§ 901. Benefit limits.

A.

Combined Limitation. If a Participant's annual addition under this Plan and all other plans that must be aggregated with this Plan in accordance with the final Treasury Regulations under Internal Revenue Code Section 415 exceed the limit under such Regulations for a Plan Year, the excess shall be attributed to this Plan.

B.

Maximum Annual Additions. The Optional Employee Contributions made by a Participant under this Plan for any Plan Year shall not exceed, when added to the annual additions to the Participant's account for the Plan Year under all other defined contribution plans (as defined in Treas. Reg. Section 1.415(c)-1(a)(2)), maintained by the Employer, the lesser of:

(i)

The dollar limit of Internal Revenue Code Section 415(c)(1)(A), as adjusted under Internal Revenue Code Section 415(d) (Fifty Thousand Dollars ($50,000.00) effective January 1, 2012), or

(ii)

One hundred percent (100%) of the Compensation paid to the Participant by the Employer in such year.

The Compensation limitation referred to in (ii) shall not apply to any contribution for medical benefits (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an annual addition under Internal Revenue Code Section 415(I)(1) or 419A(d)(2).

C.

Definition of Compensation. For purposes of this Section 901, Compensation shall mean wages within the meaning of Internal Revenue Code Section 3401(a) (for purposes of income tax withholding at the source) plus amounts that would be included in wages but for an election under Code Section 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k) or 457(b), all as described in Treas. Reg. Section 1.415(c)-2(d)(3) and subject to the limitations of Code Section 401(a)(17), as adjusted. Effective January 1, 2009, Compensation for purposes of this Section 901 includes a "differential wage payment," which is a payment that (1) is made by the Employer with respect to a period during which an Employee is on active military duty for a period of more than thirty (30) days, and (2) represents all or a portion of the wages the Employee would have received from the Employer if the Employee were performing service for the Employer, all as defined by Code Section 3401(h)(2). For purposes of applying the limitations of this Article, Compensation for a Plan Year is the Compensation actually paid or includible in gross income during such year.

D.

Excess Annual Additions. If as a result of a reasonable error in estimating a Participant's annual compensation, or any other limited facts and circumstances that the Commissioner of Revenue may find acceptable, the amount of a Participant's annual additions which exceed the limits stated above shall be returned to the Participant to the extent the excess arises from the Participant's contributions, provided the correction requirements of the IRS Employee Plans Compliance Resolution System are satisfied.

(Ord. No. 22626, § 5, 2-2-2012)