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4.03 Initial Election Period (a) An Employee who is eligible to participate as of the Effective Date and who wishes to receive Benefits in heu of the cash shall file a Benefit Election and Compensation Reduction Agreement no later than December 31, 1993. (b) An Employee who becomes eligible to artici ate after the Effective P � ate and who wishes to receive Benefits in lieu of the cash shall complete,sign and file a Benefit Election and Compensation Reduction Agreement with the Administrator during the ten (10) day period beginning' on the da th r e Employee ences employment with the City. The Benefit Election and Compensation Reduction Agreement filed by an Employee shall be effective subject to Section 4.06, for the period beghming on the da followin the dat. g e as of which the Benefit Election and Compensation Reduction Agreement is properly filed and ending on the last day of that Plan Year, (c) An eligible Employee who.fails to complete and file a Benefit Election an Compensation Reduction Agreement with Adminlstrator under Section 4.03(a) or shall he deemed to have elected to receive the -MU'=' U M Benefits required under Article VHI and cash in lieu of Benefits available under the Plan. An Employee tray, elect to receive Benefits in lieu of cash m a subsequent Plan Year by filing a Benefit Election and Compensation Reduction Agreement with the Administrator during the enrollment enod . g � prior to the subsequent Plan Year, 404 Acceptance of Elections An election form filed by a Participant is subject to acceptance, modification or rejection by the City. The City may modify or reject an application M-' order to satisfy sfy legal requirements, to comply with the Minimum Benefits re uirernents of this Plan, or for other er good cause. An election form not modified or rejected by the City within thirty o days. after the end of the relevant enrollment period shall he deemed to be .acce ted p Rejection of an election for a Plan Year shah be deemed to result in an election receive cash compensation for that Plan Year, unless prior to the beginning of the Plan Year, the in its discretion, permits the Participant to file a new election. 4.05 ration and l odl#lcation of Elections Once an election has been accepted by the City, a Participant may not modify or revoke his or her election for the remainder of the Plan Year except where both the revocation and new election are on account of and consistent with a change in family ply status g