Age 50 Catch-Up Contribution Limit Sample Clauses

Age 50 Catch-Up Contribution Limit. The annual limit applicable to Age 50 Catch-Up Contributions as set forth in Section 3.03(d)(1).
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Age 50 Catch-Up Contribution Limit. Age 50 Catch-Up Contributions for a Participant for a taxable year may not exceed the Age 50 Catch-Up Contribution Limit. The Age 50 Catch-Up Contribution Limit for taxable years beginning in 2023 is $7,500. The Age 50 Catch-Up Contribution Limit will be adjusted for cost-of-living increases under Code §414(v)(2)(C). Effective for taxable years beginning after December 31, 2024, the Age 50 Catch-Up Contribution Limit is increased to the greater of $10,000 or 150% of the regular Age 50 Catch-Up Contribution Limit for Employees who have attained ages 60, 61, 62 and 63. For taxable years beginning after 2025, the increased Catch-Up Contribution Limit will be adjusted for cost-of-living increases.
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Related to Age 50 Catch-Up Contribution Limit

  • Reallocation to a Class with a Lower Salary Range Maximum 1. If the employee meets the skills and abilities requirements of the position and chooses to remain in the reallocated position, the employee retains the existing appointment status and has the right to be placed on the Employer’s internal layoff list for the classification occupied prior to the reallocation. 2. If the employee chooses to vacate the position or does not meet the skills and abilities requirements of the position, the layoff procedure specified in Article 31 of this Agreement applies.