Summary Description of Modification Sample Clauses

Summary Description of Modification. Effective January 2, 2009, your employer has amended the above referenced Plan regarding salary deferral contributions in the following respect(s): Automatic Deferral Increase Unless you elect otherwise, your employer will automatically withhold an additional 1 % of your compensation for each payroll period, if you are currently making salary deferral contributions to the Plan as a percentage of your compensation. You may elect not to have your salary deferral contributions increased or you may elect to have your salary deferral contributions increased by a different amount. The Plan Administrator will inform you of your right to make such an election within a reasonable period before the automatic increase begins. In no event will your employer ever increase your salary deferral contributions to more than 7% of your compensation for each payroll period, if you are currently making salary deferral contributions to the Plan as a percentage of your compensation. The automatic increase in your salary deferral contributions will be made annually beginning on each January 2. You may make such an election within the election period prescribed by the Plan Administrator. The automatic deferral increase provisions above will apply to all employees who are eligible to participate in the Plan. The automatic deferral increase provisions will not, however, apply to highly Compensated Employees. If you have any questions concerning the application of the automatic deferral increase provisions, please contact the Plan Administrator. Amendment To The National Penn Bancshares, Inc. Capital Accumulation Plan This Amendment modifies the provisions of the National Penn Bancshares, Inc. Capital Accumulation Plan as contained in the Adoption Agreement, Part 4A, Item 14 to the Plans. This Amendment shall control over any conflicting provisions in the Adoption Agreement.
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Related to Summary Description of Modification

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