Section 415 Limits definition
Section 415 Limits means the limit imposed by Section 415 of the Code, or any successor section, on aggregate annual additions in any Plan Year to the accounts of a Participant under the Qualified Plan and Qualified Thrift-Incentive Plan, and the limits imposed by Section 415(c)(6) of the Code, or any successor section, on the Qualified Plan.
Examples of Section 415 Limits in a sentence
SECTION 15.1. Code Section 415 Limits In no event may a Member’s Projected Annual Benefit (as defined below) in any Limitation Year (as defined below) exceed the maximum permitted under Section 415 of the Code.
The parties hereby agree to create an Excess Benefit Plan Fund (“Fund”) to pay any benefits in excess of the Section 415 Limits.
All participants and beneficiaries under the Pension Plan and under Parts IX and IX-A of the Combined Plan whose retirement benefits under either plan are limited, directly or indirectly, by the provisions of section 415 of the Code, or by the provisions in those plans that implement that section (together, the "Section 415 Limits"), shall receive benefits pursuant to this Plan.