Employee Elective Deferrals. 4.1 ELECTIVE DEFERRAL REQUIREMENTS Elective Deferrals shall only be permitted for Plan Years in which: (a) Not less than 50% of the Participants elect to make Elective Deferrals to the SEP-IRA xx their behalf; and (b) The Employer had no more than 25 Employees at all times during the prior Plan Year who were eligible to participate in the Plan. 4.2 SALARY SAVINGS AGREEMENT An Employee may elect to have Elective Deferrals made under this Plan through either a lump sum or continuing Elective Deferrals, or both, pursuant to his or her Salary Savings Agreement. The amount of Elective Deferrals may not exceed the percentage or dollar amount specified in the Employer's Adoption Agreement. Under no circumstances may an Employee's Elective Deferrals in any calendar year exceed the lesser of: (a) Fifteen percent of the Employee's Compensation determined without including the SEP-IRA xxxtributions, (13.0435% of Compensation plus Elective Deferrals), or (b) $7,000 as adjusted for inflation at the beginning of such taxable year. This amount may be reduced if a Participant contributes pre-tax contributions to qualified plans of this or other Employers. 4.3 TIMING OF ELECTIVE DEFERRALS Elective Deferrals may not be based on Compensation an Employee has received, or had a right to receive, prior to the execution of the Employee's Salary Savings Agreement. A Participant may amend his or her Salary Savings Agreement to increase, decrease or terminate the Elective Deferral percentage upon written notice to the Employer. Such increase, decrease or termination shall be effective as soon as reasonably possible, but in any event within 90 days of written notice. If a Participant terminates his or her Elective Deferrals, such Participant shall not be permitted to put a new Salary Savings Agreement into effect until after 90 days. The Employer may also amend or terminate said agreement on written notice to the Participant to insure the Plan's qualified status. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Salary
Employee Elective Deferrals. Complete both Sections 3(A) and 3(B) below to indicate the restrictions concerning changes to Salary Reduction Agreements. By executing a Salary Reduction Agreement with the Employer, an Eligible Employee may elect to defer a percentage or specific dollar amount of his or her Compensation, which will result in the deferral of not more than the Applicable Limit per Plan Year. An Employee may terminate a Salary Reduction Agreement at any time during the year, and an Employer can elect by indicating in Section 3(A) below when such salary reduction contributions can resume, and in Section 3(B) below when modifications to a Salary Reduction Agreement can occur.
Employee Elective Deferrals. Complete both Sections (A) and (B) below to indicate the restrictions concerning changes to Salary Reduction Agreements. By executing a Salary Reduction Agreement with the Employer, an Eligible Employee may elect to defer a percentage of his or her Compensation, which will result in the deferral of no more than the Applicable Limit per Plan Year. An Employee may terminate a Salary Reduction Agreement at any time during the year. An Employer can elect (by indicating in Section (A) below) when such Elective Deferrals can resume and (in Section (B) below) when modifications to a Salary Reduction Agreement can occur.
Employee Elective Deferrals. The Employee shall execute and file with the Corporation, in connection with the execution of this Agreement, a Deferral Election Form, in substantially the form of Exhibit A attached hereto, designating the portion of his compensation for the year which shall be deferred. Such Deferral Election Form shall remain in effect either (i) for the calendar year for which it is made, or (ii) until amended or revoked by the Employee, as provided in the Deferral Election Form. The Employee may amend such Deferral Election Form as permitted by the Corporation from time to time, provided that any such amendment shall only apply to amounts earned after such amendment. The Corporation shall permit such amendments at least once each year. In the case of amounts deferred based on an annual bonus, the amounts deferred will be credited to the Employee’s Deferred Compensation Account (as described in Section 3 hereof) on an annual basis. In the case of amounts deferred based on the Employee’s regular salary, the amounts deferred will be credited to the Employee’s Deferred Compensation Account on at least a monthly basis.
Employee Elective Deferrals. ( ) a. Employee Elective Deferrals are not permitted.
Employee Elective Deferrals. Any Employer contributions made to the Plan at the election of the Participant, in lieu of cash compensation, including contributions made pursuant to a Deferral Agreement or other deferral mechanism. With respect to any taxable year, a Participant's Employee Elective Deferrals is the sum of all employer contributions made on behalf of such Participant pursuant to an election to defer under any qualified cash or deferred arrangement as described in section 401(k) of the Code, any simplified employee pension cash or deferred arrangement as described in section 402(h)(1)(B), any eligible deferred compensation plan under section 457, any plan as described under section 501(c)(18), and any employer contributions made on the behalf of a Participant for the purchase of an annuity contract under section 403(b) pursuant to a salary reduction agreement.
Employee Elective Deferrals. (a) If the Adoption Agreement provides for Employee Elective Deferrals, the Employer shall contribute on behalf of any Participant with whom there is in effect a binding Deferral Agreement, for any full pay period, an amount equal to the amount by which the Participant's Compensation for such pay period was reduced pursuant to the Deferral Agreement. Each such Employee Elective Deferral will be paid in cash to the Trustee in accordance with section 3.08 and shall be credited to the Participant's Employee Elective Deferral Account in accordance with section 4.01.
Employee Elective Deferrals. By executing a Salary Reduction Agreement with the Employer, an Eligible Employee may elect to defer a percentage of his or her Compensation which will result in the deferral of no more than $6,000 (as indexed) per calendar year. An Employee may terminate a Salary Reduction Agreement at any time during the year, and an Employer can elect when such a Salary Reduction Agreement can resume. Employees who modify or terminate a Salary Reduction Agreement during the year (check one): Can resume Elective Deferrals the first day of the next month: Can resume Elective Deferrals the first day of the next quarter; Cannot resume Elective Deferrals until the next Plan Year B. Employer Contributions. For each Plan Year, and subject to the terms of Section 4.3 of the Plan, the Employer shall make: (i)
