Deferral Limitation definition

Deferral Limitation means the dollar limitation on the exclusion of elective deferrals from a Participant’s gross income under Section 402(g) of the Code, as in effect with respect to the taxable year of the Participant, or such greater limitation on the exclusion of elective deferrals permitted under Section 5.2(d) and Section 414(v) of the Code, if applicable.
Sample 1Sample 2Sample 3
Deferral Limitation means the dollar limitation on the exclusion of elective deferrals from a Participant's gross income under Section 402(g) of the Code, as in effect with respect to the taxable year of the Participant.
Sample 1Sample 2

Examples of Deferral Limitation in a sentence

  • The amount of Matching Contributions credited to the Account of any Participant with respect to Elective Deferrals of Compensation for any Plan Year may not exceed the Matching Deferral Limitation applicable to that Participant for such Plan Year.

  • No Participant shall be permitted to make Before-Tax Contributions or Roth Contributions combined in excess of the Deferral Limitation.

  • In the event a Participant’s Before-Tax Contributions and Roth Contributions exceed the Deferral Limitation, excess contributions shall be subject to the provisions of Section 5.6.

  • Any election by a Participant to make Before-Tax Contributions or Roth Contributions shall be deemed to include an election to automatically substitute After-Tax Contributions for such Before-Tax Contributions or Roth Contributions, effective for the period starting on the date immediately following the date the Participant’s Before-Tax Contributions and Roth Contributions for a calendar year equal the Deferral Limitation and ending on the immediately following December 31.

  • In addition, Fidelity will perform 402(g) Deferral Limitation Monitoring (for calendar year plans only) (if applicable) and 415 Limitation Monitoring (for defined contribution plans only), and, if necessary, the annual Top Heavy and Minimum Coverage (ratio percentage test only) tests for the Employer's Plan.

  • Notwithstanding any other provision of the Plan to the contrary, the amount to be contributed for any calendar year on behalf of any Active Participant pursuant to a Compensation Deferral Agreement, combined with elective deferrals, as defined in Section 402(g)(3) of the Code, to any plan of any Affiliate under Sections 401(k), 408(k) or 403(b) of the Code, except as provided in Section 402(g) of the Code shall not exceed ten thousand dollars ($10,000), as Adjusted (the "Deferral Limitation").

  • The Deferral Limitation for 1994 is $9,240, $8,994 for 1993, $8,728 for 1992, $8,475 for 1991, $7,979 for 1990, and $7,627 for 1989.

  • The "Elective Deferral Limitation" is: (1) for the Plan Year commencing January 1, 2002, $11,000; (2) for the Plan Year commencing January 1, 2003, $12,000; (3) for the Plan Year commencing January 1, 2004, $13,000; (4) for the Plan Year commencing January 1, 2005, $14,000; and (5) for the Plan Years commencing on or after January 1, 2006, $15,000 or such increased amount as may be determined by the Secretary of the Treasury or his delegate in accordance with Section 402(g)(4) of the Code.

  • If the sum of a participant's Before-Tax Contributions and other elective deferrals (as defined in Section 402(g)(3) of the Code) in a plan maintained by another employer for any calendar year exceed the Elective Deferral Limitation, then the participant may file an election form with the Plan Committee designating in writing the amount of such excess Before-Tax Contributions to be distributed from this Plan.

  • Except to the extent permitted under Section 7.6 and Section 414(v) of the Code, if applicable, in no event shall a participant's Before-Tax Contributions for any Plan Year exceed the Elective Deferral Limitation.

Related to Deferral Limitation

  • Annual Limit means the maximum amount claimable per person in a calendar year, unless otherwise stated.

  • Deferral means the amount or amounts of a Participant’s Compensation deferred under the provisions of Section 3.

  • Deferrals means the amount of the Director’s Compensation that the Director elects to defer according to this Agreement.

  • Deferral Amount means the sum of all of a Participant's Annual Deferral Amounts.

  • Compensation Deferral means the amount or amounts of the Director's Compensation deferred under the provisions of Section 3 of this Agreement.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Deferral Period has the meaning set forth in Section 3(h) hereof.

  • Deferral Date means the date Fees would otherwise have been paid to the Participant.

  • Elective Deferrals mean Compensation and Elective Deferrals for: . [Note: The Employer must complete the blank line with the applicable time period for computing the Basic Match, such as "each payroll period," "each calendar month," "each Plan Year quarter" or "the Plan Year."]

  • Deferral Election means the Participant’s election under Section 3.1 to defer all or a portion of his or her Compensation.

  • Deferral Contribution means any contribution made to the Plan by the Employer in accordance with the provisions of Section 5.03.

  • Compensation Limit means the compensation limit of Section 401(a)(17) of the Code, as adjusted under Section 401(a)(17)(B) of the Code for increases in the cost of living.

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Bonus Deferral means the amount of a Participant’s Bonus Compensation which the Participant elects to have withheld on a pre-tax basis from his Bonus Compensation and credited to his account pursuant to Section 4.1.

  • Deduction Limitation means the following described limitation on a benefit that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation shall be applied to all distributions that are “subject to the Deduction Limitation” under this Plan. If an Employer determines in good faith prior to a Change in Control that there is a reasonable likelihood that any compensation paid to a Participant for a taxable year of the Employer would not be deductible by the Employer solely by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Participant pursuant to this Plan prior to the Change in Control is deductible, the Employer may defer all or any portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Section 3.8, even if such amount is being paid out in installments. The amounts so deferred and amounts credited thereon shall be distributed to the Participant or the Participant’s Beneficiary (in the event of the Participant’s death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the Participant for the taxable year of the Employer during which the distribution is made will not be limited by Section 162(m). Notwithstanding the foregoing, the Committee shall interpret this Section in a manner that is consistent with Code Section 409A and the regulations thereunder, including without limitation guidance issued in connection with that Section.

  • Plan Year(s means the approximate twelve-month periods between annual meetings of the shareholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned.

  • Optional Deferral Provision means, as to any Qualifying Capital Securities, a provision in the terms thereof or of the related transaction agreements to the effect that:

  • Matching Contribution means an Employer contribution made to this or any other defined contribution plan on behalf of a Participant on account of a Participant's Deferral Contribution.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Excess Compensation means Compensation in excess of the following Integration Level: (Choose (1) or (2))

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee's account under any plan of an Employer or a Related Company solely on account of "elective contributions" made on his behalf or "employee contributions" made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.