Maximum Annual Addition definition

Maximum Annual Addition means with respect to a Participant for any Limitation Year an amount equal to the lesser of (i) the Defined Contribution Dollar Limitation or (ii) 25% of the Participant's Includable Compensation.
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Maximum Annual Addition means that the Annual Addition that may be contributed or allocated to a Participant's Account under the Plan for any Limitation Year shall not exceed the lesser of:
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Maximum Annual Addition means the limitation described in Section 5.3.
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Examples of Maximum Annual Addition in a sentence

  • If the aggregate Annual Addition with respect to the Participant under such other Defined Contribution Plans and Welfare Benefit Funds is equal to or greater than the Maximum Annual Addition, no amount will be contributed or allocated to the Participant's Account under this Plan for the Limitation Year.

  • In no event may the Employer's contribution exceed the amount allowable as a deduction under the I.R.C., provide a contribution to any Participant that would exceed the Maximum Annual Addition or any other Limitation provided for under this Plan or applicable law, or provide an allocation to any Participant based on compensation in excess of Participant Compensation as defined above.

  • In the event the contribution allocated to any Participant exceeds the Maximum Permissible Annual Addition, then, and in such event, such excess Annual Addition under this Plan on behalf of a Participant shall be reduced by first refunding all salary deferral contributions; and, second, all nondeductible Employee contributions, to the extent they are in excess of the Maximum Annual Addition amounts.

  • If a Participant's Annual Addition under this Plan and the other Defined Contribution Plans and Welfare Benefit Funds maintained by Controlled Group Members would result in the Annual Addition exceeding the Maximum Annual Addition for the Limitation Year, the excess amount will be deemed to consist of the Annual Addition last allocated.

  • The Annual Addition of a Participant for any Limitation Year shall not exceed the Maximum Annual Addition.


More Definitions of Maximum Annual Addition

Maximum Annual Addition means with respect to a Participant (except as otherwise permitted by Section 3.2.1(b) and Code section 414(v)), an Annual Addition equal to the lesser of (i) $40,000 (as adjusted for the cost of living pursuant to Code section 415(d)) or (ii) 100% of the Participant’s Includable Compensation.”
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Maximum Annual Addition means with respect to a Participant for any Limitation Year an amount equal to the lesser of (i) $30,000 (as adjusted by the Secretary of the Treasury for increases in the cost-of-living), or (ii) 25% of the Participant's Includable Compensation.
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Maximum Annual Addition means the limit on Annual Additions imposed by I.R.C. ss. 415 on all qualified deferred compensation plans in each Limitation Year as defined below.
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Maximum Annual Addition means with respect to a Member for any Limitation Year an amount equal to the lesser of (i) the Defined Contribution Dollar Limitation or (ii) 25% of the Member's Includible Compensation.
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Maximum Annual Addition means the maximum amount that may be contributed or allocated to a Participant’s account under the Plan for any Limitation Year. The Maximum Annual Addition shall not exceed the lesser of: (i) the applicable dollar amount established under Code §415(c)(1)(a), as adjusted for increases in the cost-of-living pursuant to Code §415(d), or (ii) 100% of the Participant’s Includible Compensation for the Limitation Year, excluding any contribution for medical benefits after separation from service (within the meaning of Code §401(h) or Code §419A(f)(2)) which is otherwise treated as an Annual Addition.
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Maximum Annual Addition as applied to a participant for any limitation year means the lesser of $30,000 (or such other amount as the Secretary of the Treasury may from time to time specify pursuant to Section 415(c) of the Code) or 25 percent of his total compensation. If, for any limitation year, the annual addition to the accounts of a participant exceeds such limitations, the participant's after-tax savings (plus any earnings thereon), if any, shall be returned to him to the extent necessary and then his before-tax savings (plus any earnings thereon), if any, shall be returned to him to the extent necessary, in order to make such limitations inapplicable. To the extent matched savings are returned, any matching allocation with respect thereto shall be forfeitable if the committee determines this is necessary to comply with nondiscrimination requirements under the Code.
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Maximum Annual Addition means an amount that does not exceed the lesser of (A) $40,000 as indexed under Code Section 415, or (B) 100% of his Compensation for the Limitation Year.
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