Irrevocability of Election by the Participant During the Plan Year. Elections made under Section 5.02(b) of the Plan shall be irrevocable by the Participant during the Plan Year or the 12-month period for which made, except as specified in (a) - (i) below. Any new election under this Section 5.07 shall be effective at the time prescribed by the Employer, but not earlier than the first pay period beginning after the election form is completed and returned to the Employer.
Irrevocability of Election by the Participant During the Plan Year. Elections made under the Plan (or deemed to have been made under Section 4.2) shall be irrevocable during the Plan Year, subject to a change in family status. A Participant may revoke a benefit election for the balance of a Plan Year and file a new election only if both the revocation and the new election are on account of and consistent with a change in family status as defined under Internal Revenue Code §125 and the accompanying regulations, as the same may be amended from time to time (e.g., change in legal marital status, a change in the number of dependents, a termination or commencement of employment by the Employee, spouse or a dependent, a reduction or increase in hours of employment by the Employee, spouse or dependent (including a switch between part-time and full-time status and a commencement or return from an unpaid leave of absence), a dependent satisfying or ceasing to satisfy the requirements for coverage, a non-dependent child under age 27 satisfying the requirements for coverage, a change in residence or workplace, a significant change in the health coverage of the employee or the employee's spouse attributable to the spouse's employment (except as provided in Treas. Reg.
