Allocation of Excess Annual Additions Sample Clauses

Allocation of Excess Annual Additions. In the event that the allocation formula results in an Excess Amount, such excess, after distribution of Employee contributions, shall be: i. Placed in a suspense account for the benefit of the Participant without the crediting of gains or losses for the benefit of the Participant. ii. Reallocated as additional Employer contributions to all other Participants to the extent that they do not have any Excess Amount. IF NO METHOD IS SPECIFIED, THE SUSPENSE ACCOUNT METHOD WILL BE USED.
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Allocation of Excess Annual Additions. In the event that the allocation formula results in an Excess Amount, such excess, after distribution of Employee related Contributions pursuant to paragraph 10.2 of the Basic Plan Document #01 shall be: i. Placed in a suspense account for the benefit of the Participant without the crediting of gains or losses for the benefit of the Participant. [_] ii. Reallocated as additional Employer Contributions to all other Participants to the extent that they do not have any Excess Amount. NOTE: IF NO METHOD IS SELECTED, THE SUSPENSE ACCOUNT METHOD WILL BE USED. [X] c. If a Participant is or ever has been a participant in a Defined Benefit Plan maintained by the Employer, the Employer must specify below the provisions that satisfy the 1.0 limitation of Code ss.415(e). Such provision must preclude Employer discretion and is applicable for Limitation Years beginning before January 1, 2000. EFFECTIVE FOR LIMITATION YEARS BEGINNING BEFORE JANUARY 1, 2000, IF A PARTICIPANT IS PARTICIPATING IN ONE OR MORE DEFINED BENEFIT PLANS OF THE EMPLOYER (OR AN AFFILIATE) AND ONE OR MORE DEFINED CONTRIBUTION PLANS OF THE EMPLOYER (OR AN AFFILIATE) THE NUMERATOR OF THE DEFINED BENEFIT FRACTION (AS DEFINED IN CODE SECTION 415(e)(2)(A)) OF THE MONRO MUFFLER BRAKE, INC. RETIREMENT PLAN FOR ANY PLAN YEAR SHALL BE LIMITED (OR REDUCED, IF APPLICABLE), SO THAT A "COMBINED BENEFIT FACTOR" IN EXCESS OF 1.0 SHALL NOT RESULT, PURSUANT TO CODE SECTION 415(e).
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Allocation of Excess Annual Additions. In the event that the allocation formula results in an Excess Amount, such excess, after distribution of Employee contributions pursuant to paragraph 10.2 of the Basic Plan Document #01, shall be: i. Placed in a suspense account for the benefit of the Participant without the crediting of gains or losses for the benefit of the Participant. [ ] ii. Reallocated as additional Employer contributions to all other Participants to the extent that they do not have any Excess Amount. IF NO METHOD IS SPECIFIED, THE SUSPENSE ACCOUNT METHOD WILL BE USED. B. TOP-HEAVY PROVISIONS: In the event the Plan is or becomes Top-Heavy, the minimum contribution or benefit required under Code Section 416 relating to Top-Heavy Plans shall be satisfied in the elected manner: 1. This is the only qualified retirement Plan maintained by the Employer. The minimum contribution will be satisfied by this Plan. [ ] 2. The Employer does maintain another Defined Contribution Plan. The minimum contribution will be satisfied by: [ ] a. this Plan. [ ] b. . ---------------------------------------- (Name of other qualified plan) [ ] 3. The Employer maintains a Defined Benefit Plan. A method is stated below under which the minimum contribution and benefit provisions of Code Section 416 will be satisfied. Such method precludes Employer discretion. Interest and mortality assumptions used in the Top-Heavy Ratio must be stated. ---------------- XII. ANTIDISCRIMINATION TESTING COMPLETE ONLY IF THIS IS A NEW PLAN OR AN EXISTING PLAN WHICH HAS PREVIOUSLY BEEN AMENDED OR RESTATED FOR GUST. FOR AMENDED AND RESTATED PLANS, PLEASE COMPLETE SCHEDULE C OUTLINING THE PREAMENDMENT OPERATION OF THE PLAN. SAFE HARBOR PLANS ARE AUTOMATICALLY DEEMED TO HAVE MADE THE CURRENT YEAR TESTING ELECTION. [ ] A. NOT APPLICABLE FOR PLAN YEARS BEGINNING IN 2000. The Plan is not subject to ADP or ACP testing. The Plan does not offer Voluntary After-tax Contributions or Required After-tax contributions and it either meets the Safe Harbor provisions of Section VII of this Adoption Agreement, or it does not benefit any Highly Compensated Employees.
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Related to Allocation of Excess Annual Additions

  • Allocation of Excess Nonrecourse Liabilities For purposes of determining a Holder’s proportional share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s respective interest in Partnership profits shall be equal to such Holder’s Percentage Interest with respect to Partnership Common Units, except as otherwise determined by the General Partner.

  • Limitation Year The Limitation Year is: (Choose (c) or (d)) [ x ] (c) The Plan Year. [ ] (d) The 12 consecutive month period ending every _____.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • Allocation of Applied Realized Loss Amounts Any Applied Realized Loss Amounts shall be allocated by the Trustee to the most junior Class of Subordinated Certificates then Outstanding in reduction of the Class Certificate Balance thereof.

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax under Section 4973 of the Internal Revenue Code for that year by withdrawing the excess contribution and its earnings on or before the due date, including extensions, of the tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may be subject to a 10% early distribution penalty tax if you are under age 59½. In addition, in certain cases an excess contribution may be withdrawn after the time for filing your tax return. Finally, excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years.