Rate and Designation Clause Samples
Rate and Designation. The Executive Benefit Plan for employees shall be equivalent to 6.5% of an employee's basic salary. Designation of the total percentage of the benefit to the plan chosen must be made by the end of September each year. The designation is irrevocable and will continue for 26 pay periods starting in January of the following year.
Rate and Designation. The Exempt Benefit Plan for employees shall be equivalent to 6.5% of an employee’s basic salary. Designation of the total percentage of the benefit to the plan chosen must be made by the end of September each year. The designation is irrevocable and will continue for 26 pay periods starting in January of the following year.