Terms and Conditions of Participation. I understand and agree that UNC will apply the amount of the salary deferral described in Section C above to the purchase of an annuity contract described or investment in a custodial mutual fund, from Fidelity Investment or TIAA-CREF as authorized by UNC and selected by me. My election in Section C of this Agreement determines whether the purchase will be made on a pre-tax or Xxxx after-tax basis. This Agreement is legally binding and irrevocable with respect to amounts payable while it is in effect. I understand and agree that UNC will consider this Salary Deferral Agreement in effect through the remainder of this calendar year and will remain in effect until I notify my employer, in writing, that I wish to change the amount of my salary deferrals or the allocation of such salary reductions between pre-tax and Xxxx after-tax reductions. I understand that any such changes will be made as soon as administratively possible, and that any changes to this Agreement may only be made with respect to pay that is not “currently available” to me on the date of the election. Deferral amounts will produce a total deferral that does not exceed the applicable limitations of Internal Revenue Code Section 457(b) and Internal Revenue Code Section 414(v). Salary deferrals are limited as follows:
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