Common use of Irrevocability of Elections Clause in Contracts

Irrevocability of Elections. A Participant may file a written election form with the Administrator before the end of the current Plan Year revising the rate of his contributions or discontinuing such contributions effective as of the first day of the next following Plan Year. The Participant’s Elective Contributions will automatically terminate as of the date his employment terminates. Except as provided in this Section 4.02 and Section 4.03, a Participant’s election under the Plan is irrevocable for the duration of the plan year to which it relates. The exceptions to the irrevocability requirement which would permit a mid-year election change in benefits and the salary reduction amount elected are set out in the Treasury regulations promulgated under Code Section 125, which include the following:

Irrevocability of Elections. A Participant may file a written election form with the Administrator before the end of the current Plan Year revising the rate of his contributions or discontinuing such contributions effective as of the first day of the next following Plan Year. The Participant’s Elective Contributions will automatically terminate as of the date his employment terminates. Except as provided in this Section 4.02 and Section 4.03, a Participant’s election under the Plan is irrevocable for the duration of the plan year to year, which it relates. The exceptions to the irrevocability requirement which would permit a mid-year election change in the benefits and the salary reduction amount elected are set out in the Treasury regulations promulgated under Code Section 125, which include the following: