Reso 2010-068 - Laserfiche WebLink

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3.09. Ipclusion Of Ineligible Individual. If any individual is erroneously included as a Participant in the Plan and discovery of the erroneous inclusion is made after the Nonelective Deferred Compensation is made and allocated, the Employer and the Administrator may correct the erroneous inclusion of the individual in accordance with the. requirements of the internal Revenue Service through standards that are similar to those set forth in the Employee Pfans Compliance Resolution System as described in Rev. Proc.2008-50 and any subsequent guidance or standards similar to such requirements. ARTICLE 4. CONTRIBUTIONS AND ALLOCATIONS 4.01. Employer Contributions -Elective Deferred Compensation. A. Elective Deferred Compensation In General. Each calendar year, the Employer shall make contributions to this Plan and the Trust in an amount equal to the total amount of Elective Defierred Compensation elected by all Participants pursuant to this Employer Contributions - Elective Deferred Compensation section. B. Compensation Reduction Agreements In General. A Participant may elect to enter into a written or electronic compensation reduction agreement with the Employer or the Administrator whereby the Participant agrees to accept a reduction in cash compensation from the Employer and to have the Employer contribute such amount to this Plan and the Trust. Such amount shall be equal to either (i) any percentage of such Participant's Compensation per payroll period or (ii) a fixed dollar amount per payroll period as specified on the Participant's compensation reduction agreement. In addition, if any extraordinary Compensation is payable to a Participant (such as a year-end bonus), the Participant may elect to enter into a separate written compensation reduction agreement with the Employer or the Administrator whereby the Participant agrees to accept a reduction in cash Compensation from the Employer with respect to such extraordinary Compensation equal to either (i) any percentage of such extraordinary Compensation or (ii) a fixed dollar amount of such extraordinary Compensation. C. Compensation Reduction Agreements Requirements. A Participant's compensation reduction agreement shall be subject to the following: 1. A compensation reduction agreement shall become effective no earlier than the first day of the calendar month next following the execution of the compensation reduction agreement and the first day of the calendar month for which the Employer can reasonably process the request. 2. Thereafter, the compensation reduction agreement shall apply to each payroll period during which a compensation reduction agreement is on file with the Employer or the Administrator; provided, however, that a compensation reduction agreement with respect to any extraordinary Compensation shall apply only to that extraordinary Compensation and shall not affect the Participant's compensation reduction agreement then in effect with respect to each payroll period. 10