Common use of Contribution Limitations Clause in Contracts

Contribution Limitations. (a) No amount shall be contributed on behalf of the Employee for any limitation year in excess of the applicable limitations of Section 415(c) of the Code. In the absence of a special election by the Employee under Section 415(c)(4) of the Code, the amount contributed shall not exceed the lesser of: (i) $30,000 (or, if greater, one-fourth the defined benefit plan dollar limitation in effect under Section 415(b)(1) of the Code for the limitation year); or (ii) 25 percent of the Employee's compensation (within the meaning of Section 415(c)(3) of the Code) for the limitation year. (b) The term "limitation year" shall mean the calendar year, unless the Employee elects to change the limitation year to another twelve-month period by attaching a statement to his or her federal income tax return in accordance with the regulations under Section 415 of the Code. If the Employee is in control (within the meaning of Code Section 414(b) or (c), as modified by Code Section 415(h)) of the Employer, the limitation year shall be the same as the limitation year of the Employer under Section 415 of the Code.

Contribution Limitations. (a) No amount shall be contributed on behalf of the Employee for any limitation year in excess of the applicable limitations of Section 415(c) of the Code. In the absence of a special election by the Employee under Section 415(c)(4) of the Code, the amount contributed shall not exceed the lesser of: (i) $30,000 (or, if greater, one-fourth the defined benefit plan dollar limitation in effect under Section 415(b)(1) of the Code for the limitation year); or (ii) 25 percent of the Employee's compensation compen sation (within the meaning of Section 415(c)(3) of the Code) for the limitation year. (b) The term "limitation year" shall mean the calendar year, unless the Employee elects to change the limitation year to another twelve-month period by attaching a statement to his or her federal income tax return in accordance with the regulations under Section 415 of the Code. If the Employee is in control (within the meaning of Code Section 414(b) or (c), as modified by Code Section 415(h)) of the Employer, the limitation year shall be the same as the limitation year of the Employer under Section 415 of the Code.

Contribution Limitations. (a) No amount shall be contributed on behalf of the Employee for any limitation year in excess of the applicable limitations of Section 415(c) of the Code. In the absence of a special election by the Employee under Section 415(c)(4) of the Code, the amount contributed shall not exceed the lesser of: : (i) $30,000 (or, if greater, one-fourth the defined benefit plan dollar limitation in effect under Section 415(b)(1) of the Code for the limitation year); or or (ii) 25 percent of the Employee's compensation (within the meaning of Section 415(c)(3) of the Code) for the limitation year. . (b) The term "limitation year" shall mean the calendar year, unless the Employee elects to change the limitation year to another twelve12-month period by attaching a statement to his or her federal income tax return in accordance with the regulations under Section 415 of the Code. If the Employee is in control (within the meaning of Code Section 414(b) or (c), as modified by Code Section 415(h)) of the Employer, the limitation year shall be the same as the limitation year of the Employer under Section 415 of the Code.