Common use of Election Period Clause in Contracts

Election Period. To participate in the 403(b) matching program, an eligible employee must submit a written authorization to the District no later than May 15th of the school year. The written authorization must contain all information required by the plan vendor, it must specify the amount to be deposited into the employee’s 403(b) account, and it must authorize the District to make the deduction and deposit through payroll deduction. The amount to be deposited in the 403(b) plan will be deducted in roughly equal amounts from the employee’s paychecks throughout the year. An employee’s participation will continue from year to year at the specified amount unless the employee notifies the District, in writing, that the employee is changing the amount. Any notice of a change in the amount of the employee’s contribution must be submitted to the District by May 15th and the change will not take effect until July 15th.