Negative Election Clause Samples
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Negative Election. The Employer in its Adoption Agreement may elect to apply prospectively to its Plan the negative election provisions of this Section 14.02(C). Under a negative election, the Employer automatically will reduce the Compensation of each Participant who is not deferring an amount at least equal to the negative election amount, by the required election amount, except those Participants who timely make a contrary election under Section 14.02(C)(1). Participants deferring an amount equal to or greater than the negative election amount are not subject to the Plan's negative election provisions. Amounts deferred under negative election are treated as elective deferrals for all purposes under the Plan. An Employer in its Adoption Agreement must elect whether the negative election applies to all Participants as of the effective date of the negative election or only to Employees whose Plan Entry Date is on or following the effective date of the negative election.
Negative Election. The negative election provision under Section 3.02(b) is effective: .
Negative Election. The Employer in its Adoption Agreement may elect to apply prospectively to its Plan the negative election provisions of this Section 14.02(C). Under a negative election, the Employer automatically will reduce the Compensation of each Participant who is not deferring an amount at least equal to the negative election amount, by the required election amount, except those Participants who timely make a contrary election under Section 14.02(C)(1). Participants deferring an amount equal to or greater than the negative election amount are not subject to the Plan's negative election provisions. Amounts deferred under negative election are treated as elective deferrals for all purposes under the Plan. An Employer in its Adoption Agreement must elect whether the negative election applies to all Participants as of the effective date of the negative election or only to Employees whose Plan Entry Date is on or following the effective date of the negative election.
(1) Participant's contrary election. A Participant may at any time elect not to defer any Compensation or to defer an amount which is less than the negative election amount ("contrary election"). A Participant's contrary election generally is effective as of the first payroll period for the month which follows the Participant's contrary election. However, a Participant may make a contrary election which is effective: (1) for the first payroll period in which he/she becomes a Participant if the Participant makes a contrary election within a reasonable period following the Participant's Entry Date and before the Compensation to which the election applies becomes currently available; or (2) for the first payroll period following the effective date of the Employer's adoption of the negative election, if the Participant makes contrary election not later than the effective date of the negative election. A Participant's contrary election continues in effect until the Participant subsequently changes his/her Salary Reduction Agreement.
Negative Election. If the Employer so elects, each Employee shall be deemed to have elected to make a Pre-Tax Contribution in the percentage indicated below commencing with the first payroll period following completion of the eligibility requirements of the Plan unless the Employee elects to receive cash instead. If this is a restatement of an existing plan Employees not participating in the Plan on the effective date of the restatement will be given a 3-month notice commencing on the first day of the Plan Year next following the effective date of the restatement during which to effect an election to receive cash. A Participant who does not file an election to receive cash will become a Participant on the first Entry Date following the three month period. The Employee may at any time elect to not make Pre-Tax Contributions to the Plan. This is called the "Negative Election". The Employer can also choose a "Positive Election" whereby the Employee must make an affirmative election to make a pre-tax contribution. [_] Negative Election Percentage ___________ % (1% - 3%) [X] Positive Election Employee Contributions Participants may make contributions as follows: [_] Pre-Tax Contributions. [_] After Tax Contributions. [X] Pre-Tax Contributions and/or After-Tax Contributions, at the election of the Participant. Pre-Tax Contributions in a Plan Year may not exceed 10% of compensation or $7,500 in 1997 and $8,000 in 1998 and thereafter whichever is less. After-Tax Contributions in a Plan Year, if authorized, may not exceed 10% of the aggregate compensation paid to the Employee during all the years he or she has been a Plan Participant. After-Tax Contributions may be subject to other restrictions and rules established by the Plan Administrator. Pre-Tax Contributions and/or After-Tax Contributions may not commence prior to the date the Plan is adopted. Rollover Contributions [_] The Plan's Trustee shall not be authorized to receive rollover contributions The Plan's Trustee shall be authorized to receive rollover contributions: [_] Only if the employee has met the participation requirements of the Plan as of the date of the contribution. [x] Even if the Employee has not met the participation requirements of the Plan as of the date of the contribution. Matching Contributions [_] The Employer will make no Matching Contributions. [x] The Employer will make a Matching Contribution equal to 50 cents for each dollar of a Participant's: [X] Pre-Tax Contributions. [_] After-Tax Contributions. [_...
Negative Election. Beginning as of the first paycheck issued to a Participant on or after the 30th day after the date such Participant’s negative election notice is issued pursuant to subsection (ii) below, the Employer will automatically reduce the Compensation of each Participant except for those Participants who timely make a contrary election under subsection (i) below. All amounts deferred under the provisions of this Section 5.1 are treated as Before-Tax Contributions for all purposes under the Plan.
Negative Election. The negative election provision under Section 3.02(b) is effective: _______. x (g) Contribution/allocation formula. The specified contribution(s) and allocation method(s) under Sections 3.01 and 3.04 are effective: for Plan Years beginning after 2001, provided that the limitation on the amount of deferrals is effective upon execution of this Adoption Agreement.
Negative Election. If the Employer so elects, each Employee shall be deemed to have elected to make a Pre-Tax Contribution in the percentage indicated below commencing with the first payroll period following completion of the eligibility requirements of the Plan unless the Employee elects to receive cash instead. If this is a restatement of an existing plan Employees not participating in the Plan on the effective date of the restatement will be given a 3-month notice commencing on the first day of the Plan Year next following the effective date of the restatement during which to effect an election to receive cash. A Participant who does not file an election to receive cash will become a Participant on the first Entry Date following the three month period. The Employee may at any time elect to not make Pre-Tax Contributions to the Plan. This is called the "Negative Election". The Employer can also choose a "Positive Election" whereby the Employee must make an affirmative election to make a pre-tax contribution. [ ] Negative Election Percentage _________ % (1% - 3%) [X] Positive Election EMPLOYEE CONTRIBUTIONS Participants may make contributions as follows: [ ] Pre-Tax Contributions.