Section 14-44-9 - Catch-up provision(a) A participant who will attain age fifty or more before the end of the calendar year shall be eligible to elect an additional amount of elective deferrals as established under the Code; provided that the additional amount is not made in the same year as elected under subsection (b).(b) During one or more of a participant's last three taxable years ending before the participant attains normal retirement age, as defined in section 14-44-23, a participant may be eligible to defer compensation in excess of the limitation under section 14-44-8(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 subsection (b)(2), but not more than the limits established under section 457 of the Code;(2) The underutilized limitation shall be computed by adding: (A) The maximum amount of deferral under section 14-44-8 (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 section 14-44-8 (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.(c) 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.[Eff. MAY 12 1983] (Auth: HRS § 88E-3) (Imp: HRS § 88E-3)