Common use of Return of Excess Deferral Clause in Contracts

Return of Excess Deferral. If a Participant makes an Excess Deferral to the Account for any tax year, such Participant must give written notice to the Sponsor of the amount of the Excess Deferral no later than March 1 following the close of the tax year. If the Participant gives such written, timely notice to the Sponsor, the Custodian/Insurer may distribute to the Participant, the amount of the Excess Deferral, together with income attributable thereto, by April 15th of the following taxable year.

Return of Excess Deferral. If a Participant makes an Excess Deferral to the Custodial Account for any tax year, such Participant must may give written notice to the Sponsor of the amount of the Excess Deferral no later than March 1 following the close of the that tax year. If the Participant gives such written, timely notice to the Sponsor, the Custodian/Insurer Custodian may distribute to the Participant, the amount of the Excess Deferral, together with income attributable thereto, by April 15th of the following taxable year.