Limitation on Matching and After-Tax Contributions Clause Samples

Limitation on Matching and After-Tax Contributions. Each Plan Year the Plan must satisfy the actual contribution percentage test using the prior year testing method as provided in Section 401(m)(2) of the Code and Treasury Regulation § 1.401(m)-2, except to the extent that the Plan is treated, pursuant to Treasury Regulation § 1.401(m)-1 (a)(2), as satisfying the actual contribution percentage test because it is a collectively bargained plan which automatically satisfies Code Section 410(b). If the Plan is not treated as satisfying the actual contribution percentage test in accordance with Treasury Regulation § 1.401(m)-1 (a)(2) and otherwise does not satisfy the actual contribution test, the Administrator shall, before the last day of the following Plan Year and in accordance with Treasury Regulation § 1.401(m)-2(b)(2), distribute the amount of the Excess Contribution for such Plan Year (and any earnings or losses attributable to such excess for the Plan Year and for Plan Years beginning before January 1, 2008, earnings or losses attributable to such excess for the period from the last day of the Plan Year through the date of distribution). An “Excess Contribution” for any Plan Year is the excess of the amount of After-Tax and Matching contributions actually paid over to the Trust on behalf of a Highly Compensated Employee for such Plan Year over the maximum amount of such contributions permitted by the limitation of this Section 4.6. The income attributable to Excess Contributions shall be determined in the same manner as for other purposes under the Plan, as provided in Section 5.2.
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Related to Limitation on Matching and After-Tax Contributions

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Limitation on Allocation of Net Loss To the extent that any allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated (x) first, among the other Holders of Partnership Common Units in accordance with their respective Percentage Interests with respect to Partnership Common Units and (y) thereafter, among the Holders of other classes of Partnership Units as determined by the General Partner, subject to the limitations of this Section 6.4.A(vi).

  • Distributions and Allocations (i) Subject to Section 8.6(c), the Redeeming Partner shall have no right to receive any distributions that are paid after the Specified Redemption Date with respect to any Partnership Units redeemed pursuant to this Section 8.6. (ii) If any Partnership Interest is redeemed (other than pursuant to Section 8.6(c)) on any day other than the first day of a Fiscal Year, then Profit, Losses, each item thereof and all other items attributable to such Partnership Interest for such Fiscal Year shall be divided and allocated to the Redeeming Partner by taking into account the Redeeming Partner’s ownership of such Partnership Interest during the Fiscal Year in accordance with Section 706(d) of the Code, using the interim closing of the books method (unless the General Partner, in its sole and absolute discretion, elects to adopt a daily, weekly or monthly proration period, in which event Profits, Losses, each item thereof and all other items attributable to such redeemed Partnership Interest for such Fiscal Year shall be prorated based upon the applicable method selected by the General Partner).

  • Rollover Contributions An amount which qualifies as a rollover contribution pursuant to the Federal Internal Revenue Code may be transferred to and paid under this contract as a contribution for a Participant. Prudential may require proof that the amount paid so qualifies.