Common use of Limitation on Salary Reduction Contributions Clause in Contracts

Limitation on Salary Reduction Contributions. (a) Employer contributions that are made to the Account pursuant to a Salary Reduction Agreement shall not exceed the amount of $10,000, or such greater amounts as may be permitted with respect to the Employee for the taxable year under Section 402(g)(5) of the Code, reduced by the aggregate amounts contributed in any calendar year at the election of the Employee to any qualified cash and deferred arrangement described in Section 401(k) of the Code, any simplified employee pension described in Section 408(k)(6) of the Code, any Simple IRA described in Section 408(p) of the Code, and any eligible deferred compensation plan described in Section 457 of the Code. (b) Notwithstanding any provision of this Agreement to the contrary, if the Employee determines that an amount contributed during a taxable year to the Account exceeds the limitation set forth in subsection (a), and no later than March 1 of the following taxable year notifies the Custodian in writing of the excess amount the Employee has determined, then the Custodian shall distribute such excess amount, plus any income or minus any losses allocable thereto, to the Employee no later than the following April 15. The Employee shall have the sole responsibility for timely determining any excess deferrals to the Account and notifying the Custodian in accordance with these procedures. (c) Neither the Custodian nor the Company shall have any duty or responsibility for determining whether any contributions to the Account constitute excess deferrals as described in Section 402(g)(2)(A) of the Code, or for assuring that any excess deferrals are timely distributed in accordance with the procedures of Section 402(g)(2)(A) of the Code.

Limitation on Salary Reduction Contributions. (a) Employer contributions that are made to the Account pursuant to a Salary Reduction Agreement shall not exceed the amount of $10,0009,500, or such greater amounts as may be permitted with respect to the Employee for the taxable year under Section 402(g)(5) of the Code, reduced by the aggregate amounts contributed in any calendar year at the election of the Employee to any qualified cash and deferred arrangement described in Section 401(k) of the Code, any simplified employee pension described in Section 408(k)(6) of the Code, any Simple IRA described in Section 408(p) of the Code, and any eligible deferred compensation plan described in Section 457 of the Code. (b) Notwithstanding any provision of this Agreement to the contrary, if the Employee determines that an amount contributed during a taxable year to the Account exceeds the limitation set forth in subsection (a), and no later than March 1 of the following taxable year notifies the Custodian in writing of the excess amount the Employee has determined, then the Custodian shall distribute such excess amount, plus any income or minus any losses allocable thereto, to the Employee no later than the following April 15. The Employee shall have the sole responsibility for timely determining any excess deferrals to the Account and notifying the Custodian in accordance with these procedures. (c) Neither the Custodian nor the Company shall have any duty or responsibility for determining whether any contributions to the Account constitute excess deferrals as described in Section 402(g)(2)(A) of the Code, or for assuring that any excess deferrals are timely distributed in accordance with the procedures of Section 402(g)(2)(A) of the Code.

Limitation on Salary Reduction Contributions. (a) Employer contributions that are made to the Account pursuant to a Salary Reduction Agreement shall not exceed the amount of $10,000, or such greater amounts as may be permitted with respect to the Employee for the taxable year under Section 402(g)(5) of the Code, reduced by the aggregate amounts contributed in any calendar year at the election of the Employee to any qualified cash and deferred arrangement described in Section 401(k) of the Code, any simplified employee pension described in Section 408(k)(6) of the Code, any Simple IRA described descrxxxd in Section 408(p) of the Code, and any eligible deferred compensation plan described in Section 457 of the Code. (b) Notwithstanding any provision of this Agreement to the contrary, if the Employee determines that an amount contributed during a taxable year to the Account exceeds the limitation set forth in subsection (a), and no later than March 1 of the following taxable year notifies the Custodian in writing of the excess amount the Employee has determined, then the Custodian shall distribute such excess amount, plus any income or minus any losses allocable thereto, to the Employee no later than the following April 15. The Employee shall have the sole responsibility for timely determining any excess deferrals to the Account and notifying the Custodian in accordance with these procedures. (c) Neither the Custodian nor the Company shall have any duty or responsibility for determining whether any contributions to the Account constitute excess deferrals as described in Section 402(g)(2)(A) of the Code, or for assuring that any excess deferrals are timely distributed in accordance with the procedures of Section 402(g)(2)(A) of the Code.