Compensation Reduction Election Sample Clauses
Compensation Reduction Election. An Employee elects to become a Participant by executing an election to reduce his or her Compensation (and have that amount contributed as an Elective Deferral on his or her behalf) and filing it with the Administrator. This Compensation reduction election shall be made on the agreement provided by the Administrator under which the Employee agrees to be bound by all the terms and conditions of the Plan. The Administrator may establish an annual minimum deferral amount no higher than $200, and may change such minimum to a lower amount from time to time. The participation election shall also include designation of the Funding Vehicles and Accounts therein to which Elective Deferrals or Nonelective Employer Contributions are to be made and a designation of Beneficiary. Any such election shall remain in effect until a new election is filed. Only an individual who performs services for the Employer as an Employee may reduce his or her Compensation under the Plan. Each Employee will become a Participant in accordance with the terms and conditions of the Individual Agreements. All Elective Deferrals and Nonelective Employer Contributions shall be made on a pre-tax basis. An Employee shall become a Participant as soon as administratively practicable following the date applicable under the Employee's election.
Compensation Reduction Election. An Employee elects to become a Participant by executing an election to reduce his or her Compensation (and have that amount contributed as an Elective Deferral) and filing it with the Administrator. This Compensation reduction election shall be made on the form of agreement provided by the Administrator under which the Employee agrees to be bound by all terms and conditions of the Plan. The Compensation reduction election shall include a designation of the Funding Vehicles and Accounts therein to which Elective Deferrals are to be made and a designation of Beneficiary. Any such election shall remain in effect until a new election is filed. Each Employee will become a Participant in accordance with the terms and conditions of the Individual Agreements. The Compensation reduction election shall become effective for the first pay period administratively practicable following the date the election is filed with the Administrator, unless a later date is indicated therein.
Compensation Reduction Election. The Corporation will reduce the amount of the Member's Base Salary otherwise payable to the Member in the Current Election Year, and/or the amount payable to him/her under the AIP and SIP for services performed in the Current Election Year and will credit these amounts to the Member's Account under the Plan according to the Member's elections in Section 4 below.