Section 415 Limitations definition
Examples of Section 415 Limitations in a sentence
Generally, for purposes of Internal Revenue Code Section 415 Limitations Compensation includes wages, salaries, and other amounts (including commissions, overtime, and bonuses) received by a Participant for personal services actually rendered to the employer.
Except as provided below, prior to the beginning of the calendar year in which it is estimated that Excess Savings Contributions would be made to the Savings Plan by or on behalf of a Savings Participant, the Company shall notify the Savings Participant that some or all of his contributions to the Savings Plan, or those made on his behalf, shall cease when such contributions equal the $10,000 Limitation, Section 415 Limitations and/or his Pay equals the Compensation Limitation.
Any Affiliate that meets the definition of ------------------------ a Participating Affiliate or an Employer under a Qualified Plan and that has any Employees whose benefits under such Qualified Plan are affected by the Code Section 401(a)(17) Limitations or the Code Section 415 Limitations shall be deemed to have adopted this Plan for the benefit of such eligible Employees.
For purposes of this Plan, an eligible employee's Unrestricted Retirement Plan Benefit as of any determination date equals the vested benefit which such individual would have accrued under the Retirement Plan as of such date under the otherwise applicable provisions of the Retirement Plan, but determined for periods from and after May 1, 1986, without regard to the limitations on such benefits which result from the application of the Section 415 Limitations.
The purpose of Program B is to restore to Participants any Qualified Plan benefits that have been reduced as a result of the Code Section 415 Limitations.
The benefits payable under this Plan shall be coordinated to ensure that benefit reductions attributable to the Code Section 401(a)(17) Limitations and the Code Section 415 Limitations are calculated to prevent duplication of benefits under this Plan.
The Section 415 Defined Contribution Restoration Benefit shall be payable in an amount equal to the excess of (i) over (ii), where (i) is equal to the amount of the benefit which would have been payable under the Qualified Defined Contribution Plan without regard to the Code Section 415 Limitations and (ii) is equal to the amount of the benefit actually payable under the Qualified Defined Contribution Plan.
An Employee who becomes eligible for participation in Program B of this Plan (as described in Section 4.2) from and after January 1, 1995 shall become a Participant in Program B of this Plan if, as of or after such date, the benefits he would otherwise receive as a result of his participation in one or more of the Qualified Plans are reduced as a result of the Code Section 415 Limitations.
Such contributions shall be deemed as those made by the Employer for all purposes, subject to the limitations of Sections 2.09 and 5.02 hereof (Section 415 Limitations and Nondiscrimination Requirements for Employee Pre-Tax Contributions).
A ----------------------------------------------------------------- benefit, hereinafter referred to as the "Section 415 Defined Contribution Restoration Benefit," will be payable to Participants in Program B whose Qualified Defined Contribution Plan benefits were reduced as a result of the Code Section 415 Limitations.