Common use of Automatic deferral election Clause in Contracts

Automatic deferral election. If elected under Part 4A, #14 of the Agreement, the Employer will automatically withhold the amount designated under Part 4A, #14 from Eligible Participants’ Included Compensation for payroll periods starting with such Participants’ Entry Date, unless the Eligible Participant completes a Salary Reduction Agreement electing a different deferral amount (including a zero deferral amount). The Employer must designate in Part 4A, #14 of the Agreement the date as of which an Employee’s deferral election will be taken into account to override the automatic deferral election under this subparagraph (2). This automatic deferral election does not apply to any Eligible Participant who has elected to defer an amount equal to or greater than the automatic deferral amount designated in Part 4A, #14 of the Agreement. The Employer may elect under Part 4A, #14.b. of the Agreement to apply the automatic deferral election only to Employees who become Eligible Participants after a specified date. The Plan Administrator will deposit all amounts withheld pursuant to this automatic deferral election into the appropriate Participant’s Section 401(k) Deferral Account. Prior to the time an automatic deferral election first goes into effect, an Eligible Participant must receive written notice concerning the effect of the automatic deferral election and his/her right to elect a different level of deferral under the Plan, including the right to elect not to defer. After receiving the notice, an Eligible Participant must have a reasonable time to enter into a new Salary Reduction Agreement before any automatic deferral election goes into effect.

Automatic deferral election. The Employer may elect under AA §6A-6 to provide for an automatic deferral election under the Plan. If elected under Part 4A, #14 of the AgreementEmployer elects to apply an automatic deferral election, the Employer will automatically withhold the amount designated under Part 4A, #14 AA §6A-6 from Eligible Participants’ Included Compensation for payroll periods starting with such Participants’ Entry DatePlan Compensation, unless the Eligible Participant completes a Salary Reduction Agreement electing a different deferral amount (including a zero deferral amount). The Employer must designate in Part 4A, #14 of the Agreement the date as of which If an Employee’s deferral election will be taken into account to override the automatic deferral election applies under this subparagraph (2). This automatic deferral the Plan, such election does will not apply to any Eligible Participant Participants who has elected to defer have entered into a Salary Reduction Agreement for an amount equal to or greater than the automatic deferral amount designated in Part 4A, #14 of the Agreementunder AA §6A-6. The Employer also may elect under Part 4A, #14.b. of the Agreement to apply the automatic deferral election only to Employees Participants who become Eligible Participants eligible to participate after a specified date. The Plan Administrator will deposit all amounts Any Salary Deferrals withheld pursuant to this an automatic deferral election will be deposited into the appropriate Participant’s Section 401(k) Salary Deferral Account. The Plan may provide under AA §6A-6 that the automatic deferral amount will automatically increase by a designated percentage or dollar amount each Plan Year. In applying any automatic deferral increase under AA §6A-6, the initial deferral amount will apply for the period that begins when the employee first participates in the automatic contribution arrangement and ends on the last day of the following Plan Year. The automatic increase will apply for each full Plan Year beginning with the Plan Year immediately following the initial deferral period and for each subsequent full Plan Year. Prior to the time an automatic deferral election first goes into effect, an Eligible the Participant must receive written notice concerning the effect of the automatic deferral election and his/her right to elect a different level of deferral under the Plan, including the right to elect not to defer. After receiving the notice, an Eligible a Participant must have a reasonable time to enter into a new Salary Reduction Agreement before any automatic deferral election goes into effect.

Automatic deferral election. If elected under Part 4A, #14 of the Agreement, the Employer will automatically withhold the amount designated under Part 4A, #14 from Eligible Participants’ ' Included Compensation for payroll periods starting with such Participants’ ' Entry Date, unless the Eligible Participant completes a Salary Reduction Agreement electing a different deferral amount (including a zero deferral amount). The Employer must designate in Part 4A, #14 of the Agreement the date as of which an Employee’s 's deferral election will be taken into account to override the automatic deferral election under this subparagraph (2). This automatic deferral election does not apply to any Eligible Participant who has elected to defer an amount equal to or greater than the automatic deferral amount designated in Part 4A, #14 of the Agreement. The Employer may elect under Part 4A, #14.b. of the Agreement to apply the automatic deferral election only to Employees who become Eligible Participants after a specified date. The Plan Administrator will deposit all amounts withheld pursuant to this automatic deferral election into the appropriate Participant’s 's Section 401(k) Deferral Account. Prior to the time an automatic deferral election first goes into effect, an Eligible Participant must receive written notice concerning the effect of the automatic deferral election and his/her right to elect a different level of deferral under the Plan, including the right to elect not to defer. After receiving the notice, an Eligible Participant must have a reasonable time to enter into a new Salary Reduction Agreement before any automatic deferral election goes into effect.

Automatic deferral election. If elected under Part 4ATo qualify as an EACA, #14 each Employee eligible to participate in the Plan must have a reasonable opportunity after receipt of the Agreement, notice described in subsection (iv) to make an affirmative election to defer (or an election not to defer) under the Employer will automatically withhold the amount designated under Part 4A, #14 from Eligible Participants’ Included Compensation for payroll periods starting with such Participants’ Entry Date, unless the Eligible Participant completes a Salary Reduction Agreement electing a different deferral amount (including a zero deferral amount). The Employer must designate in Part 4A, #14 of the Agreement the date as of which an Employee’s deferral election will be taken into account to override the Plan before any automatic deferral election under this subparagraph (2)goes into effect. This If an automatic deferral election does applies under the Plan, such election will not apply to any Eligible Participant Participants who has elected to defer have entered into a Salary Deferral Election for an amount equal to or greater than the automatic deferral amount designated in Part 4A, #14 of the Agreementunder AA §6A-6. The Employer also may elect under Part 4A, #14.b. of the Agreement to apply the automatic deferral election only to Employees Participants who become Eligible Participants eligible to participate after a specified date. The Plan Administrator will deposit all amounts withheld pursuant to this An automatic deferral election into the appropriate Participant’s Section 401(kceases to apply with respect to any Employee who makes an affirmative election (that remains in effect) Deferral Accountto make Salary Deferrals or to not have any Salary Deferrals made on his/her behalf. Prior Salary Deferrals made pursuant to the time an automatic deferral election first goes into effect, will cease as soon as administratively feasible after an Eligible Employee makes an affirmative deferral election. Unless elected otherwise under AA §6A-6(a)(5)(i), a Participant’s affirmative election to defer (or to not defer) will cease upon termination of employment. If a terminated Participant’s affirmative election to defer (or to not defer) ceases upon termination of employment, the Participant must receive written notice concerning the effect of will be subject to the automatic deferral election and his/her right to elect a different level provisions of deferral under the Planthis subsection (i) upon rehire, including the right to elect not to defer. After receiving default election provisions and the notice, an Eligible Participant must have a reasonable time to enter into a new Salary Reduction Agreement before any automatic deferral election goes into effectnotice requirements under subsection (iv) below.