Common use of LIMITATION ON CONTRIBUTIONS Clause in Contracts

LIMITATION ON CONTRIBUTIONS. The Contribution(s) made to a Participant's Individual Account(s) in any year cannot exceed the lesser of the amount determined under the exclusion allowance of Code Section 403(b)(2) or the annual additions limitation of Code Section 415(c)(1). In addition, in no event may the Contribution(s) attributable to elective deferrals as defined in Code Section 402(g) exceed $9,500 (or, such larger amount as adjusted by the Secretary of the Treasury) during any calendar year, unless the alternate limitation of Code Section 402(g)(8) applies.