2003-01-08 CC Packet - Laserfiche WebLink

Home Browse Search

pay the Participant cost of any benefits elected by the Participant. If no benefits are elected, Employer contributions will be used to pay the Participant taxable cash compensation benefits under Section 5.3 or will be contributed to the Participant's deferred compensation plan. Participants shall be informed prior to the commencement of each Plan Year of the amount, if any, of such Employer contributions to be made during the Plan Year. Section 4.4 Benefit Selection. A Participant's initial benefit election shall be made as part of the application to participate. Thereafter, subject to such reasonable restrictions, if any, as the Employer may impose on a uniform basis with respect to elections regarding specific benefits, a Participant may change his or her election for a subsequent Plan Year by providing written notice to the Employer, on forms prescribed by the Employer and at such time as is prescribed by the Employer. The Employer or any provider of benefits hereunder may impose restrictions on the election of benefits under the Plan. The Employer, in its discretion, may utilize 'a "negative election" fonn for certain plan contributions. A negative election form is a form that assumes that the Participant desires to make certain contributions on a pre-tax basis. Negative elections may be used only for medical and dental premium benefits. The Employer shall require the Participant to sign whatever forms may be necessary to authorize payroll deductions. After a Participant's initial benefit election, a Participant who fails to submit an enrollment/election form and salary reduction agreement, as required in Article 3, may be deemed to have (1) re-elected the same benefits then in effect for the next Plan Year; in which case, the salary reduction amounts for the re-elected benefits will be adjusted automatically to reflect any increase or decrease in the premium payment benefit cost; or (2) elected the unreduced compensation benefit, described in Section 5.3, for the next Plan Year, as determined to be appropriate by the Plan Administrator. To the extent the Employer utilizes such negative elections, the administration thereof shall be on a uniform and consistent basis, and shall be communicated to Eligible Employees prior to the period during which the enrollment/election form and salary reduction agreement for the Plan Year must be submitted. Section 4.5 Revocation or Changes in Benefit Elections. A Participant's benefit election for any Plan Year shall be irrevocable during the Plan Year, except that (a) the Employer may limit or reduce a Participant's contributions allocable to certain benefits in accordance with 11