WITHDRAWAL OF EXCESS CONTRIBUTIONS Sample Clauses

The "Withdrawal of Excess Contributions" clause outlines the process for removing contributions to a retirement or benefit plan that exceed legal or plan-imposed limits. Typically, this clause specifies the timeframe within which excess amounts must be identified and withdrawn, and may detail how earnings attributable to the excess are handled. Its core function is to ensure compliance with applicable laws and regulations, preventing tax penalties or disqualification of the plan due to over-contributions.
WITHDRAWAL OF EXCESS CONTRIBUTIONS. The Participant may elect to withdraw any excess contributions (as described in Code Section 408(d)(4)) made to the Custodial Account and, if withdrawn pursuant to Code Section 408(d)(4), the net income attributable thereto. Participant must furnish Custodian a written notice (in a manner acceptable to Custodian) of the election to make such a withdrawal. The Custodian shall not have any responsibility for determining whether an excess contribution has been made or for notifying the Participant of such an excess contribution.
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WITHDRAWAL OF EXCESS CONTRIBUTIONS. If a Participant makes a contribution under this Agreement which exceeds the limits set forth in Section 4.1 or such limits as may be prescribed by law, then the excess portion may be withdrawn by the Participant. Such withdrawal must be made prior to the date, including any extension thereof, on which the Participant is required to file a Federal income tax return. Any income allocable to the excess amount of such contribution must be withdrawn by the Participant at the same time.
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WITHDRAWAL OF EXCESS CONTRIBUTIONS. If the Custodian should at any time receive notice from the Employer or Employee that any contribution on behalf of the Employee exceeded the limitations set forth in Article 3 of this Agreement, the Custodian shall, as soon as practical after the receipt of such notification, distribute to such Employee from the Account, Shares representing the amount of such excess contribution and the net income attributable thereto. If the excess contribution is not withdrawn before the end of the Employee's taxable year, the amount of the excess contribution must be included in the Employee's taxable income and shall be subject to a 6% penalty tax for each taxable year until the excess is eliminated. Notwithstanding any of the above provisions, if such excess contribution is not withdrawn before the end of the Employee's taxable year, the Employee may direct the Custodian to retain the excess contribution in the Account, providing such excess is used to reduce the permissible contribution for the current taxable year. -------------------------------------------------------------------------------- ARTICLE 6 - THE CUSTODIAN
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Related to WITHDRAWAL OF EXCESS CONTRIBUTIONS

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax under Section 4973 of the Internal Revenue Code for that year by withdrawing the excess contribution and its earnings on or before the due date, including extensions, of the tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may be subject to a 10% early distribution penalty tax if you are under age 59½. In addition, in certain cases an excess contribution may be withdrawn after the time for filing your tax return. Finally, excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years.

  • 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.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.

  • Withdrawal from Agreement A. Any Fund may elect to withdraw from this Agreement effective at the end of any monthly period by giving at least 90 days’ prior written notice to each of the parties to this Agreement. Upon the written demand of all other Funds which are parties to this Agreement a Fund shall withdraw, and in the event of its failure to do so shall be deemed to have withdrawn, from this Agreement; such demand shall specify the date of withdrawal which shall be at the end of any monthly period at least 90 days from the time of service of such demand. B. In the event of the withdrawal of any Fund from this Agreement, all its rights and obligations, except for lease commitments, under this Agreement (except such rights or obligations as have accrued prior to the date of withdrawal) shall terminate as of the date of the withdrawal. The withdrawing Fund shall surrender its Shares to Service Company, and (1) shall be entitled to receive from Service Company an amount equal to the excess of the fair value of (i) its Shares of other securities Service Company as of the date of its withdrawal less (ii) its proportionate interest in any liabilities of Service Company, including when appropriate any commitments of Service Company and unexpired leases at the date of withdrawal; (2) shall be obligated to pay Service Company an amount equal to the excess of (ii) over (i). Such amount to be received from or paid to Service Company shall be determined by the favorable vote of the holders of a majority of the Shares whose determination shall be conclusive upon the Funds. Any amount found payable by the Service Company to the withdrawing Fund shall be recoverable by Service Company from the Funds remaining under this Agreement in accordance with the provisions of Section 1.2, 1.3 and 1.4 hereof.