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7 <br />GN - 150079 Specimen 457(b) Plan Document <br />GPLANLVL – CORRSPND Deferred Compensation Plan <br /> Ver 102011 <br />paid or made available and the Participant is an Employee on the date the amounts would <br />otherwise be paid or made available. <br />2.3 Commencement of Participation <br />An Employee shall become a Participant as soon as administratively practicable following the <br />date the Employee files an election pursuant to Section 2.2. Such election shall become effective <br />no later than the calendar month fo llowing the month in which the election is made. A new <br />Employee may defer compensation payable in the calendar month during which the Participant <br />first becomes an Employee if an agreement providing for the deferral is entered into on or before <br />the first da y on which the Participant performs services for the Employer. <br />2.4 Amendment of Annual Deferral Election, Investment Direction, or Beneficiary <br />Designation <br />Subject to other provisions of the Plan, a Participant may at any time revise his or her <br />participation election, including a change of the amount of his or her Annual Deferrals, his or her <br />investment direction and his or her designated Beneficiary. The rev ised participation election <br />may also include a change in the Participant's designation of the amount of the Annual Deferral <br />elected by the Participant that is to be treated as Roth Contributions. Unless the election specifies <br />a later effective date, a change in the amount of the Annual Deferrals shall take effect as of the <br />first day of the next following month or as soon as administratively practicable if later. A change <br />in the investment direction shall take effect as of the date provided by the Administra tor on a <br />uniform basis for all Employees. A change in the Beneficiary designation shall take effect when <br />the election is accepted by the Administrator. <br />2.5 Information Provided by the Participant <br />Each Employee enrolling in the Plan should provide to the Ad ministrator at the time of initial <br />enrollment, and later if there are any changes, any information necessary or advisable for the <br />Administrator to administer the plan, including, without limitation, whether the Employee is a <br />participant in any other eligib le plan under Code Section 457(b). <br />2.6 Contributions Made Promptly <br />Annual Deferrals by the Participant under the Plan shall be transferred to the Trust Fund within a <br />period that is not longer than is reasonable for the proper administration of the Participant's <br />Account Balance. For this purpose, Annual Deferrals shall be treated as contributed within a <br />period that is not longer than is reasonable for the proper administration if the contribution is <br />made to the Trust Fund within 15 business days following the end of the month in which the <br />amount would otherwise have been paid to the Participant, or earlier if required by law. <br />2.7 Employer Contributions <br />Nothing in this Plan prohibits the Employer from making annual deferrals to the Account <br />Balance of a Participant on a non -elective basis, subject to the Participant's contribution limits in <br />Section III. <br />460