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SECTION III <br />LIMITATIONS ON AMOUNTS DEFERRED <br />3.1 Basic Annual Limitation <br />(a) The maximum amount of the Annual Deferral and, if applicable, Employer Contributions <br />under the Plan for any calendar year shall not exceed the lesser of: <br />(i) The "applicable dollar amount" (as defined in paragraph (b) below); or <br />(ii) The Participant's Includible Compensation (as defined in Code Section 415(c)(3)) <br />for the calendar year. <br />(b) The "applicable dollar amount" means the amount established under Code Section <br />457(e)(15), as indexed. <br />(c) Rollover amounts received by the Plan under Treasury Regulation Section 1.457-10(e) <br />and any plan -to -plan transfer into the Plan made pursuant to Section 7.2 shall not be <br />applied against the Annual Deferral limit. <br />3.2 Age 50 Catch-up Annual Deferral Contributions <br />A Participant who will attain age 50 or more by the end of a calendar year is permitted to elect an <br />additional amount of Annual Deferral for the calendar year, up to the maximum age 50 catch-up <br />Annual Deferral limit under §414(v)(2), as indexed. <br />The amount of the age 50 catch-up Annual Deferral for any calendar year cannot exceed the <br />amount of the Participant's Compensation, reduced by the amount of the elective deferred <br />compensation, or other elective deferrals, made by the Participant under the Plan. <br />The age 50 catch-up Annual Deferral limit is not available to a Participant for any calendar year <br />for which the Special Section 457 Catch-up Limitation described in Section 3.3 is available and <br />applied. <br />3.3 Special Section 457 Catch-up Limitation <br />Notwithstanding the provisions of Sections 3.1 and 3.2, with respect to a year that is one of a <br />Participant's last three (3) calendar years ending before the year in which the Participant attains <br />Normal Retirement Age and the amount determined under this Section 3.3 exceeds the amount <br />computed under Sections 3.1 and 3.2, then the Annual Deferral limit under this Section 3.3 shall <br />be the lesser of: <br />(a) An amount equal to two (2) times the Section 3.1 Applicable Dollar Amount for such <br />year; or <br />(b) The sum of: <br />9 <br />Specimen 457(b) Plan Document <br />Deferred Compensation Plan <br />41 <br />