Common use of More than One Plan Clause in Contracts

More than One Plan. (a) Two or more defined contribution plans. This subsection (a) applies if, in addition to this Plan, a Participant is covered under another qualified defined contribution plan (whether or not terminated) maintained by the Employer for the current and all prior Limitation Years. For this purpose, another qualified defined contribution plan shall include the Annual Additions attributable to a Participant's Nondeductible Employee Contributions to all defined benefit plans (whether or not terminated) maintained by the Employer, and the Annual Additions attributable to all welfare benefit funds (as defined in Code section 419(e)) maintained by the Employer, and an individual medical account (as defined in Code section 415(l)(2)) maintained by the Employer, which provides an Annual Addition during any Limitation Year. The maximum aggregate amount in any Limitation Year is the lesser of 125 percent of the dollar limitation determined under Code sections 415(b) and (d) in effect under Code section 415(c)(1)(A) or 35 percent of the Participant's 415(c) Compensation for such Year. (1) If a Participant participates in more than one defined contribution plan maintained by the Employer which have different Anniversary Dates, the Maximum Permissible Amount under this Plan shall equal the maximum Annual Additions for the Limitation Year minus any Annual Additions previously credited to such Participant's Accounts during the Limitation Year. (2) If a Participant participates in both a defined contribution plan subject to Code section 412 and a defined contribution plan not subject to Code section 412 maintained by the Employer which have the same Anniversary Date, Annual Additions shall be credited to the Participant's Accounts under the defined contribution plan subject to Code section 412 prior to crediting Annual Additions to the Participant's Accounts under the defined contribution plan not subject to Code section 412. (3) If a Participant participates in more than one defined contribution plan not subject to Code section 412 maintained by the Employer which have the same Anniversary Date, the maximum Annual Additions under this Plan shall equal the product of: (A) the maximum Annual Additions for the Limitation Year minus any Annual Additions previously credited under (1) or (2) above, multiplied by (B) a fraction, the numerator of which is the Annual Additions which would be credited to such Participant's Accounts under this Plan without regard to the limitations of Code section 415 and the denominator of which is such Annual Additions for all plans described in this paragraph. Note: (b) through (g) below do not apply to Limitation Years beginning after December 31, 1999.

More than One Plan. (a) Two or more defined contribution plans. This subsection (a) applies if, in addition to this Plan, a Participant is covered under another qualified defined contribution plan (whether or not terminated) maintained by the Employer for the current and all prior Limitation Years. For this purpose, another qualified defined contribution plan shall include the Annual Additions attributable to a Participant's ’s Nondeductible Employee Contributions to all defined benefit plans (whether or not terminated) maintained by the Employer, and the Annual Additions attributable to all welfare benefit funds (as defined in Code section 419(e)) maintained by the Employer, and an individual medical account (as defined in Code section 415(l)(2)) maintained by the Employer, which provides an Annual Addition during any Limitation Year. The maximum aggregate amount in any Limitation Year is the lesser of 125 percent of the dollar limitation determined under Code sections 415(b) and (d) in effect under Code section 415(c)(1)(A) or 35 percent of the Participant's ’s 415(c) Compensation for such Year. (1) If a Participant participates in more than one defined contribution plan maintained by the Employer which have different Anniversary Dates, the Maximum Permissible Amount under this Plan shall equal the maximum Annual Additions for the Limitation Year minus any Annual Additions previously credited to such Participant's ’s Accounts during the Limitation Year. (2) If a Participant participates in both a defined contribution plan subject to Code section 412 and a defined contribution plan not subject to Code section 412 maintained by the Employer which have the same Anniversary Date, Annual Additions shall be credited to the Participant's ’s Accounts under the defined contribution plan subject to Code section 412 prior to crediting Annual Additions to the Participant's ’s Accounts under the defined contribution plan not subject to Code section 412. (3) If a Participant participates in more than one defined contribution plan not subject to Code section 412 maintained by the Employer which have the same Anniversary Date, the maximum Annual Additions under this Plan shall equal the product of: (A) the maximum Annual Additions for the Limitation Year minus any Annual Additions previously credited under (1) or (2) above, multiplied by (B) a fraction, the numerator of which is the Annual Additions which would be credited to such Participant's ’s Accounts under this Plan without regard to the limitations of Code section 415 and the denominator of which is such Annual Additions for all plans described in this paragraph. Note: (b) through (g) below do not apply to Limitation Years beginning after December 31, 1999. (b) Defined benefit plans. Subject to the exception given below, if an Employee is (or has been) a Participant in one or more defined benefit plans and one or more defined contribution plans maintained by the Employer, the sum of the defined benefit plan fraction and the defined contribution plan fraction for any Limitation Year may not exceed 1.0. (c) Defined benefit plan fraction. The defined benefit plan fraction is determined as follows: (1) The defined benefit plan fraction for any Limitation Year is a fraction (A) the numerator of which is the Projected Annual Benefit of the Participant under all defined benefit plans (whether or not terminated) maintained by the Employer (determined as of the close of the Limitation Year), and (B) the denominator of which is the lesser of: (i) the product of 1.25 multiplied by the maximum dollar limitation provided under Code section 415(b)(1)(A) for such Limitation Year, or (ii) the product of 1.4 multiplied by the amount (the highest average Compensation, including any adjustments) which may be taken into account under Code section 415(b)(1)(B) for such Limitation Year. (2) For purposes of applying the limitations of Code section 415, the Projected Annual Benefit for any Participant is the benefit, payable annually, under the terms of the Plan determined pursuant to Regulations section 1.415-7(b)(3). (3) For purposes of applying the limitations of Code section 415, the projected current accrued benefit for any Participant in a Defined Benefit Plan in existence on July 1, 1982, shall be the accrued benefit, payable annually, provided for under question T-3 of Internal Revenue Service Notice 83-10. (4) Notwithstanding (1) above, if a Participant was a Participant as of the first day of the first Limitation Year beginning after December 31, 1986, in one or more defined benefit plans maintained by the Employer which were in existence on May 6, 1986, the denominator of this fraction shall not be less than 1.25 of the sum of the annual benefits under such plans which the Participant had accrued as of the close of the last Limitation Year beginning before January 1, 1987, disregarding any changes in the terms and conditions of such plan after May 5, 1986. The preceding sentence shall apply only if the defined benefit plans individually and in the aggregate satisfied the requirements of Code section 415 for all Limitation Years beginning before January 1, 1987. (5) For purposes of this subsection (c) Projected Annual Benefit means the annual retirement benefit (adjusted to an actuarially equivalent straight life annuity, if such benefit is expressed in a form other than a straight life annuity, or qualified joint and survivor annuity) to which the Participant would be entitled under the terms of the plan assuming: (A) the Participant shall continue employment until the normal retirement age provided under such plan (or the current age, if later), and (B) the Participant’s 415 Compensation for the current Limitation Year, and all other relevant factors used to determine benefits under such plan shall remain constant for all future Limitation Years. (d) Defined contribution plan fraction. The defined contribution plan fraction is determined as follows: (1) The defined contribution plan fraction for any Limitation Year is a fraction of: (A) the numerator of which is the sum of all Annual Additions to the Participant’s Accounts as of the close of the Limitation Year; and (B) the denominator of which is the sum of the lesser of the following amounts determined for such year and each prior Year of Service with the Employer: (i) the product of 1.25 multiplied by the dollar limitation in effect under Code section 415(c)(1)(A) for such Limitation Year (determined without regard to Code section 415(c)(6)); or (ii) the product of 1.4 multiplied by the amount which may be taken into account under Code section 415(c)(1)(B) for such Limitation Year. (2) Notwithstanding the foregoing, the numerator of the defined contribution plan fraction shall be adjusted pursuant to Regulations section 1.415-7(d)(1) and questions T-6 and T-7 of the Internal Revenue Service Notice 83-10. (3) For defined contribution plans in effect on or before July 1, 1982, the Plan Administrator may elect for any Limitation Year ending after December 31, 1982, that the amount taken into account in the denominator for every Participant for all Limitation Years ending before January 1, 1983, shall be an amount equal to the product of (A) the denominator for the Limitation Year ending in 1982 determined under the law in effect for the Limitation Year ending in 1982 multiplied by (B) the transition fraction. (4) For purposes of the preceding paragraph, the term transition fraction shall mean a fraction (A) the numerator of which is the lesser of (1) $51,875, or (2) 1.4 multiplied by 25% of the Participant’s 415(c) Compensation for the Limitation Year ending in 1981, and (B) the denominator of which is the lesser of (1) $41,500 or (2) 25% of the Participant’s 415(c) Compensation for the Limitation Year ending in 1981. (5) Notwithstanding the foregoing, for any Limitation Year in which the Plan is a Top-Heavy Plan (as determined under Section 9.02), $41,500 shall be substituted for $51,875 in determining the transition fraction unless an extra minimum allocation is being provided pursuant to this Plan being found to be Top-Heavy. However, for any Limitation Year in which this Plan is a Super-Top-Heavy Plan, $41,500 shall be substituted for $51,875 in any event. (6) If an Employee was a Participant as of the end of the first day of the first Limitation Year beginning after December 31, 1986, in one or more defined contribution plans maintained by the Employer which were in existence on May 6, 1986, the numerator of this fraction shall be adjusted if the sum of this fraction and the defined benefit fraction would otherwise exceed 1.0 under the terms of this Plan. Under the adjustment, an amount equal to the product of (1) the excess of the sum of the fractions over 1.0 times (2) the denominator of this fraction, shall be permanently subtracted from the numerator of this fraction. The adjustment is calculated using the fractions as they would be computed as of the end of the last Limitation Year beginning before January 1, 1987, and disregarding any changes in the terms and conditions of the Plan made after May 5, 1986, but using the Code section 415 limitation applicable to the first Limitation Year beginning on or after January 1, 1987. The Annual Addition for any Limitation Year beginning before January 1, 1987, shall not be recomputed to treat all Employee contributions as Annual Additions. (7) Defined Contribution Dollar Limitation: $30,000 or such larger amount as may be determined by the Commissioner of the Internal Revenue Service for the Limitation Year. For Limitation Years prior to January 1, 1995: $30,000 or if greater, one-fourth of the defined benefit dollar limitation set forth in Code section 415(b)(1), as in effect for the Limitation Year. (e) Top-Heavy rule. Notwithstanding the foregoing for any Limitation Year in which the Plan is a Top-Heavy Plan, 1.0 shall be substituted for 1.25 in subsection (d)(1)(B)(i) above.

More than One Plan. (a) Two or more defined contribution plans. This subsection (a) applies if, in addition to this Plan, a Participant is covered under another qualified defined contribution plan (whether or not terminated) maintained by the Employer for the current and all prior Limitation Years. For this purpose, another qualified defined contribution plan shall include the Annual Additions attributable to a Participant's ’s Nondeductible Employee Contributions to all defined benefit plans (whether or not terminated) maintained by the Employer, and the Annual Additions attributable to all welfare benefit funds (as defined in Code section 419(e)) maintained by the Employer, and an individual medical account (as defined in Code section 415(l)(2)) maintained by the Employer, which provides an Annual Addition during any Limitation Year. The maximum aggregate amount in any Limitation Year is the lesser of 125 percent of the dollar limitation determined under Code sections 415(b) and (d) in effect under Code section 415(c)(1)(A) or 35 percent of the Participant's ’s 415(c) Compensation for such Year. (1) If a Participant participates in more than one defined contribution plan maintained by the Employer which have different Anniversary Dates, the Maximum Permissible Amount under this Plan shall equal the maximum Annual Additions for the Limitation Year minus any Annual Additions previously credited to such Participant's ’s Accounts during the Limitation Year. (2) If a Participant participates in both a defined contribution plan subject to Code section 412 and a defined contribution plan not subject to Code section 412 maintained by the Employer which have the same Anniversary Date, Annual Additions shall be credited to the Participant's ’s Accounts under the defined contribution plan subject to Code section 412 prior to crediting Annual Additions to the Participant's ’s Accounts under the defined contribution plan not subject to Code section 412. (3) If a Participant participates in more than one defined contribution plan not subject to Code section 412 maintained by the Employer which have the same Anniversary Date, the maximum Annual Additions under this Plan shall equal the product of: (A) the maximum Annual Additions for the Limitation Year minus any Annual Additions previously credited under (1) or (2) above, multiplied by (B) a fraction, the numerator of which is the Annual Additions which would be credited to such Participant's ’s Accounts under this Plan without regard to the limitations of Code section 415 and the denominator of which is such Annual Additions for all plans described in this paragraph. Note: . (b) through (g) below do not apply Rules shall comply with Code section 415. Notwithstanding anything contained in this Section to Limitation the contrary, the limitations, adjustments and other requirements prescribed in this Section shall at all times comply with the provisions of Code section 415 and the Regulations thereunder, the terms of which are specifically incorporated herein by reference for Plan Years beginning after December 31, 1999.

More than One Plan. (a) Two or more defined contribution plans. This subsection (a) applies if, in addition to this Plan, a Participant is covered under another qualified defined contribution plan (whether or not terminated) maintained by the Employer for the current and all prior Limitation Years. For this purpose, another qualified defined contribution plan shall include the Annual Additions attributable to a Participant's ’s Nondeductible Employee Contributions to all defined benefit plans (whether or not terminated) maintained by the Employer, and the Annual Additions attributable to all welfare benefit funds (as defined in Code section 419(e)) maintained by the Employer, and an individual medical account (as defined in Code section 415(l)(2)) maintained by the Employer, which provides an Annual Addition during any Limitation Year. The maximum aggregate amount in any Limitation Year is the lesser of 125 percent of the dollar limitation determined under Code sections 415(b) and (d) in effect under Code section 415(c)(1)(A) or 35 percent of the Participant's ’s 415(c) Compensation for such Year. (1) If a Participant participates in more than one defined contribution plan maintained by the Employer which have different Anniversary Dates, the Maximum Permissible Amount under this Plan shall equal the maximum Annual Additions for the Limitation Year minus any Annual Additions previously credited to such Participant's ’s Accounts during the Limitation Year. (2) If a Participant participates in both a defined contribution plan subject to Code section 412 and a defined contribution plan not subject to Code section 412 maintained by the Employer which have the same Anniversary Date, Annual Additions shall be credited to the Participant's ’s Accounts under the defined contribution plan subject to Code section 412 prior to crediting Annual Additions to the Participant's ’s Accounts under the defined contribution plan not subject to Code section 412. (3) If a Participant participates in more than one defined contribution plan not subject to Code section 412 maintained by the Employer which have the same Anniversary Date, the maximum Annual Additions under this Plan shall equal the product of: (A) the maximum Annual Additions for the Limitation Year minus any Annual Additions previously credited under (1) or (2) above, multiplied by (B) a fraction, the numerator of which is the Annual Additions which would be credited to such Participant's ’s Accounts under this Plan without regard to the limitations of Code section 415 and the denominator of which is such Annual Additions for all plans described in this paragraph. Note: (b) through (g) below do not apply to Limitation Years beginning after December 31, 1999.