Annual Addition Sample Clauses
The Annual Addition clause sets a limit on the total contributions that can be made to a participant's retirement plan account within a single plan year. This includes employer contributions, employee deferrals, and any forfeitures allocated to the account. By capping the aggregate amount that can be added annually, the clause ensures compliance with IRS regulations and prevents excessive tax-advantaged savings, thereby maintaining the plan's qualified status and protecting both the employer and employee from potential tax penalties.
Annual Addition. With respect to any Participant, the "Annual Addition" shall be the sum of the following amounts credited to a Participant's Account for the Limitation Year:
Annual Addition. For purposes of this Article VI, “Annual Addition” means the sum for any Plan Year of (a) employer contributions to a plan (or portion thereof) subject to section 415(c) of the Code maintained by an Employer or an Affiliate, (b) forfeitures under all such plans (or portions thereof), if any, credited to employee accounts, (c) employee contributions under all such plans (or portions thereof), and (d) amounts described in section 419A(d)(2) of the Code (relating to post-retirement medical benefits of key employees) or allocated to a pension plan individual medical account described in section 415(l) of the Code to the extent includible for purposes of section 415(c)(2) of the Code. The employee contributions described in clause (c) shall be determined without regard to (i) any rollover contributions, (ii) any repayments of loans, or (iii) any prior distributions repaid upon the exercise of buy-back rights. Employer and employee contributions taken into account as Annual Additions shall include “excess contributions” as defined in section 401(k)(8)(B) of the Code, “excess aggregate contributions” as defined in section 401(m)(6)(B) of the Code, and “excess deferrals” as described in section 402(g) of the Code (to the extent such excess deferrals are not distributed to the employee before the April 15 following the taxable year of the employee in which such deferrals were made), regardless of whether such amounts are distributed or forfeited.
Annual Addition. With respect to any Participant, the "Annual --------------- Addition" shall be the sum of the following amounts credited to a Participant's Account for the Limitation Year:
(i) Employer Contributions; as reported on Form W-2). Compensation is defined as wages within the meaning of Section 3401 (a) and all other payments of compensation to an Employee by the Employer (in the course of the Employer's trade or business) for which the Employer is required to furnish the Employee a written statement under Sections 6041(d), 6051(a)(3) and 6052. Compensation must be determined without regard to any rules under Section 3401(a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Section 3401(a)(2)).
Annual Addition. Annual Addition means, with respect to any Limitation Year, the sum of:
(A) all Employer contributions allocable to the Participant under this Plan and under all other defined contribution plans maintained by the Employer and those Related Entities whose plans are required to be aggregated pursuant to, those provisions of federal law pertaining to the maximum annual additions to individual accounts in tax qualified-defined contribution plans;
(B) Forfeitures allocable to the Participant under such plans, if any;
(C) Participant contributions to such plans, not including any portion of such Participant’s rollover contributions, if any; and
(D) amounts allocated to an individual medical account, as defined in Section 415(1)(2) of the Code which is part of a pension or annuity plan maintained by the Employer or a Related Entity.
Annual Addition. With respect to any Participant, the "Annual Addition" shall be the sum of the following amounts credited to a Participant's Account for the Limitation Year.
(i) Employer Contributions; (ii) forfeitures; and (iii) for Limitation Years commencing after December 31, 1986, Nondeductible Voluntary Contributions; and
Annual Addition. Annual addition means, with respect to any Participant for a limitation year, the sum of:
Annual Addition. A Participant’s “Annual Addition” for a Limitation Year shall be the sum of:
(1) Pre-Tax Savings and ▇▇▇▇ Savings contributions for the Limitation Year allocated to the Account of the Participant (excluding catch-up contributions described in Section 3.01(a)(ii));
(2) The sum of the Participant’s after- tax contributions (including After-Tax Savings Contributions to this Plan), whether mandatory or voluntary, for the Limitation Year, to this and any other defined contribution or defined benefit plan qualified under Code section 401(a) that is maintained by the Employer;
(3) The Company Contributions for the Limitation Year allocated to the Account of the Participant;
(4) The Employer’s contributions allocated as of a date within the Limitation Year to the Participant’s account in any other defined contribution plan maintained by the Employer and the Account of the Participant;
(5) The Participant’s contributions, whether mandatory or voluntary, for the Limitation Year, to this and any other defined contribution or defined benefit plan qualified under Code section 401(a), that is maintained by an Employer; and
(6) Forfeitures allocated to a Participant for a Limitation Year under any other defined contribution plan maintained by an Employer.
(7) Any other amounts required to be treated as “Annual Additions” under Code section 415 and the regulations thereunder.
Annual Addition. The term "annual addition" for any Plan Year means the sum of:
Annual Addition. The sum of the following additions to a Participant's Account for the Limitation Year:
(i) Employer contributions;
(ii) Forfeitures;
(iii) Employee contributions, excluding any rollover contributions (as defined in Sections 402(c), 403(a)(4), 403(b)(8) and 408(d)(3) of the Code) without regard to Participant contributions to a simplified employee pension which are excludable from gross income under Section 408(k)(6) of the Code; and
Annual Addition. 3.08(a) Annuity Starting Date.......................................................6.