Common use of Elective Deferrals Clause in Contracts

Elective Deferrals. Any Employer contributions made to the Plan at the election of the Participant, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to any taxable year, a Participant's Elective Deferral is the sum of all employer contributions made on behalf of such Participant pursuant to an election to defer under any qualified cash or deferred arrangement as described in section 401(k) of the Code, any salary reduction simplified employee pension described in section 408(k)(6), any SIMPLE IRA Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed as excess annual addition. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible in the participant’s gross income at the time deferred. The Employer may, if notification is made within a reasonable time and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Adoption Agreement.

Elective Deferrals. Any A Participant may enter into a Elective Deferrals Agreement with the Employer contributions made authorizing the Employer to withhold a portion of such Participant's Compensation not to exceed $7,000 per calendar year as adjusted for inflation or, if lesser, the percentage of Compensation specified in the Adoption Agreement and to deposit such amount to the Plan. No Participant shall be permitted to have Elective Deferrals made under this Plan at or any other qualified plan maintained by the election of the ParticipantEmployer, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to during any taxable year, in excess of the dollar limitation contained in Code Section 402(g) in effect at the beginning of such taxable year. Thus, the $7,000 limit may be reduced if a Participant contributes pre-tax contributions to qualified plans of this or other Employers. Any such contribution shall be credited to the Employee's Elective Deferrals Account. Unless otherwise specified in the Adoption Agreement, a Participant may amend his or her Elective Deferrals Agreement to increase, decrease or terminate the percentage upon 30 days written notice to the Employer. If a Participant terminates his or her agreement, such Participant shall not be permitted to put a new Elective Deferrals Agreement into effect until the first pay period in the next Plan Year, unless otherwise stated in the Adoption Agreement. The Employer may also amend or terminate said agreement on written notice to the Participant. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer upon 30 days notice to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Elective Deferrals Agreement plus the supplemental withholding exceed 25% of a Participant's Elective Deferral is the sum Compensation for a Plan Year. The Employer may also recharacterize as after-tax Voluntary Contributions all or any portion of all employer contributions made on behalf of such Participant pursuant to an election to defer amounts previously withheld under any qualified cash or deferred arrangement Elective Deferrals Agreement within the Plan Year as described in section 401(k) provided for at paragraph 10.10. This may be done to insure that the Plan will meet one of the Code, any salary reduction simplified employee pension described in section 408(k)(6antidiscrimination tests under Code Section 401(k), any SIMPLE IRA Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed as excess annual additionbe deposited in the Trust within 30 days after being withheld from the Participant's pay. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible permitted only in the participant’s gross income at the time deferred. The Employer mayStandardized Adoption Agreement 003, if notification is made within a reasonable time Nonstandardized Adoption Agreement 006, and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Standardized Adoption AgreementAgreement 009.

Elective Deferrals. Any A Participant may enter into a Salary Savings Agreement with the Employer contributions made authorizing the Employer to withhold a portion of such Participant's Compensation not to exceed $7,000 per calendar year as adjusted under Code Section 415(d) or, if lesser, the percentage of Compensation specified in the Adoption Agreement and to deposit such amount to the Plan. No Participant shall be permitted to have Elective Deferrals made under this Plan at or any other qualified plan maintained by the election of the ParticipantEmployer, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to during any taxable year, in excess of the dollar limitation contained in Code Section 402(g) in effect at the beginning of such taxable year. Thus, the $7,000 limit may be reduced if a Participant contributes pre-tax contributions to qualified plans of this or other Employers. Any such contribution shall be credited to the Employee's Salary Savings Account. Unless otherwise specified in the Adoption Agreement, a Participant may amend his or her Salary Savings Agreement to increase, decrease or terminate the percentage upon 30 days written notice to the Employer. If a Participant terminates his or her agreement, such Participant shall not be permitted to put a new Salary Savings Agreement into effect until the first pay period in the next Plan Year, unless otherwise stated in the Adoption Agreement. The Employer may also amend or terminate said agreement on written notice to the Participant. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer upon 30 days notice to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Salary Savings Agreement plus the supplemental withholding exceed 25% of a Participant's Elective Deferral is the sum of all employer contributions made on behalf of such Participant pursuant to an election to defer under any qualified cash or deferred arrangement as described in section 401(k) of the Code, any salary reduction simplified employee pension described in section 408(k)(6), any SIMPLE IRA Compensation for a Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreementYear. Elective Deferrals shall not include any deferrals properly distributed as excess annual addition. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible be deposited in the participant’s gross income at Trust no later than the time deferred. The Employer may, if notification is made within a reasonable time and in a manner date described in IRS Revenue Ruling 2000Section 2510.3-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part 102 of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Adoption AgreementDepartment of Labor Regulations.

Elective Deferrals. An individual who is an Eligible Employee on the Effective Date may, by completing an Election Form and filing it with the Plan Administrator within 30 days following the Effective Date, elect to defer a percentage or dollar amount of one or more payments of Compensation, on such terms as the Plan Administrator may permit, which are payable to the Participant after the date on which the individual files the Election Form. Any individual who becomes an Eligible Employee after the Effective Date may, by completing an Election Form and filing it with the Plan Administrator within 30 days following the date on which the Plan Administrator gives such individual written notice that the individual an Eligible Employee, elect to defer a percentage or dollar amount of one or more payments of Compensation, on such terms as the Plan Administrator may permit, which are payable to the Participant after the date on which the individual files the Election Form. Any Eligible Employee who has not otherwise initially elected to defer Compensation in accordance with this Section 4.1 may elect to defer a percentage or dollar amount of one or more payments of Compensation, on such terms as the Plan Administrator may permit, commencing with Compensation paid in the next succeeding Plan Year, by completing an Election Form prior to the first day of such succeeding Plan Year. A Participant's Compensation shall be reduced in accordance with the Participant's election hereunder and amounts deferred hereunder shall be paid by the Employer contributions made to the Trust as soon as administratively feasible and credited to the Participant's Account as of the date the amounts are received by the Trustee. An election to defer a percentage or dollar amount of Compensation for any Plan Year shall apply for subsequent Plan Years unless changed or revoked. A Participant may change or revoke his or her deferral election as of the first day of any Plan Year by giving written notice to the Plan at Administrator before such first day (or any such earlier date as the election of the Participant, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to any taxable year, a Participant's Elective Deferral is the sum of all employer contributions made on behalf of such Participant pursuant to an election to defer under any qualified cash or deferred arrangement as described in section 401(k) of the Code, any salary reduction simplified employee pension described in section 408(k)(6Plan Administrator may prescribe), any SIMPLE IRA Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed as excess annual addition. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible in the participant’s gross income at the time deferred. The Employer may, if notification is made within a reasonable time and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Adoption Agreement.

Elective Deferrals. Any A Participant may enter into a Elective Deferrals Agreement with the Employer contributions made authorizing the Employer to withhold a portion of such Participant's Compensation not to exceed $7,000 per calendar year as adjusted for inflation or, if lesser, the percentage of Compensation specified in the Adoption Agreement and to deposit such amount to the Plan. No Participant shall be permitted to have Elective Deferrals made under this Plan at or any other qualified plan maintained by the election of the ParticipantEmployer, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to during any taxable year, in excess of the dollar limitation contained in Code Section 402(g) in effect at the beginning of such taxable year. Thus, the $7,000 limit may be reduced if a Participant contributes pre-tax contributions to qualified plans of this or other Employers. Any such contribution shall be credited to the Employee's Elective Deferrals Account. Unless otherwise specified in the Adoption Agreement, a Participant may amend his or her Elective Deferrals Agreement to increase, decrease or terminate the percentage upon 30 days written notice to the Employer. If a Participant terminates his or her agreement, such Participant shall not be permitted to put a new Elective Deferrals Agreement into effect until the first pay period in the next Plan Year, unless otherwise stated in the Adoption Agreement. The Employer may also amend or terminate said agreement on written notice to the Participant. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer upon 30 days notice to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Elective Deferrals Agreement plus the supplemental withholding exceed 25% of a Participant's Elective Deferral is the sum Compensation for a Plan Year. The Employer may also re-characterize as after-tax Voluntary Contributions all or any portion of all employer contributions made on behalf of such Participant pursuant to an election to defer amounts previously withheld under any qualified cash or deferred arrangement Elective Deferrals Agreement within the Plan Year as described in section 401(k) provided for at paragraph 10.10. This may be done to insure that the Plan will meet one of the Code, any salary reduction simplified employee pension described in section 408(k)(6antidiscrimination tests under Code Section 401(k), any SIMPLE IRA Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed as excess annual additionbe deposited in the Trust within 30 days after being withheld from the Participant's pay. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible permitted only in the participant’s gross income at the time deferred. The Employer mayStandardized Adoption Agreement 003, if notification is made within a reasonable time Nonstandardized Adoption Agreement 006, and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Standardized Adoption AgreementAgreement 009.

Elective Deferrals. In A 401(k) Plan (a) A Participant may enter into a Salary Deferral Agreement with the Employer authorizing the Employer to withhold a portion of such Participant's Compensation not to exceed the dollar limit under Code Section 402(g), as adjusted under Code Section 415(d), for the Applicable Calendar Year, or the percentage or dollar amount of Compensation specified in the Adoption Agreement. (b) Any Employer contributions made to Salary Deferral Agreement may not be effective earlier than the Plan at latest date of the election following: (1) The date of the Participant, ’s entry (or reentry) into the Plan; (2) the execution of the Participant’s Salary Deferral Agreement; (3) the date the Employer adopts the 401(k) Plan by executing the Adoption Agreement; (4) the Effective Date of the Elective Deferral provisions as specified in lieu of cash compensation, and the Adoption Agreement. (c) Any such contribution shall include contributions made pursuant be credited to a salary reduction agreement or other deferral mechanism. With respect to any taxable year, a Participantthe Employee's Elective Deferral is account. A Participant may terminate deferrals at any time. A Participant may amend his or her Salary Deferral Agreement to increase or decrease his or her deferral percentage upon notice in accordance with the sum of all employer contributions made on behalf provisions in the Adoption Agreement or such other uniform and nondiscriminatory procedures. The Employer shall determine the permitted frequency of such Participant pursuant to an changes which shall be no less frequently than once each calendar year. Any such election to defer under any qualified cash or deferred arrangement will be effective as described in section 401(k) soon as practicable following the receipt of the Code, notification by the Employer in accordance with uniform and nondiscriminatory procedures established and communicated to the Participants. The Participant shall notify the Employer of any salary reduction simplified employee pension described change in section 408(k)(6), any SIMPLE IRA Plan described his or her deferral election in §408(p), , any plan writing or in such other form or manner as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed as excess annual addition. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible in the participant’s gross income at the time deferredpermitted. The Employer may, if notification is made within a reasonable time and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and notwithstanding any limit to the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral contrary in the Adoption Agreement, limit the maximum deferral percentage for Highly Compensated Employees. If a Participant terminates his or her agreement, such Participant shall be permitted to put a new Salary Deferral Agreement into effect as provided in the Adoption Agreement or any other uniform and nondiscriminatory procedures established. The Employer may also amend or terminate said agreement on notice to the affected Participant, if required to maintain the qualified status of the Plan. (d) If permitted by the Employer, when a Participant who has not authorized the Employer to withhold the maximum annual deferral amount pursuant to Code Section 402(g) and desires to increase the total amount withheld for a Plan Year, the Participant may authorize the Employer to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the amounts withheld under the Salary Deferral Agreement plus any additional amount deferred exceed the lesser of 25% of a Participant's Compensation or any other limitation elected in the Adoption Agreement by the Employer. (e) If the Plan permits Voluntary After-tax Contributions and the Employer has elected in the Adoption Agreement, all or any portion of amounts previously withheld under any Salary Deferral Agreement may be recharacterized as Voluntary After-tax Contributions within the Plan Year. (f) Elective Deferrals shall be deposited in the Plan’s Trust as soon as administratively feasible after being withheld from the Participant's Compensation at the earliest date on which the contributions can reasonably be segregated from the Employer’s general assets, but no later than the time prescribed by the Code, ERISA or by applicable Treasury or Department of Labor Regulations.

Elective Deferrals. Any A Participant may enter into a Salary Savings Agreement with the Employer, authorizing the Employer contributions made to withhold a portion of such Participant's Compensation not to exceed $7,000 per calendar year as adjusted under Code Section 415(d) or, if lesser, the percentage of Compensation specified in the Adoption Agreement and to deposit such amount to the Plan. No Participant shall be permitted to have Elective Deferrals made under this Plan at or any other qualified plan maintained by the election of the ParticipantEmployer, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to during any taxable year, in excess of the dollar limitation contained in Code Section 402(g) in effect at the beginning of such taxable year. Thus, the $7,000 limit may be reduced if a Participant contributes pre-tax contributions to qualified plans of this or other Employers. Any such contribution shall be credited to the Employee's Salary Savings Account. Unless otherwise specified in the adoption Agreement, a Participant may amend his or her Salary Savings Agreement to increase, decrease or terminate the percentage upon 30 days, written notice to the Employer. If a Participant terminates his or her agreement, such Participant shall not be permitted to put a new Salary Savings Agreement into effect until the first pay period in the next Plan Year, unless otherwise stated in the Adoption Agreement. The Employer may also amend or terminate said agreement on written notice to the Participant. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer upon 30 days, notice to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Salary Savings Agreement plus the supplemental withholding exceed 25% of a Participant's Elective Deferral is the sum of all employer contributions made on behalf of such Participant pursuant to an election to defer under any qualified cash or deferred arrangement as described in section 401(k) of the Code, any salary reduction simplified employee pension described in section 408(k)(6), any SIMPLE IRA Compensation for a Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreementYear. Elective Deferrals shall not include any deferrals properly distributed as excess annual addition. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible be deposited in the participant’s gross income at Trust no later than the time deferred. The Employer may, if notification is made within a reasonable time and in a manner date described in IRS Revenue Ruling 2000Section 2510.3-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part 102 of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Adoption AgreementDepartment of Labor Regulations.

Elective Deferrals. Any Employer contributions made (100% vested): A Participant may elect to have his or her Compensation reduced by the following percentage per pay period, or for a specified pay period or periods, as designated in writing to the Plan at Administrator. Unless elected otherwise below, the Employer's contribution for Elective Deferrals shall be made without regard to current or accumulated profits. The amount which may be elected shall not be in excess of _____ percent of a Participant's Compensation. Unless elected otherwise below, a Participant's election regarding Elective Deferrals shall apply to his cash bonuses. a. A Participant may elect to commence Elective Deferrals as of ________ (i.e., each entry date). Such election shall become effective as of the ____________ pay period following the pay period during which the Participant's election to commence Elective Deferrals was made, or as soon as administratively feasible thereafter. b. A Participant's election regarding Elective Deferrals SHALL NOT apply to Cash Bonuses. c. No Participant shall be permitted to have Elective Deferrals made under this plan during any calendar year in lieu excess of cash compensation$7,000, and shall include contributions multiplied by the Adjustment Factor. d. A Participant's election to have Elective Deferrals made pursuant to a salary reduction agreement shall remain in effect until modified or other deferral mechanismterminated. e. The Employer shall make this contribution ONLY if it has earned sufficient current or accumulated profits. f. A Participant may modify the amount of Elective Deferrals as of ________ (i.e., each entry date). With respect to any taxable year, a Such modification shall become effective as of the pay period following the pay period during which the Participant's Elective Deferral is the sum of all employer contributions made on behalf of such Participant pursuant to an election to defer under any qualified cash or deferred arrangement as described in section 401(k) of the Code, any salary reduction simplified employee pension described in section 408(k)(6), any SIMPLE IRA Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. modify Elective Deferrals shall not include any deferrals properly distributed was made, or as excess annual additionsoon as administratively feasible thereafter. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax A Participant may CEASE Elective Deferrals and Xxxx Elective Deferrals. Pre-tax at any time, effective with the ______ pay period following the pay period during which the Participant's election to cease Elective Deferrals are a participant’s Elective Deferrals that are not includible in the participant’s gross income at the time deferred. The Employer maywas made, if notification is made within a reasonable time and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Adoption Agreementas soon as administratively feasible thereafter.

Elective Deferrals. Any A Participant may enter into a Salary Savings Agreement with the Employer contributions made authorizing the Employer to withhold a portion of such Participant's Compensation not to exceed $7,000 per calendar year as adjusted under Code Section 415(d) or, if lesser, the percentage of Compensation specified in the Adoption Agreement and to deposit such amount to the Plan. No Participant shall be permitted to have Elective Deferrals made under this Plan at or any other qualified plan maintained by the election of the ParticipantEmployer, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to during any taxable year, in excess of the dollar limitation contained in Code Section 402(g) in effect at the beginning of such taxable year. Thus, the $7,000 limit may be reduced if a Participant contributes pre-tax contributions to qualified plans of this or other Employers. Any such contribution shall be credited to the Employee's Salary Savings Account. Unless otherwise specified in the Adoption Agreement, a Participant may amend his or her Salary Savings Agreement to increase, decrease or terminate the percentage upon 30 days written notice to the Employer. If a Participant terminates his or her agreement, such Participant shall not be permitted to put a new Salary Savings Agreement into effect until the first pay period in the next Plan Year, unless otherwise stated in the Adoption Agreement. The Employer may also amend or terminate said agreement on written notice to the Participant. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer upon 30 days notice to withhold a supplemental amount If p to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Salary Savings Agreement plus the supplemental withholding exceed 25% of a Participant's Elective Deferral is the sum Compensation for a Plan Year. The Employer may also recharacterize as after-tax Voluntary Contributions all or any portion of all employer contributions made on behalf of such Participant pursuant to an election to defer amounts previously withheld under any qualified cash or deferred arrangement Salary Savings Agreement within the Plan Year as described in section 401(k) provided for at paragraph 10.9. This may be done to insure that the Plan will meet one of the Code, any salary reduction simplified employee pension described in section 408(k)(6antidiscrimination tests under Code Section 401(k), any SIMPLE IRA Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed as excess annual addition. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible be deposited in the participant’s gross income at the time deferred. The Employer may, if notification is made Trust within a reasonable time and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted 30 days after being withheld from the Employee’s Compensation. Such default amount shall be part of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Adoption AgreementParticipant's pay.

Elective Deferrals. Any A Participant may enter into a Salary Savings Agreement authorizing the Employer contributions made to withhold a portion of such Participant's Compensation not to exceed the amount specified in Code Section 402(g)(1)(B) or, if lesser, up to 100% of Compensation and to deposit such amount to the Plan at Plan. Notwithstanding anything in this Article to the election contrary, the total Voluntary Contributions and Elective Deferrals shall not exceed 6% of the Participant, in lieu of cash compensation, Plan Compensation for each Highly Compensated Employee and shall include contributions not exceed 100% of the Plan Compensation for each other Employee. No Participant shall be permitted to have Elective Deferrals made pursuant to a salary reduction agreement under this Plan or any other deferral mechanism. With respect to qualified plan maintained by the Employer, during any taxable year, in excess of the dollar limitation contained in Code Section 402(g)(1)(B) in effect at the beginning of such taxable year. Thus, the limit specified in Code Section 402(g)(1)(B) may be reduced if a Participant contributes pre-tax contributions to another qualified plan maintained by the Employer. Any such contribution shall be credited to the Employee's Elective Deferrals Account. A Participant may amend his or her Salary Savings Agreement to increase, decrease or terminate the percentage on 30 days written notice to the Plan Administrator. The Plan Administrator may also amend or terminate said agreement on written notice to the Participant. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer on 30 days notice to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Salary Savings Agreement plus the supplemental withholding exceed 100% of a Participant's Elective Deferral is the sum Compensation for a Plan Year for non-Highly Compensated Employees or 6% of a Participant's Compensation for a Plan Year for Highly Compensated Employees. The Plan Administrator may also recharacterize as after-tax Voluntary Contributions all employer contributions made on behalf or any portion of such Participant pursuant to an election to defer amounts previously withheld under any qualified cash or deferred arrangement Salary Savings Agreement within the Plan Year as described in section 401(k) provided for at paragraph 10.8. This may be done to insure that the Plan will meet one of the Code, any salary reduction simplified employee pension described in section 408(k)(6anti-discrimination tests under Code Section 401(k), any SIMPLE IRA Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed be deposited in the Trust within the time required under applicable law after being withheld from the Participant's pay. 4. Effective as excess annual addition. For years beginning after 2005of October 1, 2002, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible in the participant’s gross income at the time deferred. The Employer may, if notification is made within a reasonable time and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part first sentence of Section 13.5 of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Adoption Agreement.SEERT is hereby amended to read as follows:

Elective Deferrals. Any Employer contributions An active Participant may elect to have Elective Deferrals made to the Plan at as follows: (a) Pursuant to Section 15.08 of the Plan, a Participant may elect to have Elective Deferrals made on his behalf by entering into a written salary redirection agreement with the Employer that authorizes payroll deductions; provided, however, that any election will be subject to reduction by the Plan Administrator in accordance with Section 4.03. (b) A Participant's election to make or change the rate of Elective Deferrals will become effective as soon as administratively feasible after the date on which a completed salary redirection agreement is received by the Plan Administrator. A Participant may discontinue his Elective Deferrals any time by giving written notice to the Plan Administrator. No election to make, discontinue, or change the rate of Elective Deferrals will be given retroactive effect. (c) A Participant who discontinues his Elective Deferrals during a Plan Year may not enter into a new salary redirection agreement with the Employer that will become effective before the first day of the next Plan Year. A Participant who receives a hardship distribution as described in Treasury regulation section 1.401(k)-i (d)(2)(iv)(B) from any other Retirement Plan may not have Elective Deferrals made to the Plan for twelve months following receipt of the hardship distribution. (d) A former Eligible Employee who again becomes an Eligible Employee and who is or becomes a Participant upon reemployment may elect to have Elective Deferrals made on his behalf by signing and delivering to the Plan Administrator a salary redirection agreement, in which case the election will be given effect as soon as administratively feasible. (e) Elective Deferrals will be paid in cash to the Trustee by the Employer within a reasonable period after they are withheld from a Participant's pay and in no event later than the 15~ business day of the Participant, month following the month in lieu which they were withheld. (f) Elective Deferrals made on behalf of cash compensation, and shall include contributions made pursuant a Participant with respect to a salary reduction agreement or other deferral mechanism. With respect Plan Year will be allocated to any taxable year, a the Participant's Elective Deferral is the sum of all employer contributions made on behalf of such Participant pursuant to an election to defer under any qualified cash or deferred arrangement Account as described in section 401(k) of the Code, any salary reduction simplified employee pension described in section 408(k)(6), any SIMPLE IRA earlier of the date on which they are contributed to the Trust or the last day of the Plan described in §408(p), , any plan as described under section 501(c)(18), Year. (g) The Plan Administrator may establish additional nondiscriminatory rules and any employer contributions made on procedures governing the behalf manner and timing of a Participant for the purchase of an annuity contract under section 403(b) pursuant Participant's elections to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed as excess annual addition. For years beginning after 2005make, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx change, or discontinue Elective Deferrals. Pre-tax Elective Deferrals , provided that the rules and procedures are a participant’s Elective Deferrals that are not includible in the participant’s gross income at the time deferred. The Employer may, if notification is made within a reasonable time and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part of the initial notification received by the Employer. If negative elections apply under consistent with the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Adoption Agreement.

Elective Deferrals. Any A Participant may enter into a Elective Deferrals Agreement with the Employer contributions made authorizing the Employer to withhold a portion of such Participant's Compensation not to exceed $7,000 per calendar year as adjusted for inflation or, if lesser, the percentage of Compensation specified in the Adoption Agreement and to deposit such amount to the Plan. No Participant shall be permitted to have Elective Deferrals made under this Plan at or any other qualified plan maintained by the election of the ParticipantEmployer, in lieu of cash compensation, and shall include contributions made pursuant to a salary reduction agreement or other deferral mechanism. With respect to during any taxable year, in excess of the dollar limitation contained in Code Section 402(g) in effect at the beginning of such taxable year. Thus, the $7,000 limit may be reduced if a Participant contributes pre-tax contributions to qualified plans of this or other Employers. Any such contribution shall be credited to the Employee's Elective Deferrals Account. Unless otherwise specified in the Adoption Agreement, a Participant may amend his or her Elective Deferrals Agreement to increase, decrease or terminate the percentage upon 30 days written notice to the Employer. If a Participant terminates his or her agreement, such Participant shall not be permitted to put a new Elective Deferrals Agreement into effect until the first pay period in the next Plan Year, unless otherwise stated in the Adoption Agreement. The Employer may also amend or terminate said agreement on written notice to the Participant. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer upon 30 days notice to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Elective Deferrals Agreement plus the supplemental withholding exceed 25% of a Participant's Elective Deferral is the sum Compensation for a Plan Year. The Employer may also recharacterize as after tax Voluntary Contributions all or any portion of all employer contributions made on behalf of such Participant pursuant to an election to defer amounts previously withheld under any qualified cash or deferred arrangement Elective Deferrals Agreement within the Plan Year as described in section 401(k) provided for at paragraph 10.10. This may be done to insure that the Plan will meet one of the Code, any salary reduction simplified employee pension described in section 408(k)(6antidiscrimination tests under Code Section 401(k), any SIMPLE IRA Plan described in §408(p), , any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement. Elective Deferrals shall not include any deferrals properly distributed as excess annual additionbe deposited in the Trust within 30 days after being withheld from the Participant's pay. For years beginning after 2005, the term “elective Deferrals” includes Pre-tax Elective Deferrals and Xxxx Elective Deferrals. Pre-tax Elective Deferrals are a participant’s Elective Deferrals that are not includible permitted only in the participant’s gross income at the time deferred. The Employer mayStandardized Adoption Agreement 003, if notification is made within a reasonable time Nonstandardized Adoption Agreement 006, and in a manner described in IRS Revenue Ruling 2000-8, 2000-7 IRB617, allow for negative elections. If such administrative provision applies and the Employee does not affirmatively elect to not participate and the Employee does not affirmatively elect a different amount (including no amount), a default amount shall be deducted from the Employee’s Compensation. Such default amount shall be part of the initial notification received by the Employer. If negative elections apply under the Plan, the Employer shall indicate whether the default shall be a pre-tax Elective Deferral or a Xxxx Elective Deferral in the Standardized Adoption AgreementAgreement 009.