Common use of Defined Contribution Fraction Clause in Contracts

Defined Contribution Fraction. The Defined Contribution Fraction is a fraction the numerator of which is the sum of the Annual Additions to the Participant's account under all the defined contribution plans (whether terminated or not) maintained by the Employer for the current Limitation Year and all prior Limitation Years (including the Annual Additions attributable to the Participant's non-deductible contributions to all Employer maintained defined benefit plans, whether terminated or not, and the Annual Additions attributable to all welfare benefit funds, as defined in Code Section 419(e), and individual medical accounts, as defined in Code Section 415(1)(2) maintained by the Employer), and the denominator of which is the sum of the maximum aggregate amounts for the current Limitation Year and all prior Limitation Years the Employee was employed by the Employer (regardless of whether a defined contribution plan was maintained by the Employer). The maximum permissible aggregate amount in any Limitation Year is the lesser of (1) 125% of the dollar limitation in effect in Code Section 415(c)(1)(A) for such Limitation Year determined without regard to Code Section 415(c)(6) and adjusted per regulation Section 1.415-7(d)(1) and Notice 83-10, or (2) 35% of the Participant's Code Section 415 Compensation.

Defined Contribution Fraction. The Defined Contribution Fraction is a defined contribution fraction the has as its numerator of which is the sum of the Annual Additions to the Participant's account ’s Account under all the defined contribution plans (whether terminated or not) maintained by the Employer for the current Limitation Year and all prior Limitation Years (including the Annual Additions attributable to the Participant's ’s non-deductible contributions to all Employer maintained defined benefit plans, whether terminated or not, and the Annual Additions attributable to all welfare benefit funds, as defined in Code Section §419(e), and individual medical accounts, as defined in Code Section §415(1)(2) maintained by the Employer), and the has as its denominator of which is the sum of the maximum aggregate amounts for the current Limitation Year and all prior Limitation Years the Employee was employed by the Employer (regardless of whether a defined contribution plan was maintained by the Employer). The maximum permissible aggregate amount in any Limitation Year is the lesser of (1) 125% of the dollar limitation in effect in Code Section 415(c)(1)(A§415(c)(l)(A) for such Limitation Year determined without regard to Code Section §415(c)(6) and adjusted per regulation Section §1.415-7(d)(17(d)(l) and Notice 83-10, or (2) 35% of the Participant's Code ’s Section 415 Compensation.