Common use of Election to Participate Clause in Contracts

Election to Participate. An eligible employee commences participation by filing an executed election form with the Plan Administrator. The election form shall be signed by the employee, shall designate the benefits in which the employee elects to participate and shall designate the Plan Year (or the remaining portion of the Plan Year), as the time period for which participation will be effective. The election form shall also specify the amounts, if any, by which the employee's compensation shall be reduced.