Common use of TIMING OF RECHARACTERIZATION Clause in Contracts

TIMING OF RECHARACTERIZATION. Recharacterization must occur no later than two and one-half months after the last day of the Plan Year in which such Excess Contributions arose and is deemed to occur no earlier than the date the last Highly Compensated Employee is informed in writing of the amount recharacterized and the consequences thereof. Recharacterized amounts will be taxable to the Participant for the Participant's tax year in which the Participant would have received them in cash.

TIMING OF RECHARACTERIZATION. Recharacterization must occur no not later than two and one-half 2½ months after the last day of the Plan Year in which such Excess excess Before-Tax Contributions arose and is deemed to occur no earlier than the date the last Highly Compensated Employee is informed in writing of the amount recharacterized and the consequences thereof. Recharacterized amounts will be taxable to the Participant for the Participant's tax taxable year in which the Participant would have received them in cash.