Common use of Auto Enrollment Clause in Contracts

Auto Enrollment. Unless the employee affirmatively elects otherwise, you, the Employer may opt to enroll your employee(s) in the Plan (regardless of hours worked), deduct a certain percentage of the Employee’s own compensation (see below), and forward those employee deferrals to TIAA for crediting to the employee’s account. Whether or not you choose to become an Auto-Enroll employer, you are responsible for properly informing your employees about the Plan and its applicable provisions, and documenting when you so informed each of your employees. You may utilize the Employee Contributions Agreement (found online at ▇▇▇.▇▇▇) to document the employees’ decisions to authorize elective contributions or to decline to authorize you to make them on their behalf. (Generally, employers electing to administer Auto-Enrollment do so to encourage employees to save for their own eventual retirement.) Choose one of the two elections below: We choose NOT to auto-enroll all employees. However, we will enroll any employee (regardless of hours worked), as required by federal law, who elects to make a voluntary salary reduction to the retirement plan (e.g., an elective deferred contribution), and all who are or who become eligible to receive employer contributions. We choose to auto-enroll all current and future employees. In doing so, we agree to provide a copy of the Employee Contributions Form each year to all employees. Each employee who does not affirmatively make a different election will be deemed to have elected to contribute the following percentage of their Compensation (as defined in the Plan document and referenced under Election #4 below): 1% 2% 3% 4% 5% 6%

Auto Enrollment. Unless the employee affirmatively elects otherwise, you, the Employer may opt to enroll your employee(s) in the Plan (regardless of hours worked), deduct a certain percentage of the Employee’s own compensation (see below), and forward those employee deferrals to TIAA for crediting to the employee’s account. Whether or not you choose to become an Auto-Enroll employer, you are responsible for properly informing your employees about the Plan and its applicable provisions, and documenting when you so informed each of your employees. You may utilize the Employee Contributions Agreement (found online at ▇▇▇.▇▇▇) to document the employees’ decisions to authorize elective contributions or to decline to authorize you to make them on their behalf. (Generally, employers electing to administer Auto-Enrollment do so to encourage employees to save for their own eventual retirement.) Choose one of the two elections below: We choose NOT to auto-enroll all employees. However, we will enroll any employee (regardless of hours worked), as required by federal law, who elects to make a voluntary salary reduction to the retirement plan (e.g., e.g. an elective deferred contribution), and all who are or who become eligible to receive employer contributions. We choose to auto-enroll all current and future employees. In doing so, we agree to provide a copy of the Employee Contributions Form each year to all employees. Each employee who does not affirmatively make a different election will be deemed to have elected to contribute the following percentage of their Compensation (as defined in the Plan document and referenced under Election #4 below): 1% 2% 3% 4% 5% 6%