Deferral Elections. A cash or deferred arrangement (“CODA”) is an arrangement under which eligible Employees may make elective deferral elections. Such elections cannot relate to compensation that is currently available prior to the adoption or effective date of the CODA. In addition, except for occasional, bona fide administrative considerations, contributions made pursuant to such an election cannot precede the earlier of (1) the performance of services relating to the contribution and (2) when the compensation that is subject to the election would be currently available to the Employee in the absence of an election to defer.
Appears in 5 contracts
Sources: Adoption Agreement (LSB Bancshares Inc /Nc/), Sixth Amendment to the Quanex Corporation Hourly Bargaining Unit Employee Savings Plan (Quanex Corp), 401(k) Savings Plan Amendment (Quanex Corp)
Deferral Elections. A cash or deferred arrangement (“CODA”) is an arrangement under which eligible Employees may make elective deferral elections. Such elections cannot relate to compensation that is currently available prior to the adoption or effective date of the CODA. In addition, except for occasional, bona fide administrative considerations, contributions made pursuant to such an election cannot precede the earlier of (1l) the performance of services relating to the contribution and (2) when the compensation that is subject to the election would be currently available to the Employee in the absence of an election to defer.
Appears in 1 contract
Sources: Adoption Agreement (Talbots Inc)