Changing a Contribution Election Clause Samples
The "Changing a Contribution Election" clause outlines the process by which a participant can modify the amount or percentage of their contributions to a plan, such as a retirement or savings program. Typically, this clause specifies when and how changes can be made, such as during open enrollment periods or after certain qualifying events, and may require written notice or completion of specific forms. Its core practical function is to provide flexibility for participants to adjust their contributions in response to changing financial circumstances, ensuring the plan remains responsive to individual needs.
Changing a Contribution Election. A Participant who is an Eligible Employee may change his or her Before-Tax Contribution election at any time in such manner and with such advance notice as prescribed by the Administrator, and such election shall be effective with the first payroll paid after such date. Participants' Contribution election percentages shall automatically apply to Pay increases or decreases.
Changing a Contribution Election. A Participant who is an Eligible Employee may change his or her Employee 401(k) and/or After-Tax Contribution election at any time, but no more frequently than once in any 3-month period, in such manner and with such advance notice as prescribed by the Administrator, and such election shall be effective with the first payroll paid after such date. Participants' Contribution election percentages shall automatically apply to Pay increases or decreases.
Changing a Contribution Election. A Participant who is an Eligible Employee may change his or her Salary Deferral Contribution election in such manner and with such advance notice as prescribed by the Administrative Committee. Such election shall be effective with the first administratively reasonable payroll paid after the date such election is received in good order by the Administrative Committee (or its designee). Notwithstanding the foregoing, the Administrative Committee may prescribe electronic election and confirmation procedures, where feasible, in lieu of written election and acknowledgement procedures. Participants’ Contribution election percentages shall automatically apply to Pay increases or decreases.
Changing a Contribution Election. A Participant who is an Eligible Employee may change his or her Pre-Tax and/or After-Tax Contribution election as of any January 1, April 1, July 1 or October 1 in such manner and with such advance notice as prescribed by the Administrator, and such election change shall be effective with the first payroll paid after such date. Effective January 1, 1998, "at any time" shall be substituted for the reference to "as of any January 1, April 1, July 1 or October" in the preceding sentence. A Participant's Contribution election made as a percentage of Pay shall automatically apply to Pay increases or decreases.
Changing a Contribution Election. A Participant who is an Eligible Associate may change his or her Associate Pre-Tax Contribution election as of any January 1, April 1, July 1 or October 1 in such manner and with such advance notice as prescribed by the Administrator, and such election change shall be effective with the first payroll paid after such date. A Participant's Contribution election made as a percentage of Pay shall automatically apply to Pay increases or decreases.