Maximum Annual Additions Sample Clauses
The Maximum Annual Additions clause sets a cap on the total amount of contributions or benefits that can be added to a retirement or benefit plan for a participant within a single plan year. This typically includes all forms of employer and employee contributions, as well as any forfeitures allocated to the participant’s account. By establishing this limit, the clause ensures compliance with regulatory requirements, such as those set by the IRS for qualified plans, and prevents excessive contributions that could jeopardize the plan’s tax-advantaged status.
Maximum Annual Additions. (1) If a 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 Code Section 419(e)) maintained by the Employer, or an individual medical account (as defined in Code Section 415(l)(2)) maintained by the Employer, or a simplified employee pension (as defined in Code Section 408(k)) maintained by the Employer which provides "Annual Additions," the amount of "Annual Additions" which may be credited to the Participant's accounts for any Limitation Year shall 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," and any amount in excess of the "Maximum Permissible Amount" which would have been allocated to such Participant may be allocated to other Participant's accounts in a manner consistent with that specified in the Adoption Agreement.
(2) Prior to determining the Participant's actual 415 Compensation for the Limitation Year, the Employer may determine the "Maximum Permissible Amount" for a Participant on the basis of a reasonable estimation of the Participant's 415 Compensation for the Limitation Year, uniformly determined for all Participants similarly situated.
(3) As soon as is administratively feasible after the end of the Limitation Year the "Maximum Permissible Amount" for such Limitation Year shall be determined on the basis of the Participant's actual 415 Compensation for such Limitation Year.
(1) This subsection applies if, in addition to this Plan, a Participant is covered under another qualified master or prototype defined contribution plan maintained by the Employer, a welfare benefit fund (as defined in Code Section 419(e)) maintained by the Employer, an individual medical account (as defined in Code Section 415(l)(2)) maintained by the Employer, or a simplified employee pension (as defined in Code Section 408(k)) maintained by the Employer, which provides "Annual Additions," during any Limitation Year. The "Annual Additions" which may be credited to a Participant's accounts under this Plan for any such Limitation Year shall not excee...
Maximum Annual Additions. In general, for purposes of applying the limitations in this Article, Compensation for a Limitation Year is the Compensation actually paid or made available in gross income during such Limitation Year. For Limitation Years beginning before January 1, 2002, the maximum Annual Addition that may be contributed or allocated to a Participant’s Account under the Plan for any Limitation Year shall not exceed the lesser of:
(a) the Defined Contribution Dollar Limitation, or
(b) twenty-five percent (25%) of the Participant’s Compensation (as elected in the Adoption Agreement) for the Limitation Year. For Limitation Years beginning on or after January 1, 2002, except to the extent permitted under paragraph 4.7 and under Code Section 414(v), the Annual Addition that may be contributed or allocated to a Participant’s account under the Plan for any Limitation Year beginning after December 31, 2001 shall not exceed the lesser of:
(c) $40,000, as adjusted for increases in the cost-of-living under Code Section 415(d), or
(d) 100% of the Participant’s Compensation (as elected in the Adoption Agreement), within the meaning of Code Section 415(c)(3), for the Limitation Year. The Compensation limit referred to in (b) and (d) above shall not apply to any contribution for medical benefits after separation from Service [within the meaning of Code Section 401(h) or Code Section 419A(f)(2)] that is otherwise treated as an Annual Addition. If a short Limitation Year is created because of an amendment changing the Limitation Year to a different twelve (12) consecutive month period, the Maximum Permissible Amount will not exceed the Defined Contribution Dollar Limitation multiplied by a fraction, the numerator of which is the number of months in the short Limitation Year, and the denominator of which is twelve (12).
Maximum Annual Additions. For limitation years beginning on or after January 1, 2012, except for catch up contributions described in Code §414(v), the annual addition that may be contributed or allocated to a participant’s account under the plan for any limitation year shall no exceed the lesser of:
(a) $50,000, as adjusted for increases in the cost-of-living under §415(d) of the Code, or
(b) 100 percent of the participant’s compensation for the limitation year. The compensation limit referred to in (b) shall not apply to any contribution for medical benefits after separation from service (within the meaning of §401(h) or §419A(f)(2) of the Code) which is otherwise treated as an annual addition. If a short Limitation Year is created because of an amendment changing the Limitation Year to a different 12-consecutive month period, the Maximum Permissible Amount will not exceed the Defined Contribution Dollar Limitation multiplied by the following fraction: 12 If the Plan is terminated as of a date other than the last day of the Limitation Year, the Plan is deemed to have been amended to change its Limitation Year and the maximum permissible amount shall be prorated for the resulting short Limitation Year.
Maximum Annual Additions. Subject to Sections 6.2 and 6.3, the maximum Annual Additions made to a Participant’s various accounts maintained under the Plan for any Limitation Year will not exceed the lesser of the Dollar Limitation of paragraph (a) or the Compensation Limitation of paragraph (b) below, as follows:
Maximum Annual Additions. The an- nual additions to the contract do not exceed the applicable limitations of section 415(c) (treating contributions and other additions as annual addi- tions). See paragraph (b) of this section and § 1.403(b)–4(b) and (f).
Maximum Annual Additions. (a) Notwithstanding the foregoing, the maximum "annual additions" credited to a Participant's accounts for any "limitation year" shall equal the lesser of: (1) $30,000 (or, if greater, one-fourth of the dollar limitation in effect under Code Section 415(b)(1)(A)) or (2) twenty-five percent (25%) of the Participant's "415 Compensation" for such "limitation year". For any short "limitation year", the dollar limitation in (1) above shall be reduced by a fraction, the numerator of which is the number of full months in the short "limitation year" and the denominator of which is twelve (12).
Maximum Annual Additions. The Plan will comply with the final 415 Regulations, which are incorporated herein by reference. In general, for purposes of applying the limitations in this Article, Compensation for a Limitation Year is the Compensation actually paid or made available in gross income during such Limitation Year. For Limitation Years beginning on or after January 1, 2007, except to the extent permitted under paragraph 4.7 and under Code Section 414(v), the Annual Addition that may be contributed or allocated to a Participant’s account under the Plan for any Limitation Year shall not exceed the lesser of:
Maximum Annual Additions. (1) Notwithstanding the foregoing, the maximum Annual Additions credited to a Participant's accounts for any Plan Year shall equal the lesser of: (A) $30,000 or, if greater, one-fourth (1/4) of the defined benefit dollar limitation as provided in Code Section 405(b)(1) for the Plan Year, or (B) twenty-five percent (25%) of the Participant's 415 Compensation for such Plan Year.
(2) For purposes of applying the limitations of Code section 415, "Annual Additions" means the sum credited to a Participant's accounts for any Plan Year of (A) Company contributions, (B) employee contributions, (C) Forfeitures, (D) amounts allocated, after March 31, 1984, to an individual medical account, as defined in Code Section 415 (l)(1) which is part of a defined benefit plan maintained by the Affiliated Group and (E) amounts derived from contributions paid or accrued after December 31, 1985, in taxable years ending after such date, which are attributable to the post-retirement medical benefits allocated to the separate account of a five percent owner (as defined in Code section 416(i)1(B)(i) under a welfare benefit plan (as defined in Code section 419(e)) maintained by the Affiliated Group. SECTION 16(b)(3)
Maximum Annual Additions. In general, for purposes of applying the limitations in this Article, Compensation for a Limitation Year is the Compensation actually paid or made available in gross income during such Limitation Year. For Limitation Years beginning before January 1, 2002, the maximum Annual Addition that may be contributed or allocated to a Participant’s Account under the Plan for any Limitation Year shall not exceed the lesser of:
Maximum Annual Additions. Salary Reduction Contributions and Employer Contributions made on behalf of the Participant to the Custodial Account during the Limitation Year may not exceed the Participant's Code section 415 limitation for such Limitation Year, which Code section and applicable regulations are incorporated herein by reference. The Custodian shall have no responsibility to ascertain any direction’s compliance with the Plan document or any applicable law, or the direction’s effect for tax purposes or otherwise. Nothing in this Agreement shall impose upon the Custodian and its affiliates an obligation to compute the Participant's Code section 415 limitation for any year.