A.
Initial authorization. A participant may elect to defer or contribute compensation under the plan by authorizing, on his or her Participation Agreement, regular payroll deductions that do not individually or in the aggregate exceed the limitations of § 50-3.2. Unless otherwise designated under Subsection C, any amounts deferred or contributed under this Subsection A shall be treated as before-tax deferrals. Any initial deferral election shall be effective as soon as administratively practicable, subject to the timing requirements set forth in § 50-2.1A and B.
B.
Modifications. A participant may increase or decrease the rate of
deferral or contribution of his or her compensation, and may make
separate elections with respect to the increase or decrease of the
rate of his or her before-tax deferrals and Roth contributions (to
the extent applicable), within the limitations set forth in § 50-3.2,
as of any enrollment date by duly filing a new or modified Participation
Agreement, or such other form authorized for such purpose by the Committee,
with the administrative service agency, which shall be effective as
soon as administratively practicable, subject to the timing requirements
set forth in § 50-2.1A and B.
C.
Roth contributions. To the extent that the Committee has resolved, on or after January 1, 2011, to implement a Roth program pursuant to Section 3.1(c) of Schedule A, a participant shall be permitted to make Roth contributions from his or her compensation by designating a percentage of his or her initial authorization or modified authorization described in Subsections A and B as Roth contributions, which designation shall be effective as soon as administratively practicable for all future payroll periods until modified or suspended, subject to the timing requirements set forth in § 50-2.1A and B. For the avoidance of doubt, to the extent that the Committee has not resolved to implement a Roth Program pursuant to Section 3.1(c) of Schedule A, participants shall not be permitted to make Roth contributions and any provisions of the plan as they relate to Roth contributions, Roth accounts, rollover contributions from Qualified Roth contribution Programs and in-plan rollovers into Roth accounts shall not apply.
D.
Discontinuance or suspension. A participant may discontinue or temporarily
suspend his or her deferrals or contributions, and may make separate
elections with respect to the discontinuance or suspension of his
or her before-tax deferrals and Roth contributions (to the extent
applicable), as of any specified enrollment date by giving notice
thereof to the administrative service agency. The administrative service
agency shall discontinue or suspend the deferral or contribution of
compensation as soon as administratively practicable, subject to the
timing requirements set forth in § 50-2.1A and B.
E.
Deferrals and contributions after a HEART Act distribution or unforeseeable
emergency withdrawal. A participant's deferrals and contributions
will be suspended for a period of six months following a distribution
pursuant to the Section 414(u)(12)(B)(i) of the Code and, to the extent
that the Committee has resolved to implement a suspension of deferrals,
after an unforeseeable emergency withdrawal pursuant to Section 3.1(e)
of Schedule A, after a distribution due to an unforeseeable emergency
withdrawal.
A.
In general. The aggregate amount of before-tax deferrals and Roth
contributions (to the extent applicable) that may be deferred or contributed
by a participant for any pay period shall be a minimum of $10 and
shall not exceed the lesser of: (i) an amount as may be permitted
pursuant to Section 457(e)(15) of the Code, and (ii) 100% of the participant's
includible compensation for the plan year; provided, however, the
maximum amount that a participant may defer or contribute for any
plan year may be calculated after accounting for mandatory and permissive
payroll deductions, as reasonably determined by the employer.
B.
457 catch-up.
(1)
Notwithstanding the limitation in Subsection A, a participant may file an election in the manner required by the administrative service agency to have the catch-up limitation as set forth in this Subsection B apply to the determination of the maximum amount that may be deferred or contributed during one or more of the last three plan years ending before attainment of the participant's normal retirement age. If the catch-up limitation is elected, the maximum aggregate amount of before-tax deferrals and Roth contributions (to the extent applicable) that may be deferred or contributed for each of the plan years covered by the election shall not exceed the lesser of:
C.
Age 50 catch-up. All participants who have attained age 50 before the close of a plan year and who are not permitted to defer or contribute additional compensation pursuant to Subsection B for such plan year, due to the application of any limitation imposed by the Code or the plan, shall be eligible to make additional catch-up contributions in the form of before-tax deferrals, Roth contributions or a combination thereof in accordance with, and subject to, the limitations of this Subsection C of the plan and Section 414(v) of the Code. Age 50 catch-up contributions pursuant to this Subsection C shall not exceed the lesser of:
D.
Dual eligibility. Notwithstanding anything in Subsections B and C to the contrary, if a participant who is eligible to make an additional catch-up contribution under Subsection C for a plan year in which the participant has elected to make a catch-up contribution under Subsection B, such participant is entitled to the greater of:
E.
USERRA. Notwithstanding the limitation provided for in Subsection A, any participant who is entitled to reemployment rights pursuant to USERRA and who is so reemployed in accordance with the provisions of such law may elect to make such additional deferrals or contributions as are permitted or required by USERRA.
F.
Excess deferrals and contributions. In the event that any amounts deferred or contributed under the plan for any plan year exceed the limitations provided for in this § 50-3.2, any such excess deferrals or contributions shall be distributed to the participant, with allocable net income, in the following order (unless otherwise directed by the participant): first, from before-tax deferrals and second, from Roth contributions (to the extent applicable), as determined in accordance with methods and procedures established by the administrative service agency as soon as practicable after the administrative service agency determines that the amount was an excess deferral or contribution. Distributions under this Subsection F will be reportable as taxable income to the extent required by applicable law.
