3 Age 50 Catch - Up Deferrals. If you are at least age 50 or will attain age 50 before the end of a calendar year, then you may elect to defer additional amounts (called Age 50 Catch - Up Deferrals) to the Plan as of the January 1st of that year. You can defer t he additional amounts regardless of any other limitations on the amount you can defer to the Plan. The maximum Age 50 Catch - Up Deferrals that you can make in 2022 is $ 6,500 . After 2022, the maximum might increase for cost - of - living adjustments. Any Age 50 Catch - Up Deferrals that you make will be taken into account in determining any Employer M atching Contribution made to the Plan. Annual dollar limit. You should also be aware that each separately stated annual dollar limit on the amount you may defer (the annual deferral limit and the "catch - up contribution" limit) is a separate aggregate limit that applies to all such similar salary deferral amounts and "catch - up contributions" you may make under this Plan and any other cash or deferred arrangements (including other tax - sheltered 403(b) annuity contracts, simpli fied employee pensions or 40 1(k) plans) in which you may be participating. Generally, if an annual dollar limit is exceeded, then the excess must be returned to you in order to avoid adverse tax consequences. For t his reason, it is desirable to request in writing that any such excess salary deferral amounts and "catch - up contributions" be returned to you. If you are in more than one plan, you must decide which plan or arrangement you would like to return the excess. If you decid e that the excess should be distributed from this Plan, you must communicate this in writing to the Plan Administrator no later than the March 1st following the close of the calendar year in which such excess deferrals were made. However, if the entire dollar li mit is exceeded in this Plan or any other plan the Employer maintains, then you will be deemed to have notified the Plan Administrator of the excess. The Plan Administrator will then return the excess deferral and any earnings to you by April 15th. What are rollover contributions? Rollover contributions. Subject to the provisions of your investment arrangements and at the discretion of the Plan Administrator, if you are a Participant in the Plan, you might be permitted to deposit into the Plan distributions you have received from other plans and certain IRAs . Such a deposit is called a "rollover" contribution and might result in tax savings to you. You may ask the Plan Administrator of the other plan or the trustee or custodian of the IRA to directly transfer (a "direct rollover") to this Plan all or a portion of any amount that you are entitled to receive as a distribution from such plan. Alternatively, you may elect to deposit any amount eligible to be rol led over within 60 days of your receipt of the distribution. You should consult qualified counsel to determine if a rollover is in your best interest. Rollover account. Your rollover contribution will be accounted for in a "rollover account." You will alw ays be 100% vested in your "rollover account" (see the Article in this SPD entitled "Vesting"). Rollover contributions will be affected by any investment gains or losses. Withdrawal of rollover contributions. You may withdraw the amounts in your "rollover account" at any time. ARTICLE III EMPLOYER CONTRIBUTIONS This Article describes Employer contributions that will be made to the Plan and how your share of the contributions is determined. What is the Employer Matching Contribution and how is it allocated? Matching Contribution . Your Employer will make a Matching Contribution equal to 2% of your compensation provided your elective deferrals equal or exceed 2% of your compensation . Full Participants are immediately eligible and Matching Contribution s will generally be made for them within a reasonable period following your deferral (although the Plan permits contributions to be made at a later date). Important Notes : 1. Matches are made on a payroll period basis . To obtain the maximum match, defer at least 2% in every payroll period . There are no carryover credits if you skip deferring in one payroll period and contribute more in another. For example, If you contribute more than 2% in one payroll period and nothing in a later payroll period, you will only get a 2% match for the period when you contributed. T here is no carryover match for the period when you did not contribute . 2. Limited Participants would only receive a Match for a Plan Year if all the conditions described later in this A r ticle III are satisfied. Because of part - time and temporary schedules, it is unlikely that Limited Participants would receive Matches. What is the Employer Nonelective Contribution and how is it allocated? Nonelective Contribution . Each Plan Year , the Employer will make a N onelective C ontribution equal to 8 % of your compensation , even if you do not defer. Full Participants are immediately eligible and Nonelective Contribution s for them will generally be made within a reasonable period following each payroll period (although the Plan permits contributions to be made at a later dat e). Important Note: Limited Participants receive a Nonelective Contribution for a Plan Year if all the conditions described later in this Article III are satisfied. Because of part - time and temporary schedules, it is unlikely that Limited Participants w ill receive Nonelective Contribution s .