Common use of Automatic Contribution Escalation Clause in Contracts

Automatic Contribution Escalation. Plan Sponsors that adopt Automatic Enrollment in Part 2.1 of this Adoption Agreement may also choose to adopt Automatic Contribution Escalation. Under this feature, the rate of Participants’ Before-Tax Contributions may increase every year by a chosen percentage, up to a maximum percentage, in a certain month of the year, all of which are selected by the Plan Sponsor. Escalation of Participant Contributions will occur whether the Participant was making Before-Tax Contributions under Automatic Enrollment or by affirmatively completing a Contribution Election form. Participants may opt out of Automatic Contribution Escalation, or opt back into it, at any time by completing and submitting a Contribution Election form. See the Initial Automatic Enrollment Notice for information on which Participants are eligible for Automatic Contribution Escalation and situations for which Automatic Contribution Escalation will not apply. Plan Sponsors adopting Automatic Enrollment and Automatic Contribution Escalation must elect these features for all of their UMPIP Adoption Agreements. Contact Wespath for more information about Automatic Contribution Escalation.

Automatic Contribution Escalation. Plan Sponsors sponsors that adopt Automatic Enrollment in Part 2.1 3.1 of this Adoption Agreement may also choose to adopt Automatic Contribution Escalation. Under this feature, the rate of Participants’ Before-Tax Contributions may increase every year by a chosen percentage, up to a maximum percentage, in a certain month of the year, all of which are selected by the Plan Sponsor. Escalation of Participant Contributions will occur whether the Participant was making Before-Tax Contributions under Automatic Enrollment or by affirmatively completing a Contribution Election form. Participants may opt out of Automatic Contribution Escalation, or opt back into it, at any time by completing and submitting a Contribution Election form. See the Initial Automatic Enrollment Notice for information on which Participants Employees are eligible for Automatic Contribution Escalation and situations for which Automatic Contribution Escalation will not apply. Plan Sponsors adopting Automatic Enrollment and Automatic Contribution Escalation must elect these features make the same elections for all of their UMPIP Adoption Agreements. Contact Wespath for more information about Automatic Contribution Escalation.

Automatic Contribution Escalation. Plan Sponsors that adopt Automatic Enrollment in Part 2.1 2.3 of this Adoption Agreement may also choose to adopt Automatic Contribution Escalation. Under this feature, the rate of Participants’ Before-Before- Tax Contributions may increase every year by a chosen percentage, up to a maximum percentage, in a certain month of the year, all of which are selected by the Plan Sponsor. Escalation of Participant Contributions will occur whether the Participant was making Before-Tax Contributions under Automatic Enrollment or by affirmatively completing a Contribution Election form. Participants may opt out of Automatic Contribution Escalation, or opt back into it, at any time by completing and submitting a Contribution Election form. See the Initial Automatic Enrollment Notice for information on which Participants Employees are eligible for Automatic Contribution Escalation and situations for which Automatic Contribution Escalation will not apply. Plan Sponsors adopting Automatic Enrollment and Automatic Contribution Escalation must elect these features for all of their UMPIP Adoption Agreements. Contact Wespath for more information about Automatic Contribution Escalation.

Automatic Contribution Escalation. Plan Sponsors sponsors that adopt Automatic Enrollment in Part 2.1 3.1 of this Adoption Agreement may also choose to adopt Automatic Contribution Escalation. Under this feature, the rate of Participants’ Before-Tax Contributions may increase every year by a chosen percentage, up to a maximum percentage, in a certain month of the year, all of which are selected by the Plan Sponsor. Escalation of Participant Contributions will occur whether the Participant was making Before-Tax Contributions under Automatic Enrollment or by affirmatively completing a Contribution Election form. Participants may opt out of Automatic Contribution Escalation, or opt back into it, at any time by completing and submitting a Contribution Election form. See the Initial Automatic Enrollment Notice for information on which Participants Employees are eligible for Automatic Contribution Escalation and situations for which Automatic Contribution Escalation will not apply. Plan Sponsors adopting Automatic Enrollment and Automatic Contribution Escalation must elect these features for all of their UMPIP Adoption Agreements. Contact Wespath for more information about Automatic Contribution Escalation.