Overall Permitted Disparity Limits Sample Clauses

Overall Permitted Disparity Limits. (a) Annual Overall Permitted Disparity Limits - Notwithstanding the preceding paragraphs, for any Plan Year this Plan benefits any Participant who benefits under another Qualified Plan or Simplified Employee Pension Plan, as defined in Code Section 408(k), maintained by the Employer that provides for permitted disparity (or imputes disparity), Employer contributions and forfeitures under a Plan established under a Standardized Adoption Agreement will be allocated to the account of each Participant who either completes more than 500 Hours or Service during the Plan Year or who is employed on the last day of the Plan Year in the ratio that each Participant’s total Compensation bears to the total Compensation of all Participants. (b) Cumulative Permitted Disparity Limits - Effective for Plan Years beginning on or after January 1, 1995, the cumulative permitted disparity limit for a Participant is thirty five (35) total cumulative permitted disparity years. Total cumulative permitted years means the number of years credited to the Participant for allocation or accrual purposes under this Plan, and any other Qualified Plan or Simplified Employee Pension Plan (whether or not terminated) ever maintained by the Employer. For purposes of determining the Participant’s cumulative permitted disparity limit, all years ending in the same calendar year are treated as the same year. If the Participant has not benefited under a Defined Benefit or Target Benefit Plan for any year beginning on or after January 1, 1994, the Participant has no cumulative disparity limit. Compensation for purposes of this paragraph shall mean Compensation as elected in the Adoption Agreement.
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Overall Permitted Disparity Limits. The limits set forth in this paragraph (c) shall apply to a Participant if the Participant's Employer maintains one or more qualified plans other than the Plan:
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Overall Permitted Disparity Limits. The limits set forth in this paragraph (c) shall apply to a Participant if the Participant's Employer maintains one or more qualified plans other than the Plan: (1) Annual overall permitted disparity limit. Notwithstanding the preceding paragraph (b)(2), for any Plan Year this Plan benefits any Participant who is Benefiting under this Plan and another qualified plan or simplified employee pension, as defined in section 408(k) of the Code, maintained by the Employer that provides for permitted disparity (or imputes disparity), Employer Contributions and Forfeitures will be allocated to the Account of each Participant who either completes more than 500 Hours of Service during the Plan Year or who is employed on the last day of the Plan Year in the ratio that such Participant's total Compensation bears to the total Compensation of all Participants. (2) Cumulative permitted disparity limit. Effective for Plan Years beginning on or after January 1, 1995, the cumulative permitted disparity limit for a Participant is 35 total cumulative permitted disparity years. Total cumulative permitted disparity years means the number of years credited to the Participant for allocation or accrual purposes under this Plan, and any other qualified plan or simplified Employee pension plan (whether or not terminated) ever maintained by the Employer. For purposes of determining the Participant's cumulative permitted disparity limit, all years ending in the same calendar year are treated as the same year. If the Participant is not Benefiting under a defined benefit or target benefit plan for any year beginning on or after January 1, 1994, the Participant has no cumulative disparity limit.
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Overall Permitted Disparity Limits. (i) Annual Overall Permitted Disparity Limit. If, for any Plan Year, a Participant participates in this Plan and another plan of the Employer that provides for permitted disparity (or imputed disparity), the Participant's total annual disparity fraction (as defined in Treasury Regulation section 1.401(l)-5(b)) may not exceed one. If such fraction would exceed one, the amount allocated to such Participant shall be reduced to the extent necessary to satisfy such limit.
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Overall Permitted Disparity Limits. Annual Overall Permitted Disparity Limit. Notwithstanding the preceding paragraphs, for any Plan Year this Plan benefits any Participant who benefits under another qualified plan or simplified employee pension, as defined in Section 408(k) of the Code, maintained by the Employer that provides for permitted disparity (or imputes disparity), Employer contributions and forfeitures will be allocated to the account of each Participant who either completes more than 500 hours of service during the Plan Year or who is employed on the last day of the Plan Year in the ratio that such Participant's total Plan Compensation bears to the total Plan Compensation of all Participants.
Sample 1
Overall Permitted Disparity Limits. (a) Annual Overall Permitted Disparity Limits – Notwithstanding the preceding paragraphs, for any Plan Year this Plan benefits any Participant who benefits under another Qualified Plan or Simplified Employee Pension Plan, as defined in Code Section 408(k), maintained by the Employer that provides for permitted disparity (or imputes disparity), Employer contributions and forfeitures under a Plan established under a Standardized Adoption Agreement will be allocated to the account of each Participant who either completes more than 500 Hours or Service during the Plan Year or who is employed on the last day of the Plan Year in the ratio that each Participant’s total Compensation bears to the total Compensation of all Participants.
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Overall Permitted Disparity Limits 
Sample 1
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Related to Overall Permitted Disparity Limits

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