Automatic Enrollment. (a) If the Employer so elects in the Adoption Agreement, each Employee eligible under the Employer’s Code Section 401(k) cash or deferred arrangement shall automatically become a Participant in the Plan as of the first Entry Date after satisfying the Plan’s eligibility requirements. The Employer may elect on the Adoption Agreement to apply the automatic enrollment provisions to current Employees and Participants or only to Employees hired on or after the Effective Date of the adoption of or the amendment to the Plan providing for the automatic enrollment provisions. If the Employer elects the provision to apply to current Employees, the Employer will apply the automatic enrollment provision to Employees and Participants who are deferring at less than the amount elected on the Adoption Agreement on or after the Effective Date of the adoption of or the amendment to the Plan, except for those Employees and Participants who make an affirmative election to receive the Compensation in cash.
Appears in 6 contracts
Samples: Prototype Defined Contribution Plan (United Community Bancorp), Prototype Defined Contribution Plan (FNB United Corp.), Prototype Defined Contribution Plan (Georgetown Bancorp, Inc.)
Automatic Enrollment. (a) If the Employer so elects in the Adoption Agreement, each Employee eligible under the Employer’s 's Code Section 401(k) cash or deferred arrangement shall automatically become a Participant in the Plan as of the first Entry Date after satisfying the Plan’s 's eligibility requirements. The Employer may elect on the Adoption Agreement to apply the automatic enrollment provisions to current Employees and Participants or only to Employees hired on or after the Effective Date of the adoption of or the amendment to the Plan providing for the automatic enrollment provisions. If the Employer elects the provision to apply to current Employees, the Employer will apply the automatic enrollment provision to Employees and Participants who are deferring at less than the amount elected on the Adoption Agreement on or after the Effective Date of the adoption of or the amendment to the Plan, except for those Employees and Participants who make an affirmative election to receive the Compensation in cash.
Appears in 5 contracts
Samples: Nonstandardized Adoption Agreement (Banctrust Financial Group Inc), Prototype Defined Contribution (Spheris Leasing LLC), Nonstandardized Adoption Agreement (Felcor Lodging Trust Inc)
Automatic Enrollment. (a) If the Employer so elects in the Adoption Agreement, each Employee eligible under eligibleunder the Employer’s Code Section 401(k) cash or deferred arrangement shall automatically become a Participant in the Plan as of the first Entry Date after satisfying the Plan’s eligibility requirements. The Employer may elect on the Adoption Agreement to apply the automatic enrollment provisions to current Employees and Participants or only to Employees hired on or after the Effective Date of the adoption of or the amendment to the Plan providing for the automatic enrollment provisions. If the Employer elects the provision to apply to current Employees, the Employer will apply the automatic enrollment provision to Employees and Participants who are deferring at less than the amount elected on the Adoption Agreement on or after the Effective Date of the adoption of or the amendment to the Plan, except for those Employees and Participants who make an affirmative election to receive the Compensation in cash.
Appears in 1 contract
Samples: Measurement Specialties Inc