Recharacterized Excess definition
Recharacterized Excess. Contributions shall be treated as Thrift Contributions for purposes of the Contribution Percentage tests of Section 4.7. However, no matching Employer contribution shall be made with respect to Recharacterized Contributions. In addition, recharacterized Excess Contributions shall be reported to the Internal Revenue Service and the Participant as employee contributions in accordance with such rules as the Internal Revenue Service may prescribe and shall be accounted for as Voluntary Contributions for purposes of sections 72 and 6047 of the Code. Recharacterized Excess Contributions will be taxable to the Participant for the Participant's taxable year in which the Participant would have received them in cash. Recharacterized Excess Contributions will be taxable to the Participant for the Participant's taxable year in which the Participant would have received them in cash. Recharacterized Excess Contributions shall remain non-forfeitable and shall continue to be treated for all other purposes, including the limitations on distributions of section 401(k), the deduction limitations of section 404 of the Code, the contribution limitations of section 415 of the Code and the top heavy rules of section 416 of the Code, as Elective Deferrals, except that Recharacterized Excess Contributions which relate to Plan Years beginning before January 1, 1989 shall be treated as employee contributions for purposes of section 401(k)(2) of the Code. Recharacterized Excess Contributions shall be allocated to the Participant's Elective Deferral Account.
Examples of Recharacterized Excess in a sentence
Recharacterized Excess 401(k) Contributions will first be determined using the ratio leveling method, then the dollar leveling method.
Secured Meeting room, which will function as a CHP office area for the Judicial Council during the Program.