Section 415 Limits definition

Section 415 Limits means the limit imposed by Section 415 of the Code, or any successor section, on aggregate annual additions in any Plan Year to the accounts of a Participant under the Qualified Plan and Qualified Thrift-Incentive Plan, and the limits imposed by Section 415(c)(6) of the Code, or any successor section, on the Qualified Plan.
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Examples of Section 415 Limits in a sentence

  • SECTION 15.1. Code Section 415 Limits In no event may a Member’s Projected Annual Benefit (as defined below) in any Limitation Year (as defined below) exceed the maximum permitted under Section 415 of the Code.

  • The parties hereby agree to create an Excess Benefit Plan Fund (“Fund”) to pay any benefits in excess of the Section 415 Limits.

  • All participants and beneficiaries under the Pension Plan and under Parts IX and IX-A of the Combined Plan whose retirement benefits under either plan are limited, directly or indirectly, by the provisions of section 415 of the Code, or by the provisions in those plans that implement that section (together, the "Section 415 Limits"), shall receive benefits pursuant to this Plan.

Related to Section 415 Limits

  • Section 415 Compensation means a Participant's earned income, wages, salaries, and fees for professional services, and other amounts received for personal services actually rendered in the course of employment with an employer maintaining a plan (including, but not limited to, commissions paid salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips and bonuses), and excluding the following:

  • Annual Additions means, with respect to each Participant, the sum of those amounts allocated to the Participant's Account under this Plan and accounts under any other qualified defined contribution plan to which the Employer or a Related Employer contributes for any Limitation Year, consisting of the following:

  • Annual Addition means, for purposes of the limitations under Section 415(c) of the

  • Defined Contribution Dollar Limitation means $40,000 as adjusted under Code §415(d).

  • Section 409A Limit means the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.