LAC 32:VII.303. Deferral Limitations

A. Except as provided in §305.A.1-2.a-b, the maximum that may be deferred under the plan for any taxable year of a participant shall not exceed the lesser of: 1. the applicable dollar amount in effect for the year, as adjusted for the calendar year in accordance with IRC §457(e)(15). [After 2006, the dollar amount is adjusted for cost-of-living under Code §415(d)]; or 2. 100 percent of the participant's includible compensation, each reduced by any amount specified in Subsection B of this §303 that taxable year. However, in no event can the deferred amount be more than the participant's compensation for such years unless the employer is making nonelective employer contributions; a. the annual deferral amount does not include any rollover amounts received by the plan under treasury regulation §1.457-10(e). B. The deferral limitation shall be reduced by any amount excludable from the participant's gross income attributable to elective deferrals to another eligible deferred compensation plan described in IRC §457(b). C. A participant who attains age 50 or older by the end of a plan year and who does not utilize the limited catch-up for such plan year may make a deferral in excess of the limitation specified in Paragraphs A.1-2 of this §303, up to the amount specified in and subject to any other requirements under IRC §414(v). D. A participant who attains the age of 60 but not age 64 before the end of a plan year may make a deferral in excess of the limitations specified in Paragraphs A and C of this §303, up to the amount specified in IRC §414(v)(2), as such amounts are adjusted in accordance with IRC §414(v)(2)(C).