Common use of Code Section 415 Limitations Clause in Contracts

Code Section 415 Limitations. Annual additions to the Plan (as defined in Code section 415(c)(2)) in a limitation year shall not exceed the limitations under Code section 415(c) and related regulations, which are incorporated herein by reference, including the definition of compensation set forth in Code section 415(c)(3). The dollar limit under Code section 415(c)(1)(A) shall be automatically adjusted for cost-of-living to the extent provided under section 415(d) of the Code. To the extent there are any excess annual additions made on behalf of a Participant in any limitation year, such excess shall be corrected in a manner consistent with applicable Internal Revenue Service guidance on excess annual additions, including applicable provisions of the Employee Plan Compliance Resolution System (EPCRS).

Code Section 415 Limitations. Annual additions to the Plan (as defined in Code section 415(c)(2)) in a limitation year shall not exceed the limitations under Code section 415(c) and related regulations, which are incorporated herein by reference, including the definition of compensation set forth in Code section 415(c)(3). The dollar limit under Code section 415(c)(1)(A) shall be automatically adjusted for cost-of-living to the extent provided under section 415(d) of the Code. To the extent there are any excess annual additions made on behalf of a Participant in any limitation year, such excess shall be corrected in a a‌ manner consistent with applicable Internal Revenue Service guidance on excess annual additions, including applicable provisions of the Employee Plan Compliance Resolution System (EPCRS).