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If Timely Payment is made to the Plan in an amount that is not significantly less than the <br />amount the Plan requires to be paid for a period of coverage, then the amount paid will be <br />deemed to satisfy the Plan's requirement for the amount to be paid, unless the Plan notifies the <br />Qualified Beneficiary of the amount of the deficiency and grants a reasonable period of time for <br />payment of the deficiency to be made. A "reasonable period of time" is 30 days after the notice <br />is provided. A shortfall in a Timely Payment is not significant if it is no greater than the lesser of <br />$50 or 10% of the required amount. <br />5. What is the Election Period and How Long Must It Last? <br />The election period is the time period within which the Qualified Beneficiary can elect <br />COBRA continuation coverage under the Plan. The election period must begin not later than the <br />date the Qualified Beneficiary would lose coverage on account of the Qualifying Event and must <br />not end before the date that is 60 days after the later of the date the Qualified Beneficiary would <br />lose coverage on account of the Qualifying Event or the date notice is provided to the Qualified <br />Beneficiary of her or his right to elect COBRA continuation coverage. <br />Note: If a covered employee who has been terminated or experienced a reduction of <br />hours qualifies for a trade readjustment allowance or alternative trade adjustment assistance <br />under a federal law called the Trade Act of 2002, and the employee and his or her covered <br />dependents have not elected COBRA coverage within the normal election period, a second <br />opportunity to elect COBRA coverage will be made available for themselves and certain family <br />members, but only within a limited period of 60 days or less and only during the six months <br />immediately after their group health plan coverage ended. Any person who qualifies or thinks <br />that he or she and/or his or her family members may qualify for assistance under this special <br />provision should contact the Plan, Administrator or its designee for further information. <br />6. Is a Covered Employee or Qualified Beneficiary Responsible for Informing the <br />Pian Administrator of the Occurrence of a Qualifying Event? • <br />The Plan will offer COBRA continuation coverage to qualified beneficiaries only after the <br />Plan Administrator or its designee has been timely notified that a Qualifying Event has occurred. <br />The employer (if the employer is not the Plan Administrator) will notify the Plan Administrator or <br />its designee of the Qualifying Event within 30 days following the date coverage ends when the <br />Qualifying Event is: <br />(a) the end of employment or reduction of hours of employment, <br />(b) death of the employee, <br />(c) commencement of a proceeding in bankruptcy with respect to the employer, or <br />(d) enrollment of the employee in any part of Medicare, <br />IMPORTANT: <br />For the other Qualifying Events (divorce or legal separation of the employee and <br />spouse or a dependent child's losing eligibility for coverage as a dependent child), you <br />or someone on your behalf must notify the Plan Administrator or its designee in writing <br />within 60 days after the Qualifying Event occurs, using the procedures specified below. If <br />4 <br />