Common use of Automatic Contribution Arrangement Clause in Contracts

Automatic Contribution Arrangement. If provided for in the Adoption Agreement, the Employer shall automatically withhold Elective Deferral Contributions from Compensation in the percentages and for each Participants identified in the Adoption Agreement who (1) have 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 contribution arrangement 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 make Elective Deferrals under the Plan. For any Participant to whom this paragraph applies, and whether or not the Employer has elected in the Adoption Agreement to allow Participants to make ▇▇▇▇ 401(k) Contributions, such deferral of Compensation shall be made as Salary Deferral Contributions; provided, however, that the Employer may elect in the Adoption Agreement that such deferral of Compensation will be made as ▇▇▇▇ 401(k) Contributions or a combination of Salary Deferral Contributions and ▇▇▇▇ 401(k) Contributions. In the event that such deferral of Compensation is designated as ▇▇▇▇ 401(k) Contributions, then the Participant is deemed to have irrevocably designated the contributions as ▇▇▇▇ 401(k) Contributions, in accordance with Code section 402A(c)(1)(B).” 8. New Subsections (f) and (g) are added to Section 3.01 of the Plan, entitled Elective Deferrals, to read as follows:

Automatic Contribution Arrangement. If provided for in the Adoption Agreement, the Employer shall automatically withhold Elective Deferral Contributions from Compensation in the percentages and for each Participants identified in the Adoption Agreement who (1) have 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 contribution arrangement 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 make Elective Deferrals under the Plan. For any Participant to whom this paragraph applies, and whether or not the Employer has elected in the Adoption Agreement to allow Participants to make ▇▇▇▇ 401(k) Contributions, such deferral of Compensation shall be made as Salary Deferral Contributions; provided, however, that the Employer may elect in the Adoption Agreement that such deferral of Compensation will be made as ▇▇▇▇ 401(k) Contributions or a combination of Salary Deferral Contributions and ▇▇▇▇ 401(k) Contributions. In the event that such deferral of Compensation is designated as ▇▇▇▇ 401(k) Contributions, then the Participant is deemed to have irrevocably designated the contributions as ▇▇▇▇ 401(k) Contributions, in accordance with Code section 402A(c)(1)(B).” 8. New Subsections (f) and (g) are added to Section 3.01 of the Plan, entitled Elective Deferrals, to read as follows: