, as defined in Appendix A, to the ESOP account of a Participant shall not exceed the lesser of $30,000 (as adjusted for increases in the cost of living as described in Code Section 415(d)) or 25% of the Participant’s Section 415 Compensation from the Company and all Related Companies during the Plan Year, in accordance with the provisions of Appendix A attached hereto. If, in any Plan Year, no more than one-third of contributions to the Plan are allocated to Participants who are Highly Compensated Employees, the $30,000 limitation (as adjusted) shall be increased by the lesser of $30,000 or the amount of Stock contributed or purchased with cash contributed to the Plan and the above limitations shall not apply to contributions to the Plan which are used to make interest payments under an Exempt Loan.
Limitation on Annual Additions. If the Employer maintains or ever maintained another qualified plan in which any Participant in this plan is (or was) a Participant or could become a Participant, the Employer must complete this Section. The Employer must also complete this Section if it maintains a welfare benefit fund, as defined in Section 419(e) of the Code, or an individual medical account, as defined in Section 415(1)(2) of the Code, under which amounts are treated as Annual Additions with respect to any Participant in this Plan. If a Participant is covered under another qualified defined contribution plan maintained by the Employer, other than another regional prototype plan: [ ] The provisions of Article 8 will apply as if the other plan were a regional prototype plan. [ ] Attached is a schedule setting forth the method under which the plans will limit total annual additions to the maximum permissible amount, and will properly reduce any excess amounts, in a manner that precludes Employer discretion. If the Participant is or has ever been a Participant in a defined benefit plan maintained by the Employer, attach a schedule that assures compliance with Section 415 of the Code. NOTICE The adopting Employer may not rely on a notification letter issued by the National or District office of the Internal Revenue Service as evidence that the Plan is qualified under Section 401 of the Internal Revenue Code. In order to obtain reliance with respect to plan qualification, the Employer must apply to the appropriate key district office for a determination letter. This Adoption Agreement may be used only in conjunction with basic plan document #01. CAVEAT YOU SHOULD CONSULT WITH YOUR ATTORNEY BEFORE SIGNING THIS DOCUMENT. FAILURE TO PROPERLY COMPLETE THIS DOCUMENT MAY RESULT IN DISQUALIFICATION OF THE PLAN. THE EMPLOYER MAY NOT RELY ON AN OPINION LETTER ISSUED BY THE NATIONAL OFFICE OF THE INTERNAL REVENUE SERVICE AS EVIDENCE THAT THE PLAN IS QUALIFIED UNDER SECTION 401 OF THE INTERNAL REVENUE CODE. IN ORDER TO OBTAIN RELIANCE WITH RESPECT TO PLAN QUALIFICATION, THE EMPLOYER MUST APPLY TO THE APPROPRIATE KEY DISTRICT OFFICE FOR A DETERMINATION LETTER.
Limitation on Annual Additions. 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 maintained by the employer, or an individual medical account, as defined in Section 415(1)(2) of the Code, maintained by the employer, which provides an annual addition as defined in
