(A) No participating employer will contribute to the Plan, except as directed by an eligible employee pursuant to paragraph (B) below.
(B) An eligible employee may make contributions which shall be placed in his or her participant account. Such employee must enter into a written salary reduction agreement with his or her participating employer. Such salary reduction agreement will be applicable to all payroll periods until changed by a subsequent salary reduction agreement. An eligible employee may enter into or change a salary reduction agreement as of the first day of each quarter of the calendar year (January 1, April 1, July 1 or October 1) by designating a portion of his or her compensation as a reduction in increments of whole percentage points not to exceed 15% of compensation. A participating employee may also suspend his or her salary reduction agreement as of the first day of each such quarter by giving written notice to the Committee. Such salary reduction agreement or notice of suspension shall be filed with the Committee no later than 15 days before the first day of the quarter as of which such agreement or notice is to be effective. In consideration of such agreement, the employee’s participating employer will make such salary reduction contributions to such employee’s participant account.
(C) Amounts contributed at a participant’s election pursuant to paragraph (B) above shall be transmitted by his or her participating employer to the trust as soon as practicable after the end of the payroll period to which they relate, but in no event later than 30 days after the close of the Plan year to which they relate.
(Ord. MET 88-24, passed 6-10-1988; Ord. MET 89-2, passed 1-13-1989)