Common use of Correction of Excess Contributions Clause in Contracts

Correction of Excess Contributions. 7.3.1 Elective Deferrals that are in excess of the limitations under Code section 402(g), or that cause excess Contributions under Code section 415(c), will be returned, with earnings allocable thereto, not later than the April 15th of the year following the year in which they were contributed, upon (a) timely receipt of written instruction from the Plan Administrator or You; or (b) in the absence of such written instruction, upon determination by the Custodian that an excess exists, based solely on the Custodian’s records. 7.3.2 An excise tax of 6% generally will apply to excess Contributions under Code section 415(c), in the year of the excess Contribution and in every subsequent year until the excess is corrected either by distribution, where permitted, or in a subsequent year, by contributing less than the amount otherwise allowed. It shall be Your obligation to report and pay such excise tax. 7.3.3 In the event that the Contributions made on behalf of the Participant for any year must be reduced for purposes of complying with other requirements under the Code, including the requirements of Code section 401(m), or in the event Contributions are made to the Custodial Account other than in accordance with the terms of the Plan, including Contributions made by reason of a mistake in fact, the Custodian will correct such excess Contributions in accordance with the applicable requirements of the Code or Plan, or as directed by the Plan Administrator, provided that the Custodian has been timely and properly notified of such excess Contributions. 7.3.4 The Custodian will apply the contribution limits based solely on the information known to the Custodian and any additional information that has been provided to the Custodian in a timely manner and acceptable form. For this purpose, the Custodian will assume, unless informed otherwise, that the Contributions made on behalf of the Participant for any year do not exceed the amount of the Participant’s compensation for that year that is properly taken into account for purposes of applying the contribution limits.

Correction of Excess Contributions. 7.3.1 8.3.1 Elective Deferrals that are in excess of the limitations under Code section 402(g), or that cause excess Contributions under Code section 415(c), will be returned, with earnings allocable thereto, not later than the April 15th 15 of the year following the year in which they were contributed, upon (a) timely receipt of written instruction from the Plan Administrator or Youthe Participant; or (b) in the absence of such written instruction, upon determination by the Custodian that an excess exists, based solely on the Custodian’s records. 7.3.2 8.3.2 An excise tax of 6% generally will apply to excess Contributions under Code section 415(c), in the year of the excess Contribution and in every subsequent year until the excess is corrected either by distribution, where permitted, or in a subsequent year, by contributing less than the amount otherwise allowed. It shall be Your the Participant’s obligation to report and pay such excise tax. 7.3.3 8.3.3 In the event that the Contributions made on behalf of the Participant for any year must be reduced for purposes of complying with other requirements under the Code, including the requirements of Code section 401(m), or in the event Contributions are made to the Custodial Account other than in accordance with the terms of the Plan, including Contributions made by reason of a mistake in fact, the Custodian will correct such excess Contributions in accordance with the applicable requirements of the Code or Plan, or as directed by the Plan Administrator, provided that the Custodian has been timely and properly notified of such excess Contributions. 7.3.4 8.3.4 The Custodian will apply the contribution limits based solely on the information known to the Custodian and any additional information that has been provided to the Custodian in a timely manner and acceptable form. For this purpose, the Custodian will assume, unless informed otherwise, that the Contributions made on behalf of the Participant for any year do not exceed the amount of the Participant’s compensation for that year that is properly taken into account for purposes of applying the contribution limits.

Correction of Excess Contributions. 7.3.1 Elective Deferrals that are in excess of the limitations under Code section 402(g), or that cause excess Contributions under Code section 415(c), will be returned, with earnings allocable thereto, not later than the April 15th 15 of the year following the year in which they were contributed, upon upon (a) timely receipt of written instruction from the Plan Administrator or You; or (b) in the absence of such written instruction, upon determination by the Custodian that an excess exists, based solely on the Custodian’s records. 7.3.2 An excise tax of 6% generally will apply to excess Contributions under Code section 415(c), in the year of the excess Contribution and in every subsequent year until the excess is corrected either by distribution, where permitted, or in a subsequent year, by contributing less than the amount otherwise allowed. It shall be Your obligation to report and pay such excise tax. 7.3.3 In the event that the Contributions made on behalf of the Participant for any year must be reduced for purposes of complying with other requirements under the Code, including the requirements of Code section 401(m), or in the event Contributions are made to the Custodial Account other than in accordance with the terms of the Plan, including Contributions made by reason of a mistake in fact, the Custodian will correct such excess Contributions in accordance with the applicable requirements of the Code or Plan, or as directed by the Plan Administrator, provided that the Custodian has been timely and properly notified of such excess Contributions. 7.3.4 The Custodian will apply the contribution limits based solely on the information known to the Custodian and any additional information that has been provided to the Custodian in a timely manner and acceptable form. For this purpose, the Custodian will assume, unless informed otherwise, that the Contributions made on behalf of the Participant for any year do not exceed the amount of the Participant’s compensation for that year that is properly taken into account for purposes of applying the contribution limits.

Correction of Excess Contributions. 7.3.1 Elective Deferrals 8.3.1 Contributions that are in excess of the limitations limitation under Code section 402(g), or that cause excess Contributions under Code section 415(c), Section 457(b) will be returned(and an excess Contribution as a result of a failure to comply with the individual limitation under Treas. Reg. Section 1.457-5 for a taxable year may be) distributed to the Participant, with earnings allocable theretonet income, not later than as soon as administratively practicable after the April 15th of Plan determines that the year following amount is an excess Contribution, in accordance with the year in which they were contributedCode, upon: (a) timely receipt of written instruction from the Plan Administrator or Youthe Participant; or or (b) in the absence of such written instruction, upon determination by the Custodian that an excess exists, based solely on the Custodian’s records. 7.3.2 An excise tax of 6% generally will apply to excess Contributions under Code section 415(c), in the year of the excess Contribution and in every subsequent year until the excess is corrected either by distribution, where permitted, or in a subsequent year, by contributing less than the amount otherwise allowed. It shall be Your obligation to report and pay such excise tax. 7.3.3 8.3.2 In the event that the Contributions made on behalf of the Participant for any year must be reduced for purposes of complying with other requirements under the Code, including the requirements of Code section 401(m), or in the event Contributions are made to the Custodial Account other than in accordance with the terms of the Plan, including Contributions made by reason of a mistake in fact, the Custodian will correct such excess Contributions in accordance with the applicable requirements of the Code or Plan, or as directed by the Plan Administrator, provided that the Custodian has been timely and properly notified of such excess Contributions. 7.3.4 8.3.3 The Custodian will apply the contribution limits based solely on the information known to the Custodian and any additional information that has been provided to the Custodian in a timely manner and acceptable form. For this purpose, the Custodian will assume, unless informed otherwise, that the Contributions made on behalf of the Participant for any year do not exceed the amount of the Participant’s compensation for that year that is properly taken into account for purposes of applying the contribution limits.