Common use of Maximum and Minimum Deferrals Clause in Contracts

Maximum and Minimum Deferrals. A Participant may elect to defer up to 50% of his Compensation (other than a bonus described in section 1.10(a)(iii)) and up to 75% of a bonus described in section 1.10(a)(iii). The minimum deferral that a Participant may elect, for both this Plan and the Savings Plan combined, is 6% of his Compensation. If the Participant does not elect the minimum deferral from a bonus described in section 1.10(a)(iii) (in his June election), he cannot make any deferrals from his regular pay during the next regular-pay deferral election (in December).

Maximum and Minimum Deferrals. A Participant may elect to defer up to 50% of his Compensation (other than a bonus described in section Section 1.10(a)(iii)) and up to 75% of a bonus described in section Section 1.10(a)(iii), in whole percentages only. The minimum deferral that a Participant may elect, for both this Plan and the Savings Plan combined, is 68% of his total Compensation. If For Plan Years commencing on or after January 1, 2013, if the Participant does not elect the minimum deferral from a bonus described in section Section 1.10(a)(iii) (in his June electionelection during such Plan year), he cannot make any deferrals from his regular pay during the next regular-pay deferral election (in December).