Reso 2010-068 - Laserfiche WebLink

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3. Except as provided below, a Participant's compensation reduction agreement with respect to each payroll period (i.e., not a compensation reduction agreement with respect to any extraordinary Compensation) may be entered into or amended by a Participant at such times as the Employer shall prescribe for the purpose of: a. Decreasing the amount of such Participant's Compensation which is subject to Compensation reduction during the remainder of such calendar year; or b. Increasing the amount of such Participant's Compensation that is subject to Compensation reduction during the remainder of such calendar year. Any such modified compensation reduction agreement shall provide that the Employer shall provide the Employee with modified Elective Deferred Compensation effective no earlier than the first day of the calendar month next following the execution of the modified compensation reduction agreement. 4. A Participant may revoke the Participant's compensation reduction agreement then in effect with respect to each payroll period at any time, thereby ceasing Elective Deferred Compensation as of the first day of the next following payroll period. A Participant who has revoked the Participant's compensation reduction agreement may again become an active Participant in accordance with rules established by the Employer. Any subsequent compensation reduction agreement shall provide that the Employer shall provide the Employee with Elective Deferred Compensation effective no earlier than the first day of the calendar month next following the execution of the subsequent compensation reduction agreement. 5. Unless a compensation reduction election is otherwise revised, if an Employee is on a leave of absence, Elective Contributions shall continue to the extent the compensation continues. 6. The aggregate amount of a Participant's Defen-ed Compensation during a calendar year shall not exceed the amount that would cause the Plan to violate the provisions of the Limitation On Contributions And Benefits article, below. The Employer may modify or revoke its compensation reduction. agreement with any Participant at any time if the Employer determines that such revocation or amendment is necessary to ensure that the Plan will not exceed this limitation. 7. Except as provided above, a compensation reduction agreement applicable to any given calendar year, once made, may not be revoked or amended by the Participant or the Employer. 4.02. Emplover Contributions --Nonelective Deferred Compensation. The Employer may establish, in its sole and absolute discretion, the amounts, if any, of the Nonelective Deferred Compensation under this Plan for some or all of the Participants for any calendar year. 11