Code Limitations definition

Code Limitations means the cap on compensation taken into account by a plan under Code Section 401(a)(17), the limitations on 401(k) contributions necessary to meet the average deferral percentage (“ADP”) test under Code Section 401(k)(3)(A)(ii), the limitations on employee and matching contributions necessary to meet the average contribution percentage (“ACP”) test under Code Section 401(m), the dollar limitations on elective deferrals under Code Section 402(g) and the overall limitations on contributions and benefits imposed on qualified plans by Code Section 415, as such provisions may be amended from time to time, and any similar successor provisions of federal tax law.

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Code Limitations means the limitations imposed by Sections 401(a) and 415 of the Code, or any successor thereto, on the amount of the benefits which may be payable to a Participant from the Pension Plan.

Code Limitations means the limitations imposed by Code Section 415 on the amount of annual retirement benefits payable to employees from qualified pension plans and Code Section 401(a)(17) on the amount of annual compensation that may be taken into account for all qualified plan purposes.

Examples of Code Limitations in a sentence

• Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later.

• The requirement that a Member have contributed the maximum 401(k) account contributions permitted by the Code Limitations under the Thrift Plan before he shall be eligible to make an election under this Section 3.01 shall not apply to an Eligible Executive who becomes a Member on his date of hire under Section 2.02 until the date he first becomes eligible to participate in the Thrift Plan.

• I am solely responsible for any adverse tax consequences, including penalties and interest and hereby agree to indemnify Shakopee School District #720 from any adverse tax consequences, including penalties and interest, as a result of contributions in excess of Internal Revenue Code Limitations.

• The “maximum deferral percentage” means the maximum deferral percentage of Base Salary a member of the Thrift Plan may elect to contribute as 401(k) account contributions to the Thrift Plan for the applicable calendar year, determined without regard to any Code Limitations.

• Any Employee (i) who participates in the Retirement Plan and whose benefits under the Retirement Plan are limited by the Code Limitations or (ii) who has his Retirement Plan Compensation reduced pursuant to nonqualified deferred compensation plans sponsored by the Participating Employers is eligible to participate in the Plan.

More Definitions of Code Limitations

Code Limitations means the cap on compensation taken into account by a tax-qualified plan under Code Section 401(a)(17) and the overall limitations on contributions and benefits imposed on qualified plans by Code Section 415, as such provisions may be amended from time to time, or replaced by similar successor provisions of federal tax law.

Code Limitations means the limitations imposed on deferrals under and contributions to the Qualified Plan under Code Sections 401(a)(17), 401(k)(3), 401(m)(2), 402(g)(1), 415, and such other Code sections as the Committee, in its sole discretion, may designate.

Code Limitations means the limitation of Code Section 401(a)(17) restricting the contributions of a Participant or the Company under the provisions of the Retirement Savings Plan.

Code Limitations means the cap on compensation taken into account by a plan under Code Section 401(a)(17), the dollar limitations on elective deferrals and Roth contributions under Code Section 402(g), and the overall limitations on contributions and benefits imposed on qualified plans by Code Section 415, as such provisions may be amended from time to time, and any similar successor provisions of federal tax law.

Code Limitations means any one or more of the limitations and restrictions that Sections 401(a)(17), 401(k)(3), 401(m), 402(g) and 415 of the Code place on the pre-tax retirement savings contributions and employer matching contributions for a Participant under the 401(k) Plan. In addition, Code Limitations means and refers to any other limitations on contributions under the 401(k) Plan or established by the Plan Committee with respect to highly compensated participants.

Code Limitations means the limitations imposed by one or more of Sections 401(a)(17), 401(k), 401(m), 402(g), 403(b), 408(k), or 415 of the Code or any other limitation on contributions or benefits in the Code on plans to which any of such sections apply.

Code Limitations means the limitations imposed by Sections 401(a) and 415 of the Code, or any successor thereto, on the amount of the benefits which may be payable to a Participant from the Pension Plan. F. "CONTROLLED GROUP" shall mean Cleveland-Cliffs and any corporation in an unbroken chain of corporations beginning with Cleveland-Cliffs, if each of the corporations other than the last corporation in the chain owns or controls, directly or indirectly, stock possessing not less than fifty percent of the total combined voting power of all classes of stock in one of the other corporations. G. "EMPLOYER(S)" shall mean Cleveland-Cliffs and any other member of the Controlled Group and any Affiliate which shall adopt this Plan pursuant to paragraph 6. 35 4