02-08-1999 Council Packet - Laserfiche WebLink

Home Browse Search

Compensation ratably on each day during the Plan Year following the effective date of the Participant’s participation. The Employer may utilize election forms which do not require an initial reduction and an election to take the balance in cash so long as the end result Is the same as provided above. Section 4.3 Employer Contributions. In its discretion, the Employer may make contributions to the Plan on behalf of the Participants whom they employ. Any such contributions shall be made at an annual rate determined by the Employer. A pro rata portion of such contributions shall be contributed on such date or dates during the Plan Year as the Employer determines in its sole discretion. Employer contributions shall be made only on behalf of Participants who are currently employed by the Employer on the date that the contribution is made. A Participant’s Employer contributions shall be automatically applied to pay the Participant cost of any benefits elected by the Participant. It no benefits are elected, Employer contributions will be used to pay the Participant taxable cash compensation benefits under Section 5.3. Participants shall be infor.med 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 Benftfit 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 prescribed by the Employer. The Employer or any provider of benefits hereunder may impose restrictions on the election of benefits under the Plan, such as, but not limited to, evidence of insurability. Section 4.5 Revocation nr 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 Section 4.8, and (b) changes may be made as required by the Family and Medical Leave Act of 1993 and Section 3.5, and (c) if there is a Status