Automatic Contribution Arrangement. Check this subsection (2) if the Plan is designated as an Automatic Contribution Arrangement, as described under Section 3.03 of the Plan. [Note: Unless an election is made under this AA §6A-8 that is inconsistent with the requirements of an Eligible Automatic Contribution Arrangement (EACA), the Automatic Contribution Arrangement will qualify as an EACA, as described in Section 3.03 of the Plan.]
Automatic Contribution Arrangement. No automatic contribution provisions apply under Section 3.03 of the Plan, unless provided otherwise under this AA §6A-8. [Note: A governmental Employer’s election to include automatic deferral provisions is subject to State and local anti-garnishment and other applicable State and local laws and regulations, which may prohibit an automatic contribution arrangement.]
Automatic Contribution Arrangement. If provided for in the Adoption Agreement, the Employer shall automatically withhold Elective Deferral Contributions from Compensation in the percentages and for each Participants identified in the Adoption Agreement who (1) have not made an election to defer a portion of Compensation, and (2) has not affirmatively opted out of the Plan. Participants subject to this automatic contribution arrangement process will be given prior written notice and a reasonable opportunity to take affirmative action to either elect to defer a portion of Compensation or elect not to make Elective Deferrals under the Plan. For any Participant to whom this paragraph applies, and whether or not the Employer has elected in the Adoption Agreement to allow Participants to make Xxxx 401(k) Contributions, such deferral of Compensation shall be made as Salary Deferral Contributions; provided, however, that the Employer may elect in the Adoption Agreement that such deferral of Compensation will be made as Xxxx 401(k) Contributions or a combination of Salary Deferral Contributions and Xxxx 401(k) Contributions. In the event that such deferral of Compensation is designated as Xxxx 401(k) Contributions, then the Participant is deemed to have irrevocably designated the contributions as Xxxx 401(k) Contributions, in accordance with Code section 402A(c)(1)(B).”
Automatic Contribution Arrangement. If checked, the employer hereby adopts an automatic contribution arrangement effective as of . Subject to the limits on elective deferrals contained in this SIMPLE XXX Plan, default salary deferral contributions will be only made for an eligible employee who:
Automatic Contribution Arrangement. ❒ If checked, the employer hereby adopts an automatic contribution arrangement effective as of . Subject to the limits on elective deferrals contained in this SIMPLE IRA Plan, default salary deferral contributions will be only made for an eligible employee who: ❒ A.. Does not have an affirmative election regarding elective deferrals in effect on the effective date of the automatic contributions arrangement or on the date the employee first becomes eligible to make elective deferrals, if later. ❒ X. Xxxxxxx eligible to make elective deferrals on or after the effective date of the automatic contribution arrangement and who does not have an affirmative election regarding elective deferrals in effect on the date the employee first becomes eligible to make elective deferrals. The default percentage under the SIMPLE IRA Plan for an eligible employee is:
Automatic Contribution Arrangement. An arrangement under which, in the absence of an affirmative election by a Covered Employee, a specified percentage of compensation will be withheld from the Covered Employee’s pay and contributed to the Plan as Deferred Compensation.
Automatic Contribution Arrangement. The Fund shall implement an automatic contribution arrangement for individuals who are hired or rehired by a Contributing Company and become Members on or after June 18, 2007. Under the arrangement, such Members shall be deemed to have made, as of the Automatic Enrollment Date, a Member Pre-Tax Base Pay Election of 3%. The Plan Administrator shall provide notice of the arrangement to Members who may be covered by the arrangement at such time as shall afford such Members a reasonable opportunity to elect out of the arrangement before the Automatic Enrollment Date. A Member may elect out of the arrangement before the Automatic Enrollment Date by electing to make no Member Pre-Tax Contributions or by making any affirmative election available to the Member under Section 5.1. A Member may also prospectively elect out of the arrangement any time after the Automatic Enrollment Date in the same fashion. Elections under this Section 5.2 (including the deemed election, if applicable) shall become effective as provided in Section 5.1(b). The Plan Administrator shall, within a reasonable period before each Plan Year, provide to each Member to whom the arrangement applies for such Plan Year, notice of such Member’s rights and obligations under the arrangement.
Automatic Contribution Arrangement. (a) Notwithstanding the provisions of the Plan, if the Employer’s Plan so provides in the Adoption Agreement the Pre-Tax Contributions on behalf of a Participant shall be determined under an Automatic Contribution Arrangement. For purposes of this Section 5.10, the term “
Automatic Contribution Arrangement. No automatic contribution provisions apply under Section 3.03(c) of the Plan, unless provided otherwise under this AA §6A-8.
Automatic Contribution Arrangement. The Employer may elect under AA §6A-7 of the Grandfathered 401(k) Plan Adoption Agreement to provide for an automatic deferral election under the Plan. If the Employer elects to apply an automatic deferral election, the Employer will automatically withhold the amount designated under AA §6A-7 from Participants’ Plan Compensation, unless the Participant completes a Salary Deferral Election electing a different deferral amount (including a zero deferral amount). Unless provided otherwise under AA §6A-7, an Employee who is automatically enrolled under a prior plan document will continue to be automatically enrolled under the current Plan document.
