2005-063 - Laserfiche WebLink

Home Browse Search

( b ) A Participant may terminate his participation in the Plan by notifying the Administrator or Plan Service Provider in writing during the Election Period that he does not want to participate in the Plan for the next Plan Year; ( c) An Employee who elects not to participate for the Plan Year following the Election Period will have to wait until the next Election Period before again electing to participate in the Plan , except as provided for in Section 5 . 4 . 5 . 3 FAILURE TO ELECT Any Participant failing to complete an election pursuant to Section 5 . 2 by the end of the applicable Election Period shall be deemed to have made the same Benefit option elections as are then in effect for the current Plan Year, unless otherwise directed by the Plan Administrator. The Participant shall also be deemed to have elected Salary Redirection in an amount necessary to purchase such Benefit options . 5 . 4 CHANGE OF ELECTIONS ( a ) Any Participant may change a Benefit election after the Plan Year (to which such election relates ) has commenced and make new elections with respect to the remainder of such Plan Year if, under the facts and circumstances , the changes are necessitated by and are consistent with a change in status which is acceptable under rules and regulations adopted by the Department of the Treasury, the provisions of which are incorporated by reference and permitted by the Administrator during the Plan Year pursuant to any temporary, proposed , or final regulation or ruling of the Internal Revenue Service . Notwithstanding anything herein to the contrary, if the rules and regulations conflict , then such rules and regulations shall control . In general , a change in election is not consistent if the change in status is the Participant's divorce , annulment or legal separation from a spouse , the death of a spouse or dependent, or a dependent ceasing to satisfy the eligibility requirements for coverage , and the Participant' s election under the Plan is to cancel accident or health insurance coverage for any individual other than the one involved in such event. In addition , if the Participant , spouse or dependent gains or loses eligibility for coverage , then a Participant's election under the Plan to cease or decrease coverage for that individual under the Plan corresponds with that change in status only if coverage for that individual becomes applicable or is increased under the family member plan . Regardless of the consistency requirement, if the individual , the individual ' s spouse , or dependent becomes eligible for continuation coverage under any available Employer's group health plan as provided in Code Section 4980B or any similar state law, then the individual may elect to increase payments under this Plan in order to pay for the continuation coverage . However, this does not apply for COBRA eligibility due to divorce , annulment or legal separation . Any new election shall be effective at such time as the Administrator shall prescribe , but not earlier than the first pay period beginning after the election is completed and returned to the Administrator. For the purposes of this subsection , a change in status shall only include the following events or other events permitted by Treasury regulations : 8