Common use of Recharacterization of Excess Contributions Clause in Contracts

Recharacterization of Excess Contributions. If Nondeductible Employee Contributions are provided for in the Adoption Agreement, in any Plan Year in which a Participant shall have an Excess Contribution amount, such Participant may elect to treat such excess amounts pursuant to the provisions of this subsection (b), or have such amounts distributed pursuant to Code section 401(k)(3) and the applicable regulations. A Participant may treat his or her Excess Contribution amounts, for the Plan Year for which such Excess Contributions relate, as an amount distributed to such Participant and subsequently contributed by such Participant to the Plan. Contributions which are treated in the aforementioned manner shall be referred to as “Recharacterized” amounts. Recharacterized amounts shall be nonforfeitable and subject to the same distribution requirements as Salary Deferral amounts. Notwithstanding the foregoing, amounts may not be Recharacterized by a Highly Compensated Participant to the extent that such amounts in combination with other Nondeductible Employee Contributions would exceed any stated limit under Sections 3.07 and 3.08(a) (determined prior to applying Code section 401(m)(2)(A) and Section 3.09). Recharacterization must occur no later than two and one-half (2 1/2) months after the last day of the Plan Year in which such Excess Contributions arose and is deemed to occur no earlier than the date the last Highly Compensated Participant is informed in writing of the amount Recharacterized and the consequences thereof. Recharacterized amounts shall be taxable to a Participant for a Participant’s tax year in which such Participant would have received such amounts in cash.

Recharacterization of Excess Contributions. If Nondeductible Employee Contributions are provided for in the Adoption Agreement, in any Plan Year in which a Participant shall have an Excess Contribution amount, such Participant may elect to treat such excess amounts pursuant to the provisions of this subsection (b), or have such amounts distributed pursuant to Code section 401(k)(3) and the applicable regulationsregulations thereunder. A Participant may treat his or her Excess Contribution amounts, for the Plan Year for which such Excess Contributions relate, as an amount distributed to such Participant and subsequently contributed by such Participant to the Plan. Contributions which are treated in the aforementioned manner shall be referred to as “"Recharacterized” " amounts. Recharacterized amounts shall be nonforfeitable and subject to the same distribution requirements as Salary Deferral amounts. Notwithstanding the foregoing, amounts may not be Recharacterized by a Highly Compensated Participant to the extent that such amounts in combination with other Nondeductible Employee Contributions would exceed any stated limit under Sections 3.07 and 3.08(a) (determined prior to applying Code section 401(m)(2)(A) and Section 3.09). Recharacterization must occur no later than two and one-half (2 1/221/2) months after the last day of the Plan Year in which such Excess Contributions arose and is deemed to occur no earlier than the date the last Highly Compensated Participant is informed in writing of the amount Recharacterized and the consequences thereof. Recharacterized amounts shall be taxable to a Participant for a Participant’s 's tax year in which such Participant would have received such amounts in cash.

Recharacterization of Excess Contributions. If Nondeductible Employee Contributions are provided for elected in the Adoption AgreementAgreement together with the election to allow Participants to make nondeductible employee voluntary contributions, in any Plan Year in which a Participant shall have an Excess Contribution amount, such Participant may elect to treat such excess amounts pursuant to the provisions of this subsection (b), or have such amounts distributed pursuant to Code section 401(k)(3) and the applicable regulations. A Participant may treat his or her Excess Contribution amounts, for the Plan Year for which such Excess Contributions relate, allocated to such Participant according to Section 4.5[h] herein as an amount distributed to such Participant and subsequently then contributed by such the Participant to the Plan. Plan to the extent that recharacterized Excess Contributions which are treated in combination with other Participant Contributions made under the Plan do not exceed the limitations on Participant Contributions provided in the aforementioned manner shall be referred to as “Recharacterized” amountsPlan, including the Average Contribution Percentage limitation. Recharacterized amounts shall will be nonforfeitable and will be subject to the same distribution requirements as Salary Deferral amountsand withdrawal restrictions imposed on Elective Deferrals. Notwithstanding the foregoing, amounts Amounts may not be Recharacterized recharacterized by a Highly Compensated Participant Employee to the extent that such amounts amount, along with any other nondeductible employee voluntary contributions, will exceed the limits on nondeductible employee voluntary contributions provided in combination with other Nondeductible Employee Contributions would exceed any stated limit under Sections 3.07 and 3.08(a) (determined prior to applying Code section 401(m)(2)(A) and Section 3.09)4.4[a] of the Plan. Recharacterization must occur no later than within two and one-half (2 1/2) months after the last day close of the Plan Year in which such Excess Contributions arose and recharacterization is deemed to occur no earlier than the date the last Highly Compensated Participant Employee is informed in writing provided appropriate notification of the amount Recharacterized recharacterized and the consequences thereofof such recharacterization. Recharacterized amounts shall will be taxable to a the Participant for a in the Participant’s tax 's taxable year in which such the Participant would have received such amounts in cashcash but for the Elective Deferral.

Recharacterization of Excess Contributions. If Nondeductible Employee the Plan permits ------------------------------------------ Participant Voluntary After Tax Contributions are provided for in the Adoption AgreementSection 3.6, in any Plan Year in which a Participant shall have an Excess Contribution amount, such Participant may elect to treat such excess amounts pursuant to the provisions of this subsection (b), or have such amounts distributed pursuant to Code section 401(k)(3) and the applicable regulations. A Participant may treat his or her Excess Contribution amounts, for the Plan Year for which such Excess Contributions relate, as an amount distributed to such the Participant and subsequently then contributed by such the Participant to the Plan. Contributions which are treated in the aforementioned manner shall be referred to as “Recharacterized” amounts. Recharacterized amounts shall be will remain nonforfeitable and subject to the same distribution requirements as Salary Deferral amountsElective Deferrals. Notwithstanding the foregoing, amounts Amounts may not be Recharacterized recharacterized by a Highly Compensated Participant Employee to the extent that such amounts amount in combination with other Nondeductible Employee Contributions made by that Employee would exceed any stated limit under Sections 3.07 and 3.08(a) (determined prior to applying Code section 401(m)(2)(A) and Section 3.09)the Plan on Employee Contributions. Recharacterization must occur no later than two and one-half (2 1/2) months after the last day of the Plan Year in which such Excess Contributions arose arose, and is deemed to occur no earlier than the date the last Highly Compensated Participant Employee is informed in writing of the amount Recharacterized recharacterized and the consequences thereof. Recharacterized amounts shall will be taxable to a the Participant for a the Participant’s 's tax year in which such the Participant would have received such amounts them in cash. The amount of Excess Contributions to be recharacterized with respect to an Employee for a Plan Year shall be reduced by any Excess Deferrals previously distributed to the Employee for the Employee's taxable year ending with or within the Plan Year.

Recharacterization of Excess Contributions. If Nondeductible Employee Contributions are provided for in the Adoption Agreement, in any Plan Year in which a Participant shall have an Excess Contribution amountamount that cannot be treated as a Catch-up Contribution, such Participant may elect to treat such excess amounts pursuant to the provisions of this subsection (b), or have such amounts distributed pursuant to Code section 401(k)(3) and the applicable regulationsRegulations thereunder. A Participant may treat his or her Excess Contribution amounts, for the Plan Year for which such Excess Contributions relate, as an amount distributed to such Participant and subsequently contributed by such Participant to the Plan. Contributions which are treated in the aforementioned manner shall be referred to as “Recharacterized” amounts. Recharacterized amounts shall be nonforfeitable and subject to the same distribution requirements as Salary Deferral amounts. Notwithstanding the foregoing, amounts may not be Recharacterized by a Highly Compensated Participant to the extent that such amounts in combination with other Nondeductible Employee Contributions would exceed any stated limit under Sections 3.07 3.06 and 3.08(a3.07(a) (determined prior to applying Code section 401(m)(2)(A) and Section 3.093.08). Recharacterization must occur no later than two and one-half (2 1/2) months after the last day of the Plan Year in which such Excess Contributions arose and is deemed to occur no earlier than the date the last Highly Compensated Participant is informed in writing of the amount Recharacterized and the consequences thereof. Recharacterized amounts shall be taxable to a Participant for a Participant’s tax year in which such Participant would have received such amounts in cash.