Common use of DEFERRAL CONTRIBUTIONS Clause in Contracts

DEFERRAL CONTRIBUTIONS. (a) 4.01. If so provided by the Employer in Section 1.05(b), each Participant may elect to execute a salary reduction agreement with the Employer to reduce his Compensation by a specified percentage not exceeding 15% per payroll period, subject to any exceptions elected by the Employer in Section 1.05(b)(2) and 1.05(b)(3) and equal to a whole number multiple of one (1) percent. Such agreement shall become effective on the first day of the first payroll period for which the Employer can reasonably process the request. The Employer shall make a Deferral Contribution on behalf of the Participant corresponding to the amount of said reduction, subject to the restrictions set forth below. Under no circumstances may a salary reduction agreement be adopted retroactively. (b) A Participant may elect to change or discontinue the percentage by which his Compensation is reduced by notice to the Employer as provided in Section 1.05(b)(1). (c) No Participant shall be permitted to have Deferral Contributions made under the Plan, or any other qualified plan maintained by the Employer, during the taxable year, in excess of the dollar limitation contained in Section 402(g) of the Code in effect at the beginning of such taxable year. A Participant may assign to the Plan any Excess Deferrals made during the taxable year of the Participant by notifying the Plan Administrator on or before March 15 following the taxable year of the amount of the Excess Deferrals to be assigned to the Plan. A Participant is deemed to notify the Administrator of any Excess Deferrals that arise by taking into account only those Deferral Contributions made to the Plan and any other plan of the Employer. Notwithstanding any other provision of the Plan, Excess Deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15 to any Participant to whose Account Excess Deferrals were so assigned for the preceding year and who claims Excess Deferrals for such taxable year.

DEFERRAL CONTRIBUTIONS. (a) 4.01. If so provided by the Employer in Section 1.05(b), each Participant may elect to execute a salary reduction agreement with the Employer to reduce his Compensation by a specified percentage not exceeding 15% per payroll period, subject to any exceptions elected by the Employer in Section 1.05(b)(2) and 1.05(b)(3) and equal to a whole number multiple of one (1) percent. Such agreement shall become effective on the first day of the first payroll period for which the Employer can reasonably process the request. The Employer shall make a Deferral Contribution on behalf of the Participant corresponding to the amount of said reduction, subject to the restrictions set forth below. Under no circumstances may a salary reduction agreement be adopted retroactively.. 11 (b) A Participant may elect to change or discontinue the percentage by which his Compensation is reduced by notice to the Employer as provided in Section 1.05(b)(1). (c) No Participant shall be permitted to have Deferral Contributions made under the Plan, or any other qualified plan maintained by the Employer, during the taxable year, in excess of the dollar limitation contained in Section 402(g) of the Code in effect at the beginning of such taxable year. A Participant may assign to the Plan any Excess Deferrals made during the taxable year of the Participant by notifying the Plan Administrator on or before March 15 following the taxable year of the amount of the Excess Deferrals to be assigned to the Plan. A Participant is deemed to notify the Administrator of any Excess Deferrals that arise by taking into account only those Deferral Contributions made to the Plan and any other plan of the Employer. Notwithstanding any other provision of the Plan, Excess Deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15 to any Participant to whose Account Excess Deferrals were so assigned for the preceding year and who claims Excess Deferrals for such taxable year.

DEFERRAL CONTRIBUTIONS. (a) 4.01. If so provided by the Employer in Each Participant, including a Participant who is automatically enrolled under Section 1.05(b)4.1, each Participant may elect to execute a salary reduction agreement with the Employer to reduce his Compensation by a specified percentage not exceeding 15% per payroll period, subject to any exceptions elected by the Employer in Section 1.05(b)(2) and 1.05(b)(3) and equal to a whole number multiple of one (1) percent. Such agreement shall become effective on the first day of the first payroll period for which the Employer can reasonably process the request. The Employer shall make a Deferral Contribution on behalf of the Participant corresponding to or change the amount of said reductionhis or her Deferral Contributions, subject to the restrictions set forth belowfollowing: (a) A Participant may choose the amount, if any, by which his or her Compensation shall be reduced; provided, however, in no event shall the amount (determined without regard to any Catch-up Contributions described in Section 4.3) exceed 50% of his or her Compensation. Under no circumstances A Participant may a salary reduction agreement be adopted retroactivelymodify such election at any time. (b) A Participant may elect to change or discontinue the percentage by which his Compensation is reduced by notice The Company will make a cash contribution to the Employer as provided in Section 1.05(b)(1)Plan equal to his or her Deferral Contributions, and that contribution will be allocated to his or her Deferral Account. (c) No A Participant’s total Deferral Contributions under this Plan and “elective deferrals” within the meaning of Code §402(g) under all other qualified plans, contracts and arrangements maintained by the Company or any other Affiliate during any calendar year (except to the extent contributions are refunded to reduce a Code §415 excess under Section 5.1 or other plans) shall not exceed the annual dollar limit under Code §402(g). In the event that a Participant’s Deferral Contributions together with other elective deferrals exceed this limitation, the Participant may request a refund (or under certain circumstances shall be permitted deemed to have made a request for a refund) under Section 5.3 and the excess shall be refunded in accordance with Section 5.3. Any “elective deferrals” within the meaning of Code §402(g) made for a calendar year on behalf of a Participant under plans or contracts of an employer that is not an Affiliate (for example, another employer’s Code §401(k) plan or tax sheltered annuity) also shall be added to his or her Deferral Contributions and other deferrals for purposes of the limitations under this Section 4.2(c). (d) Deferral Contribution elections are subject to rules established by the Committee or Administrative Delegate. Notwithstanding anything herein to the contrary, elective Deferral Contribution and Catch-Up Contribution elections must be made under in advance of the date such contributions are deducted from a Participant’s Compensation. (e) A Participant who elects a withdrawal pursuant to Section 4.1 will be deemed to have made an affirmative election to cease all Deferral Contributions to the Plan, but may change his or her election at any other qualified plan maintained by time. (f) Each Transferred CitiStreet Employee who becomes an active Participant in the Employer, during the taxable year, in excess of the dollar limitation contained in Plan pursuant to Section 402(g) of the Code 3.3 shall have his or her pre-tax salary deferral rate in effect at on June 30, 2008 in the beginning of such taxable year. A Participant may assign Citigroup 401(k) Plan or the State Street Salary Savings Plan (as provided by Citigroup or State Street to the Plan any Excess Deferrals made during Company in connection with the taxable year acquisition of the Participant by notifying the Plan Administrator on or before March 15 following the taxable year of the amount of the Excess Deferrals to CitiStreet effective July 1, 2008) be assigned to the Plan. A Participant is deemed to notify the Administrator of any Excess Deferrals that arise by taking into account only those Deferral Contributions made to the Plan and any other plan of the Employer. Notwithstanding any other provision treated, for all purposes of the Plan, Excess Deferrals, plus as the Participant’s elected Deferral Contribution under the Plan. The Participant may change his or her Deferral Contribution at any income and minus any loss allocable thereto, shall be distributed no later than April 15 time pursuant to any Participant to whose Account Excess Deferrals were so assigned for the preceding year and who claims Excess Deferrals for such taxable yearprovisions of this Section 4.2.