Common use of Change in Family Status Clause in Contracts

Change in Family Status. A Participant may change his election during a Plan Year if the change is on account of, and consistent with, a change in family status. For purposes of this Section, a “change in family status” means the marriage or divorce of a Participant, the death of a Participant’s spouse or dependent, birth or adoption of a child, termination or commencement of employment by a Participant’s spouse, an unpaid leave of absence by a Participant or his spouse, a significant change in the health coverage of a Participant or his spouse as a result of his spouse’s employment, and any other events that the Plan Administrator determines shall permit a change of an election during a Plan Year under regulations and rulings of the Internal Revenue service. A Participant who changes his benefit election on account of, and consistent with, a change in family status must submit a new Election Form to the Plan Administrator no later than 30 days after the change in family status occurs. A new election under this Section shall be effective at the time prescribed by the Plan Administrator. Further, any new election involving an HMO or independent third-party provider shall only be approved to the extent permitted by the HMO or independent third-party provider. If a Participant waives health coverage under Section 4.2(b) for only part of the Plan Year as a result of a change in family status, rules comparable to those in Section 3.3(b) shall apply in determining the amount of the additional Compensation payable to the Participant.

Change in Family Status. A Participant may change his election during a Plan Year if the change is on account of, and consistent with, a change in family status. For purposes of this Section, a “change in family status” means the marriage or divorce of a Participant, the death of a Participant’s spouse or dependent, birth or adoption of a child, termination or commencement of employment by a Participant’s spouse, an unpaid leave of absence by a Participant or his spouse, a significant change in the health coverage of a Participant or his spouse as a result of his spouse’s employment, and any other events that the Plan Administrator determines shall permit a change of an election during a Plan Year under regulations and rulings of the Internal Revenue serviceService. A Participant who changes his benefit election on account of, and consistent with, a change in family status must submit a new Election Form to the Plan Administrator no later than 30 days after the change in family status occurs. A Any new election under this Section shall be effective at the time prescribed by the Plan Administrator. Further, any new election involving an HMO or independent third-party provider shall only be approved to the extent permitted by the HMO or independent third-party provider. If a Participant waives health coverage under Section 4.2(b) for only part of the Plan Year as a result of a change in family status, rules comparable to those in Section 3.3(b) shall apply in determining the amount of the additional Compensation payable to the Participant.