Common use of Maximum Deferrals Clause in Contracts

Maximum Deferrals. (a) The maximum annual amount and/or percentage by which a Participant may elect to have his or her Includible Compensation reduced and contributed to the Plan as Deferred Compensation (other than as a catch-up contribution) is equal to (check one): X The Dollar Limitation (e.g., the amounts set forth in the chart below) and Percentage Limitation (e.g., 100% of Includible Compensation) in effect under Code section 457(b)(2) for the applicable Plan Year. Year Dollar Limitation 2017 $18,000 2018 and later As adjusted for the cost-of-living □ Other (complete Items 9(a)(i) and 9(a)(ii), as necessary): (i) $ (ii) % of Includible Compensation (not in excess of 50%). If no percentage is selected a default maximum percentage of 50% will automatically apply. (b) The limits described in Item 9(a) shall be applied on the following basis: X Annually. □ Monthly. □ Pay Period by Pay Period □ Other (please specify)

Maximum Deferrals. (a) The maximum annual amount and/or percentage by which a Participant may elect to have his or her Includible Compensation reduced and contributed to the Plan as Deferred Compensation (other than as a catch-up contribution) is equal to (check one): X □ The Dollar Limitation (e.g., the amounts set forth in the chart below) and Percentage Limitation (e.g., 100% of Includible Compensation) in effect under Code section 457(b)(2) for the applicable Plan Year. Year Dollar Limitation 2017 $18,000 2018 and later As adjusted for the cost-of-living □ X Other (complete Items 9(a)(i) and 9(a)(ii), as necessary): (i) $ $ (ii) Mandatory 7.5% of Includible Compensation (not in excess of 50%). If no percentage is selected a default maximum percentage of 50% will automatically apply. (b) The limits described in Item 9(a) shall be applied on the following basis: X □ Annually. □ Monthly. □ X Pay Period by Pay Period □ Other (please specify)