Default Election Procedure Sample Clauses

Default Election Procedure. Unless the Committee determines otherwise, the Committee will require each Enrollment Agreement to be made by June 30 of the prior Plan Year and shall require each Enrollment Agreement to be a spill-over election, whereby the initial deferrals pursuant to the Enrollment Agreement will be contributed to the Savings Plan, until the Participant’s elective deferrals (within the meaning of Code §402(g)(3)) to all plans have reached the applicable limit for elective deferrals under Code §402(g), and any additional deferrals under the Enrollment Agreement shall be Participant Deferrals in this Plan. For example, a Participant may elect to defer 27% from his base pay, if contributed to the Savings Plan, and 20% of his base pay if deferred to this Plan, and a deferral of 50% of his Cash-Incentive Bonus (regardless of which plan the benefit is directed towards).