Reso 2010-068 - Laserfiche WebLink

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ARTICLE 6. LIMITATION ON CONTRIBUTIONS AND BENEFITS 6.01. Limitations In General. The maximum amount of Deferred Compensation under the Plan for any Participant for any calendar year, taken into account at its present value, shall not exceed the lesser of: A. Sixteen thousand five hundred dollars ($16,500) or such larger amount as may be permitted by the Secretary of the Treasury pursuan# to Code section 457(e)(15)(B); or B. One hundred percent (100%) of the Participant's Includible Compensation for such calendar year. 6.02. Limitations -Last Three Years Of Particiaation. In any of the Participant's last. three (3) years ending before the Participant's Normal Retirement Age, instead of the amount set forth in the Limitations In General section, above, the maximum amount of Deferred Compensation under the Plan for the Participant for the calendar year, taken into account at its present value, shall not exceed the lesser of: A. Two (2) times the dollar amount set forth in subsection A of the Limitatrons In General section, above (e.g., thirty-three thousand dollars ($33,000) in 2009); or B. The sum of: 1. The limitation established for purposes of the Limitations In General section, above, for the year, determined without regard to this Limitations -Last Three Years Of Participation section; plus 2. So much of the limitation established for purposes of the Limitations In General section, above, for years before the year that has not previously been used under the Limitations In General section, above, or this Limitation -Last Three Years Of Participation section; provided, however, that taxable years commencing before January 1, 1979 and taxable years when the Participant was not a Participant shall not be taken into account. 6.03. Limitations -Ape Fiftv Catch-Uo Contributions. If a Participant (i) would be at least age fifty (50) by the end of a calendar year and (ii) cannot make any other elective deferrals, as defined in Code section 414(u)(2)(C), for the year by reason of any limitation or restriction set forth in Code section 414(v)(3) or comparable limitation or restriction contained in the Plan, the Participant may defer additional Deferred Compensation in excess of the limitation specified in the Limitations In General section, above, not in excess of the lesser of: A. Five thousand five hundred dollars ($5,500) or such larger amount as may be permitted by the Secretary of the Treasury pursuant to Code section 414(v)(2)(C); or B. The excess (if any) of (i) one hundred percent (100%) of the Participant"s Includible Compensation for the year over (ii) any other elective deferrals, as defined in Code section 414(u)(2)(C), for the year that are made without regard to Code section 414(v). Notwithstanding the above, the provisions of this section shall not apply if (i) the limitations under the Limitations -Last Three Years Of Participation section, above, apply to the Participant for the year and (ii) the sum of the Participant's limitations under the Limitations In General section, above, and this Limitations -Age Fifty Catch-Up Contributions section do not ?4