Common use of LIMITS ON CONTRIBUTIONS Clause in Contracts

LIMITS ON CONTRIBUTIONS. Contributions to an interest in this annuity contract that represent contributions to the Plan must not exceed the limits set forth in IRC Section 457(b) and (c). Catch-up contributions may be made to the full extent permitted by IRC Section 414(v). No elective contributions may be made by a participant with respect to any month unless the participant has entered an agreement for deferral before the first day of that month. However, an elective contribution may be made for the first month of employment of the participant if the agreement for deferral is made on or before the date that service with the Employer begins. Additional limits may apply under the terms of the Plan. The Plan Administrator shall ensure compliance with these IRC limits and any Plan limits.

LIMITS ON CONTRIBUTIONS. Contributions to an interest in this annuity contract that represent contributions to the Plan must not exceed the limits set forth in IRC Section 457(b) and (c). Catch-up contributions may be made to the full extent permitted by IRC Section 414(v). No elective contributions may be made by a participant the Annuitant with respect to any month unless the participant Annuitant has entered an agreement for deferral before the first day of that month. However, an elective contribution may be made for the first month of employment of the participant Annuitant if the agreement for deferral is made on or before the date that service with the Employer begins. Additional limits may apply under the terms of the Plan. The Plan Administrator shall ensure compliance with these IRC limits and any Plan limits.