Common use of Plan Contribution Limits Clause in Contracts

Plan Contribution Limits. I understand that Code Section 402(g) limits my salary reduction contributions to the 457(b) Plan under this Agreement to a "dollar limit." The general dollar limit is $19,000 for 2019 (this dollar limit will be adjusted by cost of living increases thereafter). However, my actual dollar limit may be higher than the general dollar limit if I will be 50 years old (or older) by the end of the calendar year. If I will be at least 50 years old by the end of the calendar year, I understand that I may make additional "catch-up" salary reduction contributions above the general dollar limit. These additional catch-up salary reduction contributions, which are referred to as "age 50 catch-up contributions," are provided under Code Section 414(v). I understand that the amount of the age 50 catch-up contributions that I may make above the general dollar limit is up to an additional $6,000 for 2019 (this dollar amount will be adjusted by cost of living increases thereafter). Excess Contributions I understand that if my salary reduction contributions to the 457(b) Plan and to other 457(b) plans in which I participate, exceed the applicable dollar limits, the excess will be taxable both in the year the contribution was made and in the year of distribution unless I timely request to have the excess returned to me. To have the excess returned to me, I must notify the College of the excess before March 1 of the year following the year in which the excess was made (e.g. March 2019 for excess amounts deferred in 2018). If the notice is timely given, my vendor will distribute the excess amount of the contribution (with any accrued earnings or applicable losses) to me on or before April 15 of the year following the excess contribution. Date Received: Date Processed: Processed By:

Plan Contribution Limits. I understand that Code Section 402(g) limits my salary reduction contributions to the 457(b403(b) Plan under this Agreement to a "dollar limit." The general dollar limit is $19,000 for 2019 (this dollar limit will be adjusted by cost of living increases thereafter). However, my actual dollar limit may be higher than the general dollar limit if I will be 50 years old (or older) by the end of the calendar year. If I will be at least 50 years old by the end of the calendar year, I understand that I may make additional "catch-up" salary reduction contributions above the general dollar limit. These additional catch-up salary reduction contributions, which are referred to as "age 50 catch-up contributions," are provided under Code Section 414(v). I understand that the amount of the age 50 catch-up contributions that I may make above the general dollar limit is up to an additional $6,000 for 2019 (this dollar amount will be adjusted by cost of living increases thereafter). I understand that the dollar limit, with all appropriate adjustments described above, applies to any salary reduction contributions I make in a calendar year to any retirement plans in which I participate (not including PERF, TRF, a 457(b) plan, deferred compensation plans or flexible benefit plan contributions), including plans maintained by other employers. I understand that my salary reduction contributions to the 403(b) Plan and other retirement plans for each year are also limited, except as permitted under Code Section 414(v) allowing age 50 catch-up contributions, by the general rules of Code Section 415 to the lesser of $56,000 for 2019 (this dollar amount will be adjusted by cost of living increases thereafter) or 100% of compensation. Excess Contributions I understand that if my salary reduction contributions to the 457(b403(b) Plan and to other 457(b) retirement plans in which I participate, participate exceed the applicable dollar limits, the excess will be taxable both in the year the contribution was made and in the year of distribution unless I timely request to have the excess returned to me. To have the excess returned to me, I must notify the College of the excess before March 1 of the year following the year in which the excess was made (e.g. March 2019 for excess amounts deferred in 2018). If the notice is timely given, my vendor will distribute the excess amount of the contribution (with any accrued earnings or applicable losses) to me on or before April 15 of the year following the excess contribution. Date Received: Date Processed: Processed By:

Plan Contribution Limits. I understand that Code Section 402(g) limits my salary reduction contributions to the 457(b403(b) Plan under this Agreement to a "dollar limit." The general dollar limit is $19,000 18,000 for 2019 2016 (this dollar limit will be adjusted by cost of living increases thereafter). However, my actual dollar limit may be higher than the general dollar limit if I will be 50 years old (or older) by the end of the calendar year. If I will be at least 50 years old by the end of the calendar year, I understand that I may make additional "catch-up" salary reduction contributions above the general dollar limit. These additional catch-up salary reduction contributions, which are referred to as "age 50 catch-up contributions," are provided under Code Section 414(v). I understand that the amount of the age 50 catch-up contributions that I may make above the general dollar limit is up to an additional $6,000 for 2019 2016 (this dollar amount will be adjusted by cost of living increases thereafter). Excess Contributions I understand that if the dollar limit, with all appropriate adjustments described above, applies to any salary reduction contributions I make in a calendar year to any retirement plans in which I participate (not including PERF, TRF, a 457(b) plan, deferred compensation plans or flexible benefit plan contributions), including plans maintained by other employers. I understand that my salary reduction contributions to the 457(b403(b) Plan and other retirement plans for each year are also limited, except as permitted under Code Section 414(v) allowing age 50 catch-up contributions, by the general rules of Code Section 415 to other 457(b) plans in which I participate, exceed the applicable lesser of $52,000 for 2016 (this dollar limits, the excess amount will be taxable adjusted by cost of living increases thereafter) or 100% of compensation. The Code Section 415 limit applies to all contributions (both salary reduction contributions and University contributions) made to both the 403(b) Plan and the Ball State University Alternate Pension Plan in a year. Accordingly, University contributions made to the year Ball State University Alternate Pension Plan may limit the contribution was made and in the year of distribution unless I timely request to have the excess returned to me. To have the excess returned to me, I must notify the College of the excess before March 1 of the year following the year in which the excess was made (e.g. March 2019 for excess amounts deferred in 2018). If the notice is timely given, my vendor will distribute the excess amount of salary reduction contributions that a participant may make to the contribution (with any accrued earnings or applicable losses403(b) to me on or before April 15 of the year following the excess contribution. Date Received: Date Processed: Processed By:Plan.