Common use of Change in Cost Clause in Contracts

Change in Cost. If the cost of a benefit package option under the Plan significantly increases during the plan year, Participants may (i) make a corresponding increase in their salary reduction amount, (ii) revoke their elections and make a prospective election under another benefit option offering similar coverage, or (iii) revoke election completely if no similar coverage is available, including in spouse or dependent’s plan. If the cost significantly decreases, employees may elect coverage even if they had not previously participated and may drop their previous election for a similar coverage option in order to elect the benefit package option that has decreased in cost during the year. If the increased or decreased cost of a benefit package option under the Plan is insignificant, the participant’s salary reduction amount shall be automatically adjusted.

Change in Cost. If the cost of a benefit package option under the Plan significantly increases during the plan yearPlan Year, Participants may (i) make a corresponding increase in their salary reduction amount, (ii) revoke their elections and make a prospective election under another benefit option offering similar coverage, or (iii) revoke election completely if no similar coverage is available, including in spouse or dependentDependent’s plan. If the cost significantly decreases, employees may elect coverage even if they had not previously participated and may drop their previous election for a similar coverage option in order to elect the benefit package option Benefit Package Option that has decreased in cost during the year. If the increased or decreased cost of a benefit package option Benefit Package Option under the Plan is insignificant, the participantParticipant’s salary reduction amount shall be automatically adjusted.

Change in Cost. If the cost of a benefit package option Benefit Option under the Plan significantly increases during the plan yearPlan Year, Participants may (i) make a corresponding increase in the amount of their salary reduction amountElective Contributions, (ii) revoke their elections and make a prospective election under another benefit option Benefit Option offering similar coverage, or (iii) revoke election their elections completely if no similar coverage is available, including in a spouse or dependentDependent’s plan. If the cost significantly decreases, employees Employees may elect coverage even if they had not previously participated and may drop their previous election for a similar coverage option in order to elect the benefit package option Benefit Option that has decreased in cost during the year. If the increased or decreased cost of a benefit package option under the Plan Benefit Option is insignificant, the participantParticipant’s salary reduction Elective Contribution amount shall be automatically adjusted.