Common use of Salary Deferral Election Clause in Contracts

Salary Deferral Election. Each Participant may elect to defer receipt of his Compensation, up to a limit specified in the Adoption Agreement and the other provisions of this Plan, and to have that amount withheld from amounts due to him from the Employer, paid to the Plan and credited to the Participant's Salary Deferral Account. This election shall be made as follows: For the first Plan Year following or coincident with the Effective Date of this Plan (if this is a newly established plan), the election shall be made as soon as administratively practicable and shall be valid for the remainder of the Plan Year. Thereafter, the election shall be in effect for the period of time designated in the Salary Deferral Agreement, and shall be subject to the provisions of Sections 3.03 and 3.04. The availability of elective deferrals (Salary Deferral Contributions) under the Plan shall not discriminate in favor of Highly Compensated Employees. If provided for in the Adoption Agreement, the Employer may automatically defer a percentage of Compensation identified in the Adoption Agreement for any Employee eligible to participate who (1) has 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 enrollment 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 participate in the Plan.

Salary Deferral Election. Each Participant may elect to defer receipt of his Compensation, up to a limit specified in the Adoption Agreement and the other provisions of this Plan, and to have that amount withheld from amounts due to him from the Employer, paid to the Plan and credited to the Participant's ’s Salary Deferral Account. This election shall be made as follows: For the first Plan Year following or coincident with the Effective Date of this Plan (if this is a newly established plan), the election shall be made as soon as administratively practicable and shall be valid for the remainder of the Plan Year. Thereafter, the election shall be in effect for the period of time designated in the Salary Deferral Agreement, and shall be subject to the provisions of Sections 3.03 and 3.04. The availability of elective deferrals (Salary Deferral Contributions) under the Plan shall not discriminate in favor of Highly Compensated Employees. If provided for in the Adoption Agreement, the Employer may automatically defer a percentage of Compensation identified in the Adoption Agreement for any Employee eligible to participate who (1) has 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 enrollment 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 participate in the Plan.