Return of Excess Contributions Sample Clauses

Return of Excess Contributions. If Qualified Matching Contributions are used to satisfy the Actual Deferral Percentage Test, and, as a result of the test for a given Plan Year, there are Excess Contributions, then the distribution of the Excess Contributions shall be as follows. First, all Salary Deferral Contributions that were not matched with Qualified Matching Contributions shall be distributed, and then, if required, the Qualified Matching Contributions deemed as Salary Deferral Contributions and the remaining Salary Deferral Contributions shall be distributed pro-rata.
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs
Return of Excess Contributions. To the extent that any Donor makes a contribution to the Education Account that exceeds the amount allowed under Paragraph 3 above for any taxable year, that contribution will be considered an Excess Contribution. The Responsible Person is required to determine whether an Excess Contribution has been made for any year and to notify the Trustee of any such Excess Contribution. Upon notice to the Trustee of an Excess Contribution from the Responsible Person, the Trustee will pay that Excess Contribution (together with any net income attributable thereto) to the Responsible Person. The Responsible Person has the obligation to transmit or direct any return of an Excess Contribution to the Donor who made the contribution, if the Donor is not the Responsible Person.
Sample 1
Return of Excess Contributions. To the extent that the Responsible Person determines that a contribution to the Education Account exceeds the amount allowed under Section 2.1 for any taxable year (an “Excess Contribution”), the Trustee shall pay such Excess Contribution (together with any net income attributable thereto) to such Responsible Person upon appropriate direction from the Responsible Person in accordance with Section 7.1. The Responsible Person has the obligation to transmit or direct any return of an Excess Contribution to the Donor who made the contribution, if the Donor is not the Responsible Person.
Sample 1
Return of Excess Contributions. In the event that Employee Elective Contributions, with respect to any Participant, exceed the describe in Section 7.3(a) of the Plan, the excess shall be paid to such Participant in cash. In the event Employer Basic Contributions, Employer Transitional Contributions and Employer Matching Contributions, with respect to any Participant, exceed the limit described in Section 7.3(a) of the Plan, the excess first shall be used to reduce Employer Basic Contributions, Employer Transitional Contributions and Employer Matching Contributions and the balance shall be carried over to subsequent years and used to reduce Employer Basic Contributions, Employer Transitional Contributions and Employer Matching Contributions for subsequent year or years. Amounts carried over shall be held in a suspense account (as described in Article XVII), and shall be invested in any manner the Trustee deems appropriate.
Sample 1

Related to Return of Excess Contributions

  • Distribution of Excess Contributions If the Advisory Committee determines the Plan fails to satisfy the ADP test for a Plan Year, it must distribute the excess contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess contributions are the amount of deferral contributions made by the Highly Compensated Employees which causes the Plan to fail to satisfy the ADP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess contributions. The Advisory Committee will determine the respective shares of excess contributions by starting with the Highly Compensated Employee(s) who has the greatest ADP, reducing his ADP (but not below the next highest ADP), then, if necessary, reducing the ADP of the Highly Compensated Employee(s) at the next highest ADP level (including the ADP of the Highly Compensated Employee(s) whose ADP the Advisory Committee already has reduced), and continuing in this manner until the average ADP for the Highly Compensated Group satisfies the ADP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess contributions assigned to the family unit.

  • DISTRIBUTION OF EXCESS AGGREGATE CONTRIBUTIONS The Advisory Committee will determine excess aggregate contributions after determining excess deferrals under Section 14.07 and excess contributions under Section 14.08. If the Advisory Committee determines the Plan fails to satisfy the ACP test for a Plan Year, it must distribute the excess aggregate contributions, as adjusted for allocable income, during the next Plan Year. However, the Employer will incur an excise tax equal to 10% of the amount of excess aggregate contributions for a Plan Year not distributed to the appropriate Highly Compensated Employees during the first 2 1/2 months of that next Plan Year. The excess aggregate contributions are the amount of aggregate contributions allocated on behalf of the Highly Compensated Employees which causes the Plan to fail to satisfy the ACP test. The Advisory Committee will distribute to each Highly Compensated Employee his respective share of the excess aggregate contributions. The Advisory Committee will determine the respective shares of excess aggregate contributions by starting with the Highly Compensated Employee(s) who has the greatest contribution percentage, reducing his contribution percentage (but not below the next highest contribution percentage), then, if necessary, reducing the contribution percentage of the Highly Compensated Employee(s) at the next highest contribution percentage level (including the contribution percentage of the Highly Compensated Employee(s) whose contribution percentage the Advisory Committee already has reduced), and continuing in this manner until the ACP for the Highly Compensated Group satisfies the ACP test. If the Highly Compensated Employee is part of an aggregated family group, the Advisory Committee, in accordance with the applicable Treasury regulations, will determine each aggregated family member's allocable share of the excess aggregate contributions assigned to the family unit.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Profit Sharing Contributions An Employee will be eligible to become a Participant in the Plan for purposes of receiving an allocation of any Employer Profit Sharing Contribution made pursuant to Section 11 of the Adoption Agreement after completing 1 (enter 0, 1, 2 or any fraction less than 2)

  • Allocation of Excess Nonrecourse Liabilities For purposes of determining a Holder’s proportional share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s respective interest in Partnership profits shall be equal to such Holder’s Percentage Interest with respect to Partnership Common Units, except as otherwise determined by the General Partner.

  • EMPLOYEE CONTRIBUTIONS (a) Each participant shall be allowed to contribute on a bi-weekly basis up to an amount equal to eighty percent (80%) of the Participant’s wage. Such bi-weekly wage deductions shall be in increments of one percent (1%) and shall be contributed to the Participant’s account. The participant may contribute on a pre-tax, after-tax, Xxxx basis or any combination.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!