Common use of Excess Aggregate Contributions Clause in Contracts

Excess Aggregate Contributions. If the nondiscrimination test of Section 6.2(b) is not satisfied with respect to Employer Matching Contributions and After-Tax Contributions for any Plan Year, the Plan Administrator will (i) determine the amount by which the Average Contribution Percentage for the Highly Compensated Employee or Employees with the highest Actual Contribution Percentage for the Plan Year would need to be reduced to comply with the limit in Section 6.2(b), (ii) convert the excess percentage amount described under clause (i) into a dollar amount ("Excess Aggregate Contributions"), and (iii) reduce the Excess Aggregate Contributions of the Highly Compensated Employee or Employees with the greatest dollar amount of Employer Matching Contributions or After-Tax Contributions by the lesser of (A) the amount by which the dollar amount of the affected Highly Compensated Employee's Employer Matching Contributions and After-Tax Contributions exceeds the dollar amount of the Employer Matching Contributions and After-Tax Contributions of the Highly Compensated Employee with the next highest dollar amount of Employer Matching Contributions and After-Tax Contributions, or (b) the amount of the Excess Aggregate Contributions determined under clause (ii). This process will be repeated until the Employer Matching Contributions and After-Tax Contributions of the Highly Compensated Employees have been reduced by an amount equal to the Excess Aggregate Contributions determined under clause (ii). The Employer Matching Contributions and After-Tax Contributions of any Highly Compensated Employee which must be reduced pursuant to this paragraph (b) will be reduced (i) first, by distributing After-Tax Contributions not taken into account in determining Employer Matching Contributions under Article V, (ii) then, by distributing After-Tax Contributions not described in (i) and related Employer Matching Contributions, and (iii) then, by distributing any additional Employer Matching Contributions, within 12 months of the close of the Plan Year with respect to which the reduction applies. Notwithstanding the foregoing, in lieu of distribution amounts necessary to satisfy the Average Contribution Percentage test, the Plan Administrator may elect to forfeit such amounts in accordance with Section 6.4.

Excess Aggregate Contributions. If the nondiscrimination test Notwithstanding any other provision of Section 6.2(b) is not satisfied with respect to Employer Matching Contributions and After-Tax Contributions for any Plan Yearthis plan, the Plan Administrator will (i) determine the amount by which the Average Contribution Percentage for the Highly Compensated Employee or Employees with the highest Actual Contribution Percentage for the Plan Year would need to be reduced to comply with the limit in Section 6.2(b), (ii) convert the excess percentage amount described under clause (i) into a dollar amount ("Excess Aggregate Contributions"), plus any income and (iii) reduce minus any loss allocable thereto, shall be forfeited, if forfeitable, or if not forfeitable, distributed no later than the last day of each Plan Year to participants to whose accounts such Excess Aggregate Contributions of were allocated for the Highly Compensated Employee or Employees with the greatest dollar amount of Employer Matching Contributions or After-Tax Contributions by the lesser of (A) the amount by which the dollar amount of the affected Highly Compensated Employee's Employer Matching Contributions and After-Tax Contributions exceeds the dollar amount of the Employer Matching Contributions and After-Tax Contributions of the Highly Compensated Employee with the next highest dollar amount of Employer Matching Contributions and After-Tax Contributions, or (b) the amount of the preceding Plan Year. Excess Aggregate Contributions determined under clause (ii). This process will shall be repeated until allocated to participants who are subject to the Employer family member aggregation rules of section 414(q)(6) of the Code among the family members in proportion to the Employee and Matching Contributions and After-Tax Contributions (or amounts treated as Matching Contributions) of each family member that is combined to determine the Highly Compensated Employees have been reduced by an amount equal to the combined ACP. If such Excess Aggregate Contributions determined under clause (ii). The Employer Matching Contributions and Afterare distributed more than 2-Tax Contributions of any Highly Compensated Employee which must be reduced pursuant to this paragraph (b) will be reduced (i) first, by distributing After-Tax Contributions not taken into account in determining Employer Matching Contributions under Article V, (ii) then, by distributing After-Tax Contributions not described in (i) and related Employer Matching Contributions, and (iii) then, by distributing any additional Employer Matching Contributions, within 12 1/2 months of after the close last day of the Plan Year in which such excess amounts arose, a ten (10) percent excise tax will be imposed on the employer maintaining the plan with respect to those amounts. Excess Aggregate Contributions shall be treated as annual additions under the plan. Determination of Income or Loss: Excess Aggregate Contributions shall be adjusted for any income or loss for the plan year in which such contributions were made. Income or loss allocable to the reduction applies. Notwithstanding period between the foregoing, in lieu end of the plan year and the date of distribution amounts necessary will be disregarded in determining income or loss. Forfeitures of Excess Aggregate Contributions: Forfeitures of Excess Aggregate Contributions shall be applied to satisfy reduce employer contributions for the Average plan year. If the excess exceeds employer contributions, forfeitures of excess aggregate contributions shall be allocated after all other forfeitures under the plan, to the Matching Contributions account of each lower paid group participant who made 401(k) savings contributions or employee after-tax contributions in the ratio which each such participant's compensation bears to the total compensation of all such participants for such plan year. Accounting for Excess Aggregate Contributions: Excess Aggregate Contributions shall be forfeited, if forfeitable or distributed on a pro-rata basis from the participant's Employee Contribution Percentage testaccount, Matching Contribution account, and Qualified Matching Contribution account (and, if applicable, the Plan Administrator may elect to forfeit such amounts in accordance with Section 6.4participant's Qualified Non-elective Contribution account or Elective Deferral account, or both).