Automatic Contribution Arrangement. Check this subsection (2) if the Plan is designated as an Automatic Contribution Arrangement, as described under Section 3.03 of the Plan. [Note: Unless an election is made under this AA §6A-8 that is inconsistent with the requirements of an Eligible Automatic Contribution Arrangement (EACA), the Automatic Contribution Arrangement will qualify as an EACA, as described in Section 3.03 of the Plan.]
(i) Automatic deferral percentage.
Automatic Contribution Arrangement. No automatic contribution provisions apply under Section 3.03 of the Plan, unless provided otherwise under this AA §6A-8. [Note: A governmental Employer’s election to include automatic deferral provisions is subject to State and local anti-garnishment and other applicable State and local laws and regulations, which may prohibit an automatic contribution arrangement.]
Automatic Contribution Arrangement. An arrangement under which, in the absence of an affirmative election by a Covered Employee, a specified percentage of compensation will be withheld from the Covered Employee’s pay and contributed to the Plan as Deferred Compensation.
Automatic Contribution Arrangement. If provided for in the Adoption Agreement, the Employer shall automatically withhold Elective Deferral Contributions from Compensation in the percentages and for each Participants identified in the Adoption Agreement who (1) have not made an election to defer a portion of Compensation, and (2) has not affirmatively opted out of the Plan. Participants subject to this automatic contribution arrangement process will be given prior written notice and a reasonable opportunity to take affirmative action to either elect to defer a portion of Compensation or elect not to make Elective Deferrals under the Plan. For any Participant to whom this paragraph applies, and whether or not the Employer has elected in the Adoption Agreement to allow Participants to make Xxxx 401(k) Contributions, such deferral of Compensation shall be made as Salary Deferral Contributions; provided, however, that the Employer may elect in the Adoption Agreement that such deferral of Compensation will be made as Xxxx 401(k) Contributions or a combination of Salary Deferral Contributions and Xxxx 401(k) Contributions. In the event that such deferral of Compensation is designated as Xxxx 401(k) Contributions, then the Participant is deemed to have irrevocably designated the contributions as Xxxx 401(k) Contributions, in accordance with Code section 402A(c)(1)(B).”
8. New Subsections (f) and (g) are added to Section 3.01 of the Plan, entitled Elective Deferrals, to read as follows:
Automatic Contribution Arrangement. The term “Automatic Contribution Arrangement” means any arrangement under which (A) a Participant may elect to have the Employer make payments as Elective Deferrals under the Plan on his or her behalf, or to receive such payments directly in cash, and (B) an Eligible Participant is treated as having elected to have the Employer make Elective Deferrals to the Plan, in an amount equal to a specified percentage of Compensation until such Eligible Participant executes an Automatic Contribution Overriding Election as defined in the administrative policy regarding Elective Deferrals; such percentage is set forth in either the administrative policy regarding Elective Deferrals or such other Plan documentation as permitted by the Plan or law. An Automatic Contribution Arrangement includes a QACA.
Automatic Contribution Arrangement. (a) A Worker Member who becomes a Participant pursuant to an Automatic Contribution Arrangement as provided in Section 4.1 or 4.2 shall be deemed to have elected to contribute to the Plan as Pre-Tax Deferral Contributions an amount equal to 6% of his Eligible Pay per payroll period, commencing as of the first day of the payroll period that begins as soon as administratively practicable after the date the Worker Member becomes a Participant pursuant to an Automatic Contribution Arrangement.
(b) At least 30 but not more than 90 days prior to the first day of each Plan Year, the Administrative Committee will provide each Worker Member who has satisfied the eligibility requirements of Section 4.1 and to whom the provisions of an Automatic Contribution Arrangement apply a notice of the Worker Member’s rights and obligations under an Automatic Contribution Arrangement. In the case of a Worker Member who does not receive the notice because the Worker Member has satisfied the requirements of Section 4.1 or whose eligibility resumed pursuant to Section 4.2, as the case may be, after the 90th day before the beginning of the Plan Year, the notice shall be provided at least 30 but no more than 90 days prior to the date the Worker Member would be deemed to become a Participant as provided in Section 4.1 or 4.2 (as applicable) pursuant to an Automatic Contribution Arrangement.
(c) Such notice will be written in a manner calculated to be understood by an average Worker Member and will describe: (i) the level of Pre-Tax Deferral Contributions which will be made on the Worker Member’s behalf if the Worker Member does not make an affirmative written election to participate, (ii) the Worker Member’s right to reject such deemed participation and elect to make Payroll Deferrals as provided in Section 6.1 or to elect not to have Payroll Deferrals made on his behalf, and (iii) the Investment Fund in which the Worker Member’s automatic Pre-Tax Deferral Contributions shall be invested in the absence of any investment election.
(d) An Automatic Contribution Arrangement shall not become effective for any Worker Member who files, in accordance with the procedures established by the Administrative Committee and not later than the date he or she would otherwise be deemed to have elected to participate in the Plan pursuant to an Automatic Contribution Arrangement (as provided in Section 4.1 or 4.2), an affirmative written election to make Payroll Deferrals pursuant to Section 6.1 or an ...
Automatic Contribution Arrangement. (a) Notwithstanding the provisions of the Plan, if the Employer’s Plan so provides in the Adoption Agreement the Pre-Tax Contributions on behalf of a Participant shall be determined under an Automatic Contribution Arrangement. For purposes of this Section 5.10, the term “Automatic Contribution Arrangement” means an arrangement:
Automatic Contribution Arrangement. No automatic contribution provisions apply under Section 3.03(c) of the Plan, unless provided otherwise under this AA §6A-8.
Automatic Contribution Arrangement. The Employer may elect under AA §6A-7 of the Grandfathered 401(k) Plan Adoption Agreement to provide for an automatic deferral election under the Plan. If the Employer elects to apply an automatic deferral election, the Employer will automatically withhold the amount designated under AA §6A-7 from Participants’ Plan Compensation, unless the Participant completes a Salary Deferral Election electing a different deferral amount (including a zero deferral amount). Unless provided otherwise under AA §6A-7, an Employee who is automatically enrolled under a prior plan document will continue to be automatically enrolled under the current Plan document.
Automatic Contribution Arrangement. The Fund shall implement an automatic contribution arrangement for individuals who are hired or rehired by a Contributing Company and become Members on or after June 18, 2007. Under the arrangement, such Members shall be deemed to have made, as of the Automatic Enrollment Date, a Member Pre-Tax Base Pay Election of 3%. The Plan Administrator shall provide notice of the arrangement to Members who may be covered by the arrangement at such time as shall afford such Members a reasonable opportunity to elect out of the arrangement before the Automatic Enrollment Date. A Member may elect out of the arrangement before the Automatic Enrollment Date by electing to make no Member Pre-Tax Contributions or by making any affirmative election available to the Member under Section 5.1. A Member may also prospectively elect out of the arrangement any time after the Automatic Enrollment Date in the same fashion. Elections under this Section 5.2 (including the deemed election, if applicable) shall become effective as provided in Section 5.1(b). The Plan Administrator shall, within a reasonable period before each Plan Year, provide to each Member to whom the arrangement applies for such Plan Year, notice of such Member’s rights and obligations under the arrangement.
