Excess Annual Addition definition

Excess Annual Addition means the excess of the Annual Additions credited to the Participant for the Limitation Year under the Plan and plans aggregated with the Plan under Sections 4.07(a)(2) and 4.07(a)(3) over the Maximum Annual Addition for the Limitation Year under Section 4.07(b)(4).

Excess Annual Addition means any Elective Contribution and/or Employer Contribution that exceeds the Participant’s Maximum Annual Addition for the Limitation Year.

Excess Annual Addition means the annual additions credited to the participant for the limitation year under the ACTS and plans aggregated with the ACTS under (b), (c), and (d) above over the maximum annual addition for the limitation year under this subsection.

Examples of Excess Annual Addition in a sentence

• The Plan Administrator shall reallocate the Excess Annual Additions pursuant to the allocation method under the Plan as if the Participant whose Account otherwise would receive such Excess Annual Addition were not eligible for an allocation of Employer contributions.

• If an allocation of Employer contributions would result in an Excess Annual Addition to the Participant’s Account (other than an Excess Annual Addition which results from the application of the nondiscrimination rules under Article XIV), the Plan Administrator may reallocate the Excess Annual Addition to the remaining Participants who are eligible for an allocation of Employer contributions for the Plan Year in which the Limitation Year ends.

• If any Controlled Group member maintains a qualified defined contribution plan for any Plan Year, the Committee will determine from which plan any Excess Annual Addition will be distributed.

• If the Annual Addition allocated to any Participant’s Account for any Plan Year exceeds his/her Maximum Annual Addition, the Employer will correct the Excess Annual Addition by following the applicable procedures that the Internal Revenue Service has prescribed under the Employee Plans Compliance Resolution System.

• Any Excess Annual Addition as determined under Paragraph 10.1 above shall be corrected by the use of the Employee Plans Compliance Resolution System as set forth in Revenue Procedure 2008-50 (or any successor guidance), or by any other correction method permitted by law.

More Definitions of Excess Annual Addition

Excess Annual Addition means the excess of: (i) the Annual Additions credited to the Participant for the Limitation Year under this Plan and plans aggregated with this Plan under Section 3.3; over (ii) his Maximum Annual Addition for the Limitation Year.

Excess Annual Addition means the excess of the Annual Additions credited to the Participant for the Limitation Year under the Plan and plans aggregated with the Plan under Sections 4.06(a)(2) and 4.06(a)(3) over the Maximum Annual Addition for the Limitation Year under Section 4.06(b)(4).

Excess Annual Addition means the excess of the Participant’s Annual Additions for the Limitation Year over the Annual Addition Limit.

Excess Annual Addition. The portion of the allocation of contributions and Forfeitures that cannot be added to a Participant's Accounts due to the limitations on Annual Additions contained in the Plan.

Excess Annual Addition shall be:

Excess Annual Addition means any allocation of Contributions that exceeds the Participant’s Maximum Annual Addition for the Plan Year.

Excess Annual Addition. The portion of the allocation of contributions and Forfeitures that cannot be added to a Participant’s Accounts due to the limitations on Annual Additions contained in Part III, Article II.