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

• If the Participant is not covered by the Plan at the end of the Limitation Year, the Plan Administrator will apply the suspense account to reduce future Employer contributions for all remaining Participants in the next Limitation Year, and each succeeding Limitation Year until the Excess Annual Addition is eliminated.

• 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.

• To the extent needed to eliminate the Excess Annual Addition, Section 401(k) Contributions to the Plan shall be returned to the Participant.

• If after returning Section 401(k) Contributions, there is still an Excess Annual Addition that cannot be allocated to any Participant as a result of the limitations imposed by this Section, then the remaining Excess Annual Addition shall be maintained in a Suspense Account under the Trust Fund to be allocated among Employer Retirement Contributions Accounts in the next succeeding Limitation Year.

• 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.

More Definitions of Excess Annual Addition

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.

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 shall be: (i) that amount allocated to a Participant's Account in excess of the limitations set forth in Section 1 above, as a result of the allocation of forfeitures to the Account of a Participant, a reasonable error in estimating the Participant's Compensation, a reasonable error in determining the amount of Elective Deferrals, or other similar circumstances; (ii) that amount allocated to a Participant's Account in excess of the limitations set forth in Section 3 above (after any reductions in the benefits or Annual Additions in any other plan required to be aggregated with this Plan under Section 5).

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