Limit on Amount Apportioned to Any Individual Clause Samples

The "Limit on Amount Apportioned to Any Individual" clause sets a maximum cap on the amount of money or benefits that can be allocated to a single person under an agreement or policy. In practice, this means that regardless of the total available funds or benefits, no individual recipient can receive more than the specified limit, which could apply to insurance payouts, compensation funds, or bonus distributions. This clause serves to prevent disproportionate allocations, ensuring fairness among participants and protecting the distributing party from excessive individual liability.
Limit on Amount Apportioned to Any Individual. For purposes of correcting an ACP testing failure by distributing Excess Aggregate Contributions, the amount of contributions taken into account with respect to an HCE who is an eligible employee in more than one plan of an Employer is determined by taking into account contributions otherwise taken into account with respect to such HCE under any plan of the Employer during the plan year of the plan being tested. However, the amount of Excess Aggregate Contributions apportioned for a plan year with respect to any HCE must not exceed the amount of contributions actually contributed to the plan for the HCE for the plan year.
View SourceView Similar (3)
Limit on Amount Apportioned to Any Individual. For purposes of correcting an ADP testing failure by distributing Excess 401(k) Contributions, the amount of Section 401(k) Contributions with respect to an HCE who is an eligible employee in more than one plan of an Employer is determined by taking into account contributions otherwise taken into account with respect to such HCE under any plan of the employer during the Plan Year of the Plan being tested. However, the amount of Excess 401(k) Contributions apportioned for a Plan Year with respect to any HCE must not exceed the amount of contributions actually contributed to the Plan for the HCE for the Plan Year.
View SourceView Similar (3)

Related to Limit on Amount Apportioned to Any Individual

  • Reallocation to a Class with a Lower Salary Range Maximum 1. If the employee meets the skills and abilities requirements of the position and chooses to remain in the reallocated position, the employee retains the existing appointment status and has the right to be placed on the Employer’s internal layoff list for the classification occupied prior to the reallocation. 2. If the employee chooses to vacate the position or does not meet the skills and abilities requirements of the position, the layoff procedure specified in Article 31 of this Agreement applies.

  • Annual Percentage Rate Each Receivable has an APR of not more than 25.00%.

  • Total Realized Loss (or Amount of Any Gain The total derived from subtracting line 22 from 13. If the amount represents a realized gain, show the amount in parenthesis ( ). Prepared by: __________________ Date: _______________ Phone: ______________________ Email Address:_____________________ Servicer Loan No. Servicer Name Servicer Address ▇▇▇▇▇ FARGO BANK, N.A. Loan No._____________________________ Borrower's Name: _________________________________________________________ Property Address: _________________________________________________________

  • When Must Distributions from a ▇▇▇▇ ▇▇▇ Begin Unlike Traditional IRAs, there is no requirement that you begin distribution of your account during your lifetime at any particular age.

  • Carry Forward to a Subsequent Year If you do not withdraw the excess contribution, you may carry forward the contribution for a subsequent tax year. To do so, you under-contribute for that tax year and carry the excess contribution amount forward to that year on your tax return. The six percent excess contribution penalty tax will be imposed on the excess amount for each year that it remains as an excess contribution at the end of the year. You must file IRS Form 5329 along with your income tax return to report and remit any additional taxes to the IRS.