(A) Subject to §§ 33.037 and 33.038, each employee who has satisfied the requirements for participation under § 33.020(A), (B) and (C) may elect to have his or her employer contribute to the trust on his or her behalf, out of the employer’s current or accumulated earnings and profits, a salary deferral contribution equal to a specified percentage of such employee’s compensation. Such election shall be made on such forms and in such manner as the Committee may prescribe and the percentage of compensation specified by the employee as payable as a salary deferral contribution shall be in increments of 1% but shall not exceed 20%. The wages currently payable to an employee shall be reduced by the amount of the salary deferral contributions made on his or her behalf to the trust.
(B) Salary deferrals on behalf of an employee shall commence as of the date he or she becomes a participant and shall be paid as salary deferral contributions to the trust as soon as practicable after the end of each payroll period to which the salary deferral contributions relate, but in no event later than 30 days after the close of the plan year to which they relate. A participant’s interest in salary deferral contributions made on his or her behalf shall be reflected by the balance in his or her salary deferral contribution account. Such balance shall be fully vested and nonforfeitable at all times and, except in the event of a hardship withdrawal pursuant to § 33.080, or a withdrawal upon the attainment of age 59.5 pursuant to § 33.081, shall not be distributable to the participant (or his or her beneficiary as the case may be) prior to the participant’s termination of employment with the employer and all affiliates and shall not be distributable merely by reason of the completion of a stated period of participation or the lapse of a fixed number of years.
(Ord. MET 86-13, passed 5-30-1986)