Common use of Salary Reduction Contributions Clause in Contracts

Salary Reduction Contributions. The amount contributed to an Employee's Custodial Account in any calendar year as a Salary Reduction Contribution shall not exceed the greater of $10,000 or the limitation on elective deferrals in effect for such year under Section 402(g) of the Code ($7,000, indexed for cost-of- living increases). The limitation determined in accordance with the foregoing sentence is then reduced by the amount of any Salary Reduction Contributions made during the calendar year by or on behalf of the Employee under a qualified cash or deferred arrangement under Section 401(k) of the Code, a simplified employee pension under Section 408(k) of the Code, an eligible deferred compensation plan under Section 457 of the Code, or another tax deferred annuity or custodial account under Section 403(b) of the Code. In the case of an individual who has completed at least fifteen (15) years of service with an educational institution, hospital, home health service agency, health and welfare service agency, church or convention or association of churches, or a tax-exempt organization controlled by a church or convention or association of churches as described in Section 414(e)(3)(B)(ii) of the Code (collectively referred to as a "Qualified Organization"), the limitation on Salary Reduction Contributions for any year as determined above shall be increased by the least of the following amounts:

Salary Reduction Contributions. The amount contributed to an Employee's Custodial Account in any calendar year as a Salary Reduction Contribution shall not exceed the greater of $10,000 9,500 or the limitation on elective deferrals in effect for such year under Section 402(g) of the Code ($7,000, indexed for cost-of- of-living increases). The limitation determined in accordance with the foregoing sentence is then reduced by the amount of any Salary Reduction Contributions made during the calendar year by or on behalf of the Employee under a qualified cash or deferred arrangement under Section 401(k) of the Code, a simplified employee pension under Section 408(k) of the Code, an eligible deferred compensation plan under Section 457 of the Code, or another tax deferred annuity or custodial account under Section 403(b) of the Code. In the case of an individual who has completed at least fifteen (15) years of service with an educational institution, hospital, home health service agency, health and welfare service agency, church or convention or association of churches, or a tax-exempt organization controlled by a church or convention or association of churches as described in Section 414(e)(3)(B)(ii) of the Code (collectively referred to as a "Qualified Organization"), the limitation on Salary Reduction Contributions for any year as determined above shall be increased by the least of the following amounts: