Common use of SALARY REDUCTION ARRANGEMENT - ELECTIVE DEFERRALS Clause in Contracts

SALARY REDUCTION ARRANGEMENT - ELECTIVE DEFERRALS. Each Participant may elect to have Compensation deferred by up to the maximum amount allowed by law. Participants may make (select all that apply): a. [X] Catch-Up Contributions b. [X] Xxxx Elective Deferrals 1. [ ] Special Effective Date for Xxxx Elective Deferrals (choose if applicable) (select if Xxxx deferrals added in addition to and after Elective Deferrals) 11. IN-PLAN XXXX ROLLOVER CONTRIBUTIONS/TRANSFERS (Plan Section 12.11) In-Plan Xxxx Rollover contributions (IRRs) and In-Plan Xxxx transfers (IRTs) are not permitted unless selected below (choose one or both, if applicable) a. [X] In-Plan Xxxx rollover contributions (IRRs) may be elected by any Participant, under the existing in-service distribution provisions. b. [X] In-Plan Xxxx transfers (IRTs) are permitted. 1. Valuation Date means the last day of the Plan Year and any other dates deemed necessary or appropriate by the Administrator, which may include any day that the Trustee, any transfer agent appointed by the Trustee (or Insurer) or the Employer, and any stock exchange used by such agent are open for business (daily valuation). 2. The Employer will be the Plan Administrator. 3. This Plan shall be governed by the laws of the state or commonwealth where the Employer's principal place of business is located. 4. All Employees, except union employees and non-resident aliens (both as defined in Plan Section 1.28), are eligible to participate for all purposes of the Plan subject to any eligibility conditions contained in Section 6. 5. To the extent applicable, the Hours of Service method shall be used to compute eligibility for Employees based on actual hours for which an Employee is paid or entitled to payment. "Year of Service" means the computation period of twelve (12) consecutive months during which an Employee has completed at least 1,000 Hours of Service. Employees whose records of actual Hours of Service are not maintained or available (e.g., salaried employees) will be credited with one hundred ninety (190) Hours of Service for each month they would be credited with at least one (1) Hour of Service during the month. The eligibility computation period after the initial eligibility computation period shall shift to the Plan Year. The vesting computation period shall be the Plan Year.

SALARY REDUCTION ARRANGEMENT - ELECTIVE DEFERRALS. Each Participant may elect to have Compensation deferred by up to the maximum amount allowed by law. Participants may make (select all that apply): a. [X[ ] Catch-Up Contributions b. [X[ ] Xxxx Elective Deferrals 1. [ ] Special Effective Date for Xxxx Elective Deferrals (choose if applicable) (select if Xxxx deferrals added in addition to and after Elective Deferrals) 11. IN-PLAN XXXX ROLLOVER CONTRIBUTIONS/TRANSFERS (Plan Section 12.11) In-Plan Xxxx Rollover contributions (IRRs) and In-Plan Xxxx transfers (IRTs) are not permitted unless selected below (choose one or both, if applicable) a. [X[ ] In-Plan Xxxx rollover contributions (IRRs) may be elected by any Participant, under the existing in-service distribution provisions.. SAMPLE b. [X[ ] In-Plan Xxxx transfers (IRTs) are permitted. 1. Valuation Date means the last day of the Plan Year and any other dates deemed necessary or appropriate by the Administrator, which may include any day that the Trustee, any transfer agent appointed by the Trustee (or Insurer) or the Employer, and any stock exchange used by such agent are open for business (daily valuation). 2. The Employer will be the Plan Administrator. 3. This Plan shall be governed by the laws of the state or commonwealth where the Employer's principal place of business is located. 4. All Employees, except union employees and non-resident aliens (both as defined in Plan Section 1.28), are eligible to participate for all purposes of the Plan subject to any eligibility conditions contained in Section 6. 5. To the extent applicable, the Hours of Service method shall be used to compute eligibility for Employees based on actual hours for which an Employee is paid or entitled to payment. "Year of Service" means the computation period of twelve (12) consecutive months during which an Employee has completed at least 1,000 Hours of Service. Employees whose records of actual Hours of Service are not maintained or available (e.g., salaried employees) will be credited with one hundred ninety (190) Hours of Service for each month they would be credited with at least one (1) Hour of Service during the month. The eligibility computation period after the initial eligibility computation period shall shift to the Plan Year. The vesting computation period shall be the Plan Year.

SALARY REDUCTION ARRANGEMENT - ELECTIVE DEFERRALS. Each Participant may elect to have Compensation deferred by up to the maximum amount allowed by law. Participants may make (select all that apply): a. [X[ ] Catch-Up Contributions b. [X[ ] Xxxx Elective Deferrals 1. [ ] Special Effective Date for Xxxx Elective Deferrals (choose if applicable) (select if Xxxx deferrals added in addition to and after Elective Deferrals) 11. IN-PLAN XXXX ROLLOVER CONTRIBUTIONS/TRANSFERS (Plan Section 12.11) In-Plan Xxxx Rollover contributions (IRRs) and In-Plan Xxxx transfers (IRTs) are not permitted unless selected below (choose one or both, if applicable) a. [X[ ] In-Plan Xxxx rollover contributions (IRRs) may be elected by any Participant, under the existing in-service distribution provisions.. DRAFT 4/24/2020 b. [X[ ] In-Plan Xxxx transfers (IRTs) are permitted. 1. Valuation Date means the last day of the Plan Year and any other dates deemed necessary or appropriate by the Administrator, which may include any day that the Trustee, any transfer agent appointed by the Trustee (or Insurer) or the Employer, and any stock exchange used by such agent are open for business (daily valuation). 2. The Employer will be the Plan Administrator. 3. This Plan shall be governed by the laws of the state or commonwealth where the Employer's principal place of business is located. 4. All Employees, except union employees and non-resident aliens (both as defined in Plan Section 1.28), are eligible to participate for all purposes of the Plan subject to any eligibility conditions contained in Section 6. 5. To the extent applicable, the Hours of Service method shall be used to compute eligibility for Employees based on actual hours for which an Employee is paid or entitled to payment. "Year of Service" means the computation period of twelve (12) consecutive months during which an Employee has completed at least 1,000 Hours of Service. Employees whose records of actual Hours of Service are not maintained or available (e.g., salaried employees) will be credited with one hundred ninety (190) Hours of Service for each month they would be credited with at least one (1) Hour of Service during the month. The eligibility computation period after the initial eligibility computation period shall shift to the Plan Year. The vesting computation period shall be the Plan Year.

SALARY REDUCTION ARRANGEMENT - ELECTIVE DEFERRALS. Each Participant may elect to have Compensation deferred by up to the maximum amount allowed by law. Participants may make (select all that apply): a. [X[ ] Catch-Up Contributions b. [X[ ] Xxxx Elective Deferrals 1. [ ] Special Effective Date for Xxxx Elective Deferrals (choose if applicable) (select if Xxxx deferrals added in addition to and after Elective Deferrals) 11. IN-PLAN XXXX ROLLOVER CONTRIBUTIONS/TRANSFERS (Plan Section 12.11) In-Plan Xxxx Rollover contributions (IRRs) and In-Plan Xxxx transfers (IRTs) are not permitted unless selected below (choose one or both, if applicable) a. [X[ ] In-Plan Xxxx rollover contributions (IRRs) may be elected by any Participant, under the existing in-service distribution provisions. b. [X[ ] In-Plan Xxxx transfers (IRTs) are permitted. 1. Valuation Date means the last day of the Plan Year and any other dates deemed necessary or appropriate by the Administrator, which may include any day that the Trustee, any transfer agent appointed by the Trustee (or Insurer) or the Employer, and any stock exchange used by such agent are open for business (daily valuation). 2. The Employer will be the Plan Administrator. 3. This Plan shall be governed by the laws of the state or commonwealth where the Employer's principal place of business is located. 4. All Employees, except union employees and non-resident aliens (both as defined in Plan Section 1.28), are eligible to participate for all purposes of the Plan subject to any eligibility conditions contained in Section 6. 5. To the extent applicable, the Hours of Service method shall be used to compute eligibility for Employees based on actual hours for which an Employee is paid or entitled to payment. "Year of Service" means the computation period of twelve (12) consecutive months during which an Employee has completed at least 1,000 Hours of Service. Employees whose records of actual Hours of Service are not maintained or available (e.g., salaried employees) will be credited with one hundred ninety (190) Hours of Service for each month they would be credited with at least one (1) Hour of Service during the month. The eligibility computation period after the initial eligibility computation period shall shift to the Plan Year. The vesting computation period shall be the Plan Year.