Application of automatic deferral provisions. The automatic deferral election under subsection (2), as applicable, will apply to new Participants and existing Participants as set forth under this subsection (3).
Application of automatic deferral provisions. This automatic deferral election will apply to: (1) all Participants who have not entered into a Salary Deferral Election (including an election not to defer under the Plan). (2) all Participants who have not entered into a Salary Deferral Election as of that is at least equal to the automatic deferral amount under subsection (a). [Note: Any Salary Deferral Election (including an election not to defer under the Plan) entered into on or after the above date will override the automatic deferral provisions.] (3) only Employees who become Participants on or after and who do not enter into a contrary Salary Deferral Election (including an election not to defer under the Plan).
