Common use of Spillover Method Clause in Contracts

Spillover Method. (1) Any nondeductible Employee Voluntary, Required Voluntary Contributions and unmatched Elective Deferrals to the extent they would reduce the Excess Amount will be returned to the Participant. To the extent necessary to reduce the Excess Amount, non-Highly Compensated Employees will have all Elective Deferrals returned whether or not there was a corresponding match. (2) Any Excess Amount which would be allocated to the account of an individual Participant under the Plan's allocation formula will be reallocated to other Participants in the same manner as other Employer contributions. No such reallocation shall be made to the extent that it will result in an Excess Amount being created in such Participant's own account. (3) To the extent that amounts cannot be reallocated under (1) above, the suspense account provisions of (a) above will apply.

Spillover Method. (1) Any nondeductible Employee Voluntary, Required Voluntary Contributions and unmatched Elective Deferrals to the extent they would reduce the Excess Amount will be returned to the Participant. To the extent necessary to reduce the Excess Amount, non-non Highly Compensated Employees will have all Elective Deferrals returned whether or not there was a corresponding match. (2) Any Excess Amount which would be allocated to the account of an individual Participant under the Plan's allocation formula will be reallocated to other Participants in the same manner as other Employer contributions. No such reallocation shall be made to the extent that it will result in an Excess Amount being created in such Participant's own account. (3) To the extent that amounts cannot be reallocated under (1) above, the suspense account provisions of (a) above will apply.

Spillover Method. (1) Any nondeductible Employee Voluntary, Required Voluntary Contributions and unmatched Elective Deferrals Deferrals, to the extent they would reduce the Excess Amount Amount, will be returned to the Participant. To the extent necessary to reduce the Excess Amount, non-Highly Compensated Employees will have all Elective 77 Deferrals returned whether or not there was a corresponding match. (2) Any Excess Amount which would be allocated to the account of an individual Participant under the Plan's allocation formula will be reallocated to other Participants in the same manner as other Employer contributions. No such reallocation shall be made to the extent that it will result in an Excess Amount being created in such Participant's own account. (3) To the extent that amounts cannot be reallocated under (1) above, the suspense account provisions of (a) above will apply.