Maximum Annual Additions definition

Maximum Annual Additions of a Member for any Limitation Year shall mean the lesser of (A) $30,000 (or, if greater, one-fourth of the defined benefit dollar limitation in effect under section 415(b)(1)(A) of the Code for such Limitation Year) or (B) 25% of such Member's compensation, within the meaning of section 415(c)(3) of the Code and applicable Treasury regulations thereunder, during such year except that the limitation in this Clause (B) shall not apply to any contribution for medical benefits (within the meaning of section 419A(f)(2) of the Code) after separation from service with the Employer or a Controlled Entity which is otherwise treated as an Annual Addition or to any amount otherwise treated as an Annual Addition under section 415(l)(1) of the Code.

Maximum Annual Additions means, for any Participant for any Limitation Year beginning after December 31, 2001, and except to the extent permitted under Section 3.07 and Code Section 414(v), the lesser of (A) forty thousand dollars ($40,000), as adjusted for increases in the cost-of-living under Code Section 415(d); or (B) one hundred percent (100%) of such Participant’s Section 415 Compensation during such year, except the limitation in this Clause (B) shall not apply to any contribution for medical benefits (within the meaning of Code Sections 401(h) or 419A(f)(2)) after a Participant’s termination of employment with the Company or an Affiliate which is otherwise treated as an Annual Addition.

Maximum Annual Additions means, except for age 50 catch-up elective deferrals described in IRC § 414(v) and allowed under

Examples of Maximum Annual Additions in a sentence

• If the Annual Additions credited to a Member’s Separate Accounts for any Limitation Year under this Plan plus the additions credited on his behalf under other defined contribution plans required to be aggregated pursuant to this Section would exceed the Maximum Annual Additions for such Member for such Limitation Year, the Annual Additions this Plan and under such other plans shall be reduced on a pro rata basis and allocated, reallocated, or returned in accordance with the provisions of applicable law.

• Notwithstanding any provisions of this Plan to the contrary, a Participant’s Annual Additions (as defined in subsection (b)(1) below) for any Plan Year shall not exceed his or her Maximum Annual Additions (as defined in subsection (b)(2) below) for the Plan Year.

• If the Employer contribution that would otherwise be contributed or allocated to the Participant's Account would cause the Annual Additions for the Limitation Year to exceed the Maximum Annual Additions, the amount contributed or allocated will be reduced so that the Annual Additions for the Limitation Year will equal the Maximum Annual Additions.

• If a Participant’s Annual Additions exceed his or her Maximum Annual Additions, the Participant’s Annual Additions for the Plan Year shall be reduced according to subsection (c) below by the amount necessary to eliminate such excess (the “Annual Excess”).

• Contrary Plan provisions notwithstanding, in no event shall the Annual Additions credited to a Member’s Separate Accounts for any Limitation Year exceed the Maximum Annual Additions for such Member for such year.

More Definitions of Maximum Annual Additions

Maximum Annual Additions. Means the maximum amount of all contributions, except for Catch-Up Contributions, that may be contributed or allocated to a Participant’s account under the Plan for any Limitation Year, which shall not exceed the lesser of: (i) $49,000, as adjusted for increases in the cost of living under Section 415(d) of the Code, or (ii) 100% of the Participant’s Compensation for the Limitation Year.

Maximum Annual Additions means, for any Participant for any Limitation Year, the lesser of (A) thirty thousand dollars ($30,000); or (B) twenty-five percent (25%) of such Participant's Section 415 Compensation during such year, except the limitation in this Clause (B) shall not apply to any contribution for medical benefits (within the meaning of Section 419A(f)(2) of the Code) after a Participant's termination of employment with the Company or an Affiliate which is otherwise treated as an Annual Addition or to any amount otherwise treated as an Annual Addition under Section 415(l)(1) of the Code.

Maximum Annual Additions of a Participant for a Plan Year means the lesser of:

Maximum Annual Additions of a Participant for a Plan Year means the lesser of (A) and (B) below: (A) 25% of the Participant's Compensation during the Plan Year or (B) (i) prior to November 1, 1995, the greater of (A) $30,000 or (B) one-fourth (1/4) of the amount in effect under Section 415(b)(1)(A) of the Code ($120,000, in 1995, adjusted in subsequent years as determined in accordance with regulations prescribed by the Secretary of the Treasury or his delegate pursuant to the provisions of Section 415(d) of the Code), or (ii) on and after November 1, 1995 $30,000; provided that this $30,000 limit shall be adjusted in subsequent years as determined in accordance with 38 THE KELLOGG COMPANY -- BAKERY, CONFECTIONERY, TOBACCO WORKERS AND GRAIN MIXXXXX XAVINGS AND INVESTMENT PLAN regulations prescribed by the Secretary of the Treasury or his delegates pursuant to the provisions of Section 415(d) of the Code. Notwithstanding the foregoing, for purposes of the short Plan Year beginning November 1, 2001, and ending December 31, 2002, the $30,000 limit will be multiplied by a fraction, the numerator of which is two, and the denominator of which is twelve.

Maximum Annual Additions of a Member for any Limitation Year shall mean the lesser of (A) $30,000 (with such amount to be adjusted automatically to reflect any cost-of-living adjustment authorized by section 415(d) of the Code) or (B) 25% of such Member's 415 Compensation during such Limitation Year, except that the limitation in this Clause (B) shall not apply to any contribution for medical benefits (within the meaning of section 419A(f)(2) of the Code) after separation from service with the Employer or a Controlled Entity which is otherwise treated as an Annual Addition or to any amount otherwise treated as an Annual Addition under section 415(l)(1) of the Code.

Maximum Annual Additions means the maximum annual addition that may be contributed or allocated to a Participant's account under the Plan for any limitation year and which shall not exceed the lesser of:

Maximum Annual Additions means the maximum contributions and other additions which may be credited to the Member's Plan Account for that Plan Year under the limits described in this Section.