Common use of Distribution of Excess Deferrals Clause in Contracts

Distribution of Excess Deferrals. If a Participant is required to include in his gross income for a calendar year elective deferrals (as defined in Code section 402(g)(3)) which exceeded Twelve Thousand Dollars ($12,000) (or such greater amount as determined by the Secretary of the Treasury pursuant to cost-of-living increases) for such year, such amounts shall be referred to as “Excess Deferrals” and shall be distributed to the Participant. The Plan Administrator shall distribute such Excess Deferrals, adjusted for any income or losses allocable to such amount (determined in accordance with the principles of Subsection 4.05(3)(b)), for the Plan Year in question not later than the time determined under Subsection 4.05(3)(b), provided, however, that the amount of Excess Deferrals to be distributed shall be reduced by Excess Contributions previously distributed in accordance with Subsection 4.05(3)(b) to the Employee from the Plan which are attributable to such Plan Year. Any distribution made pursuant to this Section may be made notwithstanding any other provision of this Plan.

Distribution of Excess Deferrals. If a Participant is required to include in his gross income for a calendar year elective deferrals (as defined in Code section Section 402(g)(3)) which exceeded Twelve Thousand Dollars ($12,000) 10,000 (or such greater amount as determined by the Secretary of the Treasury pursuant to cost-of-living increases) for such year, such amounts shall be referred to as “"Excess Deferrals” " and shall be distributed to the Participant. The Plan Administrator shall distribute such Excess DeferralsDeferral, adjusted for any income or losses allocable to such amount (determined in accordance with the principles of Subsection 4.05(3)(bSUBSECTION 4.05(3)(B)), for the Plan Year in question not later than the time determined under Subsection 4.05(3)(bSUBSECTION 4.05(3)(B), provided, however, that the amount of Excess Deferrals to be distributed shall be reduced by Excess Contributions previously distributed in accordance with Subsection 4.05(3)(bSUBSECTION 4.05(3)(B) to the Employee from the Plan which are attributable to such Plan Year. Any distribution made pursuant to this Section SECTION may be made notwithstanding any other provision of this Plan.