Limitations on Annual Additions. Clause (a).
Limitations 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, then subject to the adjustments hereinafter set forth, the amount of annual additions which may be credited to a Participant's Accounts during any Limitation Year shall not exceed the maximum permissible amount, which shall equal the lesser of: (a) thirty thousand dollars ($30,000.00) or, if greater, one-fourth of the dollar limitation under Section 415(b) (1)(A) of the Code as in effect for the Limitation Year, or (b) twenty-five percent (25%) of the Participant's Compensation for the Plan Year. The compensation limitation referred to in (b) shall not apply to any contribution for medical benefits (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an annual addition under Sections 415(1)(1) or 419A(d)(2) of the Code. If the Employer contribution that would otherwise be contributed or allocated to the Participant's Account would cause the annual additions for the Limitation Year to exceed the maximum permissible amount, the amount contributed or allocated shall be reduced so that the annual additions for the Limitation Year shall equal the maximum permissible amount.
Limitations on Annual Additions. Except to the extent permitted under paragraph 4.1(b) of the Plan and Code Section 414(v), and notwithstanding any other provision of the Plan to the contrary, a Participant’s Annual Additions (as defined below) for any Plan Year shall not exceed an amount equal to the lesser of:
a. $53,000, as adjusted for increases in the cost-of-living under Code Section 415(d); or
b. 100% of the Participant’s Compensation for that Plan Year (for Plan Years beginning before January 1, 1998, excluding amounts described in clause (b) of subsection 8.2), calculated as if each Section 415 Affiliate (described below) were a Related Company, reduced by any Annual Additions for the Participant for the Plan Year under any other defined contribution plan of an Employer or a Related Company or Section 415 Affiliate, provided that if any other such plan has a similar provision, the reduction shall be pro rata. The Plan Year shall be the limitation year for purposes of this subsection 8.3. The limitation year may only be changed by a plan amendment. Furthermore, if the Plan is terminated effective as of a date other than the last day of the Plan’s limitation year, then the Plan is treated as if the Plan had been amended to change its limitation year.
Limitations on Annual Additions. Notwithstanding the provisions of Section 5.04, if no more than one-third (1/3) of the Company Contributions to the Plan for a Plan Year are allocated to accounts of Highly Compensated Employees, the following amounts shall be excluded in determining the Annual Addition of each Participant for such Plan Year: (i) Forfeitures of Company Stock acquired with the proceeds of a Promissory Note, (ii) Company Contributions to the Plan which are used to pay the interest on a Promissory Note and which are deductible under Code Section 404(a)(9)(B) and which are charged against the Participant’s Company Contribution Account.
Limitations on Annual Additions. Except to the extent permitted under paragraph 4.1(b) of the Plan and section 414(v) of the Code, and notwithstanding any other provision of the Plan to the contrary, a Participant’s Annual Additions (as defined below) for any Plan Year shall not exceed an amount equal to the lesser of:
(a) $40,000, as adjusted for increases in the cost-of-living under section 415(d) of the Code; or
(b) 100% of the Participant’s Compensation for that Plan Year (for Plan Years beginning before January 1, 1998, excluding amounts described in clause (b) of subsection 8.2), calculated as if each Section 415 Affiliate (described below) were a Related Company,
Limitations on Annual Additions. Effective January 1, 1996, "Annual Additions," as such term is hereinafter defined, applied to any Participant's Account shall not exceed, for any Plan Year, the lesser of (a) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or (b) thirty thousand dollars ($30,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2000, "Annual Additions,” as such term is hereinafter defined, applied to any Participant's Account shall not exceed, for any Plan Year, the lesser of (a) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or (b) thirty-five thousand dollars ($35,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2002, except to the extent permitted under Section 414(v) of the Code, if applicable, the Annual Addition that may be contributed or allocated to a Participant’s Account under the Plan for any Plan Year shall not exceed the lesser of: (x) forty thousand dollars ($40,000), as adjusted for increases in the cost-of-living under Section 415(d) of the Code, or (y) 100 percent of the Participant’s Compensation for the Plan Year; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. The Compensation limit referred to in clause (y) above, shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an Annual Addition. If, in addition to this Plan, a Participant participates in one or more other qualified defined contribution plans maintained by the Company during any Plan Year, the Annual Additions to be applied to the Participant’s Account under this Plan, together with the Annual Additions to be applied to such Participant’s account under such other plan or plans for such Plan Year, shall not exceed the lesser of (x) or (y) in the immediately preceding paragraph.
Limitations 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 possibly become a participant, the following two items must be completed. They must also be completed if the Employer maintains a welfare benefit fund, as defined in section 419(e) of the Code, or an individual medical benefit account, as defined in section 415(l)(2) of the Code, under which amounts are treated as Annual Additions with respect to any Participant in the Plan.
Limitations on Annual Additions. (a) For purposes of this Section 5.3:
Limitations on Annual Additions. Notwithstanding any other provision of this Plan, the maximum Annual Addition during any Plan Year for any Participant under this Plan and under any other qualified defined contribution plans maintained by the Companies shall in no event exceed the lesser of:
(a) twenty-five percent (25%) of that Participant's Section 415 Compensation for that Plan Year, or
(b) thirty thousand dollars ($30,000), as adjusted from the total in accordance with Section 415 of the Code; provided, however, that such adjustments shall only apply to the Plan Years ending on or after the date in which the adjustment was made. Any Company contributions which are applied by the Trustee (not later than the due date, including extensions, for filing a Company's federal income tax return for that Plan Year) to pay interest on an Exempt Loan shall not be included as Annual Additions under this Section 4.3; provided, however, that the provisions of this Section shall be applicable only in Plan Years for which not more than one-third (1/3) of the Company contributions applied to pay principal and interest on an Exempt Loan are allocated among Highly Compensated Employees. The Committee may reallocate Company contributions in order to satisfy this special limitation. If due to a reasonable error in estimation of a Participant's Compensation or due to the allocation of forfeitures these maximum Annual Additions would be exceeded as to any Participant, any excess amount shall be used to reduce Company Contributions for that Participant in the next, and succeeding, Plan Years. If that Participant was not covered by this Plan at the Anniversary Date of that Plan Year, such excess shall be reallocated among the Company Contributions Accounts of the other Participants under Section 4.2 to the fullest extent possible without exceeding the limitations with respect to any other Participant for that Plan Year. Any excess amount which cannot be so allocated to any Participant's Company Contributions Account by reason of these limitations shall be allocated under this Section 4.3(a) for the next succeeding Plan Years (prior to the allocation of Company Contributions for such succeeding Plan Years). Notwithstanding anything contained herein to the contrary, contributions made to the other defined contribution plans shall be reduced before contributions to this Plan are reduced, unless such other plan or plans provide otherwise.
Limitations on Annual Additions. The Annual Additions contributed or allocated to a Participant’s Account for a Limitation Year shall not exceed the Maximum Permissible Amount, as determined in Section 3.2.
