Limitation on Contributions definition

Limitation on Contributions. The contributions made to an Owner's Individual Account in any year cannot exceed the lesser of the amount determined under the exclusion allowance of Code Section 403(b)(2) or the annual additions Limitation of Code Section 415(c)(1). In addition, in no event may the contributions attributable to elective deferrals as defined in Code Section 402(g) exceed $9,500 (or, such larger amount as adjusted by the Secretary of the Treasury) during any calendar year, unless the alternate Limitation of Code Section 402(g)(8) applies.
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Limitation on Contributions means the limitation on the aggregate amount of "annual additions" which can be made to Participants' accounts under the Savings Plan in accordance with Section 415 of the Code.
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Limitation on Contributions. The Purchase Payment(s) made to a Contract Holder's Individual Account in any year cannot exceed the lesser of the amount determined under the exclusion allowance of Code Section 403(b)(2) or the annual additions limitation of Code Section 415(c)(1). In addition, in no event may the Purchase Payment(s) attributable to elective deferrals as defined in Code Section 402(g) exceed $9,500 (or, such larger amount as adjusted by the Secretary of the Treasury) during any calendar year, unless the alternate limitation of Code Section 402(g)(8) applies. Add the following provision as Section 5.04(h) as follows: Timing of Distributions: The distribution of benefits accrued after December 31, 1986, must be made in a lump sum or must begin not later than the April 1 of the calendar year following the calendar year in which the Contract Holder attains age 70-1/2. However, for a Contract Holder who attained age 70-1/2 before January 1, 1988, the distribution of such benefits must be made or must begin not later than the April 1 of the calendar year following the calendar year in which the Contract Holder retires. The above does not apply if the Contract Holder is employed by a governmental entity or a church. For Contract Holders of such an employer, the distribution of benefits accrued after December 31, 1986, must be made or must begin not later than the April 1 of the calendar year following the calendar year in which the Contract Holder attains age 70-1/2 or retires, whichever occurs later. The required distribution described in either of the above rules must be made over the life of the Contract Holder (or the joint lives of the Contract Holder and beneficiary) or over a period not exceeding the life expectancy of the Contract Holder (or the joint life expectancies of the Contract Holder and the beneficiary). If the Contract Holder does not request commencement of benefits as described above, Aetna will not be responsible for compliance with the Code 401(a)(9) minimum distribution requirements and for any adverse tax consequences that may result. Endorsed and made a part of the Contract effective on October 15, 1990 or the effective date of the Contract whichever is later. /s/ Xxxx X. Xxxxxx President Aetna Life Insurance and Annuity Company Aetna Life Insurance and Annuity Company ENDORSEMENT Add the following provision as Section 5.04(i) Distribution Options as follows: The following distribution options may be elected by the Participant.
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Examples of Limitation on Contributions in a sentence

  • With respect to the Limitation on Contributions described in 13.9, in determining whether a corporation is a member of a controlled group of corporations the phrase "more than 50 percent" shall be substituted for the phrase "at least 80 percent" each place it appears in Code Section 1563(a)(1).

  • The first sentence of Section 6.1 shall be amended to read as follows: 6.1 Limitation on Contributions.

  • A designation or change of designation may be rejected by the Employer if the Plan Administrator concludes that such designation or change of designation would cause the Plan to fail to satisfy Section 4.2 (Limits on Pre-Tax Contributions) or Section 4.3 (Limitation on Contributions of Highly Compensated Employees).

  • Limitation on Contributions: The Employer's aggregate Employer Contributions and Salary Reduction Contributions for any Plan Year shall be conditioned on deductibility under Code section 404 and shall not exceed 15% of the total Compensation of all Participants during the Plan Year, or such greater or lesser percentage as may be allowed as a deduction from the gross income of the Employer as provided in Code section 404(a)(3).

  • Notwithstanding the foregoing provisions of this Section, no change to or suspension of contributions will be applied retroactively and all changes to elections (including suspensions of contributions) will be effective as soon as administratively feasible after elected by the Participant.3.7Automatic Suspension of and Limitation on Contributions.

  • Adjustment to the Limitation on Contributions and Benefits............................................

  • For purposes of this paragraph, the term "excess Pre-Tax Contributions" means, with respect to any Plan Year, the aggregate amount of Pre-Tax Contributions paid to the Plan by the Highly Compensated Employees for the Plan Year over the maximum amount of Pre-Tax Contributions permitted pursuant to Section 4.3(a) (Limitation on Contributions of Highly Compensated Employees - Actual Deferral Percentage Limitations) and Section 401(k)(3)(A)(ii) of the Code.

  • Limitation on Contributions under Section 415 of the Internal Revenue Code.

  • In the event that after the loan is repaid in full there are shares of Company Stock remaining in the suspense account, those shares shall be allocated in accordance with the provisions of the last paragraph of Section 15.6. 15.8 Limitation on Contributions for Highly Compensated Employees.

  • For this purpose, if such other plan has as its purpose the intent to recompense its eligible participants for amounts affected by the Limitation on Benefits, the Limitation on Contributions, or the Limitation on Compensation, it will be deemed an excess benefit plan regardless of the terminology employed.


More Definitions of Limitation on Contributions

Limitation on Contributions. In accordance with applicable regulations, and notwithstanding any other provision in the Plan relating to Tax-Deferred Contributions, Company Contributions or Supplemental Employee Contributions, the provisions of this Section shall control.
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Related to Limitation on Contributions

  • Rollover Contributions means, for any Participant, his rollover contributions as provided in Section 7.1.

  • Other Contributions means financial or in-kind contributions other than the Grant as set out below: Contributor Nature of Contribution Amount (GST exclusive) Timing Grantee < insert description of contribution, e.g., cash, access to equipment, secondment of personnel etc> $<insert amount> <project end date> <name of third party providing the Other Contribution> <insert description of contribution, e.g., cash, access to equipment, secondment of personnel etc> $<insert amount> <insert date or Milestone to which the Other Contribution relates> Total $<total other contributions>

  • Catch-Up Contributions means Salary Reduction Contributions made to the Plan that are in excess of an otherwise applicable Plan limit and that are made by Participants who are Age 50 or over by the end of their taxable years. An “otherwise applicable Plan limit” is a limit in the Plan that applies to Salary Reduction Contributions without regard to Catch-up Contributions, such as the limits on Annual Additions, the dollar limitation on Salary Reduction Contributions under Code Section 402(g) (not counting Catch-up Contributions) and the limit imposed by the Actual Deferral Percentage (ADP) test under Code Section 401(k)(3). Catch-up Contributions for a Participant for a taxable year may not exceed the dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) for the taxable year. The dollar limit on Catch-up Contributions under Code Section 414(v)(2)(B)(i) is $1,000 for taxable years beginning in 2002, increasing by $1,000 for each year thereafter up to $5,000 for taxable years beginning in 2006 and later years. After 2006, the $5,000 limit will be adjusted by the Secretary of the Treasury for cost-of-living increases under Code Section 414(v)(2)(C). Any such adjustments will be in multiples of $500.

  • Company Matching Contributions means any contributions made to the Company Matching Account of a Participant by a Participating Employer as provided for in Section 4.02.

  • Excess Contributions means, with respect to any Plan Year, the excess of:

  • Matching Contributions means local cash and/or in-kind contributions made by the Contractor, a subcontractor, or other local resources that qualify as match for the Contract funding.

  • Contributions means the payroll deductions and other additional payments specifically provided for in the Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for in the Offering, and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through payroll deductions.

  • Employer Contributions means all amounts paid into ASRS by an

  • Employee Contributions are contributions made by a Participant on an after-tax basis, whether voluntary or mandatory, and designated, at the time of contribution, as an employee (or nondeductible) contribution. Elective deferrals and deferral contributions are not employee contributions. Participant nondeductible contributions, made pursuant to Section 4.01 of the Plan, are employee contributions.

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • 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.

  • Cash contributions means the re- cipient’s cash outlay, including the outlay of money contributed to the re- cipient by third parties.

  • Annual Additions means the sum of the following amounts credited to a Participant for a Limitation Year:

  • Member contributions means all amounts paid to ASRS by a member.

  • 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.

  • Rollover Contribution means any rollover contribution to the Plan made by a Participant as may be permitted under Article V.

  • Participant Contributions means contributions made by the Participant pursuant to an executed Pay Reduction Agreement subject to the Participant Contribution limits contained in Article III.

  • Accumulated contributions means the sum of all

  • Additional contributions means contributions made by a member of a defined benefit plan to

  • Company Contributions means the contributions made by the Company pursuant to Section 3.3.

  • After-Tax Contributions means amounts withheld from an Employee’s Compensation pursuant to a Salary Reduction Agreement after all applicable state and federal taxes have been deducted. Such amounts are withheld for purposes of purchasing one or more of the Benefit Package Options available under the Plan.

  • Regular contributions means the amounts required to be

  • Charitable contribution means any donation or gift of money or any other thing of value.

  • Qualified Nonelective Contributions means contributions of the Plan Sponsor or an Affiliate, other than Matching Contributions or Elective Deferrals, which are 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 Code Section 401(k)(2)(B) and the regulations thereunder.