Employee Elective Contributions. All teachers shall have the option of investing in the 403(b) Plan by completing the applicable salary reduction agreement provided by the School. Each teacher exercising this option may elect to contribute to the 403(b) Plan up to the maximum amount allowed by applicable law, and a teacher shall be fully vested in the contributions the teacher elects to make to the 403(b) Plan.
Employee Elective Contributions. All Scientists shall be permitted to make elective contributions to the Contributory 401(k) Retirement Plan as permitted by Section 401(k) of the Internal Revenue Code. Such contributions may be made through a payroll deduction plan established by the Employer.
Employee Elective Contributions. An Eligible Employee may elect, by filing an Elective Contribution Agreement in accordance with procedures established by the Plan Manager, to contribute to the Plan an amount equal to any whole number percentage between one and 20 percent of the Eligible Employee’s Compensation. Employee Elective Contributions shall be collected by the Employer through deductions each pay period from the Participant’s Compensation and paid by the Employer to the Trust in accordance with applicable law. A Participant may elect to change or discontinue future Employee Elective Contributions. The Participant must make such election at the time and in the manner designated in accordance with guidelines established by the Administrative Committee. An election shall be effective on the next pay date, provided the election is made at least nine days before the pay date. A Participant who discontinues Employee Elective Contributions may resume Employee Elective Contributions by completing and filing a new Elective Contribution Agreement. An election to make pre-tax contributions under the ISP made by a Participant whose ISP account balance is transferred to this Plan also will be transferred to and be effective under this Plan.
