(a) During 1 or more of a participant's last 3 taxable years ending before the participant attains normal retirement age, as defined in 4.1436, a participant may be eligible to defer compensation in excess of the limitation under 4.1421(b) as follows:
(1) the maximum amount of deferral for each taxable year of the catch-up period shall be the sum of the underutilized limitation under 4.1422(a)(2), but not more than $15,000;
(2) the underutilized limitation shall be computed by adding:
(A) the maximum amount of deferral under 4.1421(b) for the taxable year; and
(B) the amount which a participant could have deferred but did not defer (which is the maximum amount under 4.1421(b) less any amount previously deferred) in prior taxable years which the participant was eligible to participate in the plan or another eligible plan (within the meaning of Section 457 of the Internal Revenue Code, 26 U.S.C. § 457); and
(3) a participant shall only be eligible to utilize the catch-up provision once, regardless of whether the participant fully utilizes the provision or rejoins the plan.
(b) A participant shall not be eligible to utilize the catch-up provision under the plan if the participant has utilized a catch-up provision under another eligible plan.History: Rule 11-87, eff 17 Jun 87.