In general
A plan shall not permit additional elective deferrals under paragraph (1) for any year in an amount greater than the lesser of—
(i)#
the applicable dollar amount, or
(ii)#
the excess (if any) of—
(I) the participant’s compensation (as defined in section 415(c)(3)) for the year, over
(II) any other elective deferrals of the participant for such year which are made without regard to this subsection.
(ii)(I)#
the participant’s compensation (as defined in section 415(c)(3)) for the year, over
(ii)(II)#
any other elective deferrals of the participant for such year which are made without regard to this subsection.