Common use of EMPLOYEE ELECTIVE DEFERRALS Clause in Contracts

EMPLOYEE ELECTIVE DEFERRALS. Complete both Sections 3(A) and 3(B) below to indicate the restrictions concerning changes to Salary Reduction Agreements. By executing a Salary Reduction Agreement with the Employer, an Eligible Employee may elect to defer a percentage or specific dollar amount of his or her Compensation, which will result in the deferral of not more than the Applicable Limit per Plan Year. An Employee may terminate a Salary Reduction Agreement at any time during the year, and an Employer can elect by indicating in Section 3(A) below when such salary reduction contributions can resume, and in Section 3(B) below when modifications to a Salary Reduction Agreement can occur.

EMPLOYEE ELECTIVE DEFERRALS. Complete both Sections 3(A) and 3(B) below to indicate the restrictions restric- tions concerning changes to Salary Reduction Agreements. By executing a Salary Reduction Agreement with the Employer, an Eligible Employee may elect to defer a percentage or specific dollar amount of his or her Compensation, which will result in the deferral of not more than the Applicable Limit per Plan Year. An Employee may terminate a Salary Reduction Agreement at any time during the year, and an Employer can elect by indicating in Section 3(A) below when such salary reduction contributions can resume, and in Section 3(B) below when modifications to a Salary Reduction Agreement can occur.