Common use of Contribution Limitations Clause in Contracts

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Contributions made post-employment to former employees’ 403(b) account(s), the Contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b)(3) of the Code and in any event, no Employer Non-elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment. 1. For all members in the New York State Teachers’ Retirement System (“TRS”) or New York State Employee’s System (“ERS”) with a membership date before June 17, 19711, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code and then pay any excess amount as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code is fully met through payment of the Employer’s Non­ elective Contribution; and 2. For all members in the New York State Teachers Retirement System (“TRS”) with a membership date in the TRS on or after June 17, 1971, and for all members in the New York State Employees’ Retirement System regardless of their membership date, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-elective Contribution exceeds the Contribution Limit, such excess shall be reallocated to the Employee the following year as an Employer Non-elective Contribution (which Contribution shall not exceed the maximum amount permitted under the Code), and in January of each subsequent year for up to four (4) years after the year of the Employee’s

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-Non­ elective Contributions made post-employment to a former employees’ employee’s 403(b) account(s)account, the Contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b)(3) of the Code and in any event, no Employer Non-elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment.. The Employer utilizes a calendar year for the purposes of determining the section 415(c)(1) limit. In the event that the calculation of the Employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows: 1. a. For all members in the New York State Teachers’ Retirement System (“TRS”) or New York State Employee’s System (“ERS”) with a membership date before June 17, 19711, 1971% the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code and then pay any excess amount as compensation directly to the Employee. In no instance shall a Explanation for TRS Categories: Under Education Law § 501(1 l)(a), the Employee have calculation of a pre-June 17, 1971 TRS Tier I member’s last five (5) years final average salary (upon which a member’s life-time pension is, in part, calculated) includes any rights to, including the ability to receive, any excess amount non-ordinary income (such as termination pay) which is received as compensation unless and until the Contribution Limit prior to December 3 1st of the Internal Revenue Code is fully met through payment year of retirement. Thus, such a member would benefit from receiving, as compensation, in their final year of employment that portion of the Employer’s Non­ Employer Non-elective Contribution; and 2contribution, which is in excess of the maximum Contribution Limits of IRC § 415. For The final average salary of all other members in of the New York State Teachers Retirement System TRS (“TRS”) i.e. all TRS members with a membership date in the TRS on or after June 17, 1971, and for all members in the New York State Employees’ Retirement System regardless ) may not include any form of their membership dateTermination Pay; therefore, the Employer shall first make an Employer NonEmployer’s post-elective Contribution up to retirement payment into the Contribution Limit employee’s 403(b) account of the Internal Revenue Code. To the extent that portion of the Employer Non-elective Contribution exceeds the Contribution LimitContribution, such which is in excess shall be reallocated to the Employee the following year as an Employer Non-elective Contribution (which Contribution shall not exceed of the maximum amount permitted under the Code)Contribution Limits of IRC § 415, and in January of each subsequent year is more advantageous for up to four (4) years after the year of the Employee’sthose members.

Contribution Limitations. In any applicable year22.3.1 The Employer may sponsor an Internal Revenue Code of 1986, as amended (the “Code”) Section 403(b) plan, in order to maximize the use of tax deferral and reduction of payroll taxes. The maximum Employer Contribution contribution shall not cause an employee’s 403(b) account contribution to exceed the applicable contribution limit under Section 415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Contributions made post-employment to former employees’ 403(b) account(s)account, the Contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b)(3) of the Code and in any event, no Employer Non-elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment. 1. 22.3.2 In the event that the calculation of the Employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows: a. For all members in the New York State Teachers’ Retirement System (“TRS”) or New York State Employee’s System (“ERS”) with a membership date before June 17, 19711, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code and in the 403(b) plan. Employer shall then pay any excess amount as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code code is fully met through payment of the Employer’s Non­ elective ContributionNon-Elective Contributions to maximize deferrals; and 2. b. For all members in the New York State Teachers Retirement System (“TRS”) with a membership date in the TRS on or after June 17, 1971, and for all members in the New York State Employees’ Retirement System regardless of their membership date, the Employer shall first make an Employer Non-Non- elective Contribution up to the Contribution Limit of the Internal Revenue CodeCode in the 403(b) plan, as the case may be, utilizing the maximum contribution over the applicable plan year. To the extent that In no case shall the Employer Non-elective Contribution exceeds exceed the Contribution Limit, such Limit of the Code. Any amount in excess of the contribution limit of the Code shall be reallocated paid as compensation directly to the Employee the following year as an Employer Non-elective Contribution (which Contribution shall not exceed the maximum amount permitted under the Code), and in January of each subsequent year for up to four (4) years after the year of the Employee’semployee.

Contribution Limitations. In any applicable year22.3.2 The Employer may sponsor an Internal Revenue Code of 1986, as amended (the "Code") Section 403(b) plan, in order to maximize the use of tax deferral and reduction of payroll taxes. The maximum Employer Contribution contribution shall not cause an employee’s 's 403(b) account contribution to exceed the applicable contribution limit under Section 415(c)(1415(c)( I) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Contributions made post-employment to former employees’ ' 403(b) account(s)account, the Contribution Limit shall be based on the employee’s 's compensation, as determined under Section 403(b)(3) of the Code and in any event, no Employer Non-elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment.. In the event that the calculation of the Employer Non-elective Contribution referenced in any of the preceding paragraphs exceed the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows: 1. a. For all members in the New York State Teachers’ ' Retirement System (“"TRS”) or New York State Employee’s System (“ERS”") with a membership date before June 17, 19711, 1971,1 the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code and in the 403(b) plan. Employer shall then pay any excess amount as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code code is fully met through payment of the Employer’s Non­ elective Contribution's Non-Elective Contributions to maximize deferrals; and 2. b. For all members in the New York State Teachers Retirement System (“"TRS”") with a membership date in the TRS on or after June 17, 1971, and for all members in the New York State Employees’ ' Retirement System regardless of their membership date, the Employer shall first make an Employer Non-Non­ elective Contribution up to the Contribution Limit of the Internal Revenue CodeCode in the 403(b) plan, as the case may be, utilizing the maximum contribution over the applicable plan year. To the extent that In no case shall the Employer Non-elective Contribution exceeds exceed the Contribution Limit, such Limit of the Code. Any amount in excess of the contribution limit of the Code shall be reallocated paid as compensation directly to the Employee the following year as an Employer Non-elective Contribution (which Contribution shall not exceed the maximum amount permitted under the Code), and in January of each subsequent year for up to four (4) years after the year of the Employee’semployee.

Contribution Limitations. In any applicable year, the maximum Employer Contribution shall not cause an employee’s 403(b) account to exceed the applicable contribution limit under Section 415(c)(1) of the Code, as adjusted for cost-of-living increases. For Employer Non-elective Contributions made post-employment to former employees’ 403(b) account(s)account, the Contribution Limit shall be based on the employee’s compensation, as determined under Section 403(b)(3) of the Code Code. and in any event, no Employer Non-elective Contribution shall be made on behalf of such former employee after the fifth taxable year following the taxable year in which that employee terminated employment.fifth 1. A. For all members in the New York State Teachers’ Retirement System (“TRS”) or New York State Employee’s System (“ERS”) with a membership date before June 17, 197111971i, and for all members in the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code and then pay any excess amount as compensation directly to the Employee. In no instance shall the Employee have any rights to, including the ability to receive, any excess amount as compensation unless and until the Contribution Limit of the Internal Revenue Code is fully met through payment of the Employer’s Non­ elective Contribution; andNew York State 2. B. For all members in the New York State Teachers Retirement System (“TRS”) with a membership date in the TRS on or after June 17, 1971, and for all members in the New York State Employees’ Retirement System regardless of their membership date, the Employer shall first make an Employer Non-elective Contribution up to the Contribution Limit of the Internal Revenue Code. To the extent that the Employer Non-elective Employer Contribution exceeds the Contribution Limit, such excess shall be reallocated to the Employee the following year as an Employer a Non-elective Employer Contribution (which Contribution shall not exceed the maximum amount permitted under the Code), and in January of each subsequent the following year for up to four (4) years after the year of the Employee’s’s employment severance, until such time as the Non-elective Employer Contribution is fully deposited into the Employee’s 403(b) account. In no case shall the Non- elective Employer Contribution exceed the Contribution Limit of the Internal Revenue Code.