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.
Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.
Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.
How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax for that year by withdrawing the excess contribution and its earnings on or before the date, including extensions, for filing your tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may also be subject to the 10% early distribution penalty tax if you are under age 59½. In addition, although you will still owe penalty taxes for one or more years, excess contributions may be withdrawn after the time for filing your tax return. Excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years. An individual who is partially or entirely ineligible to make contributions to a Xxxx XXX may transfer amounts of up to the yearly contribution limits to a non-deductible Traditional IRA (subject to reduction for amounts remaining in the Xxxx XXX plus other Traditional IRA contributions).
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.
Initial Contribution The member agrees to make an initial contribution to the Company of $____________.
Contribution Allocation The Advisory Committee will allocate deferral contributions, matching contributions, qualified nonelective contributions and nonelective contributions in accordance with Section 14.06 and the elections under this Adoption Agreement Section 3.04. PART I. [OPTIONS (a) THROUGH (d)].
Redundancy Contributions 25.1 The Employer is, and will remain during the life of this Agreement, a member of the Redundancy Payment Approved Worker Entitlement Fund 1 (“Incolink Number 4 Fund”) of which Redundancy Payment Central Fund Ltd ("Incolink") is trustee or an equivalent approved worker entitlement fund that is administered and/or managed by Incolink (the “Nominated Redundancy Fund”). References in this clause to "Nominated Redundancy Fund" include a reference to another fund for comparable purposes nominated by Incolink for the purposes of this Agreement as a fund which supersedes the Incolink Number 4 Fund. 25.2 All Employees of the Employer will be enrolled by the Employer in the Nominated Redundancy Fund and be entitled to Redundancy benefits in accordance with the terms of the relevant Trust Deed. 25.3 The Employer will pay a minimum of $160 to the Nominated Redundancy Fund on behalf of each Employee on a weekly basis (except where Clause 25.4 applies) in accordance with the trust deed or other governing documents, save that if Incolink nominates any other fund under clause 25.1 the Employer will 25.4 Redundancy contributions on behalf of Employees who have entered in to a part-time/job sharing arrangement under clause 14.2 will be pro-rated. For clarity casual Employees are entitled to the full contribution at clause 25.3 above. 25.5 The liability of the Employer to pay redundancy payments to an Employee under this clause will be met by the making of the contributions on behalf of the Employee required as a member of the Nominated Redundancy Fund, or by another fund nominated by Incolink under clause 25.1.
Annual Contributions □ Check enclosed in the amount of $ representing current contribution for tax year 20 .
Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.