The maximum amount deferred for any participant (including any amount that is treated as deferred under the plan according to I.R.C. § 457(c)(2), but not including a transfer contribution to the extent provided by § 32.003) and not including any qualified excess benefit arrangement to the extent provided by § 32.004 for any taxable year of the participant shall not exceed the lesser of the amount specified by I.R.C. § 457(b)(2) together with I.R.C. § 457(e)(15) or the percentage specified by I.R.C. § 457(b)(2) (33-1/3%) of the participant’s includible compensation, except as provided by § 32.002.
(Ord. NIRC 97-1, passed 1-15-1997)