l. Contract approval
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l. Contract approval
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<br />ARTICLE 1/1 <br />CONTRIBUTIONS TO THE PLAN <br /> <br />3.1 EMPLOYER CONTRIBUTION <br /> <br />The Employer shall make available to each Participant an Employer Contribution <br />to be used for any Benefit under the Plan in an amount to be determined by the Employer prior <br />to thEll beginning of each Plan Year. Each Participant's Employer Contribution shall be converted <br />to Cafeteria Plan Benefit Dollars and be available to purchase Benefits as set forth above. The <br />Employer's Contribution shall be made on a pro rata basis for each pay period of the <br />Parti4:ipant. If no Benefits are selected, there shall be no Employer Contribution. <br /> <br />3.2 SALARY REDIRECTION <br /> <br />If a Participant's Employer Contribution is not sufficient to cover the cost of <br />Ben~fits or Premium Expenses he elects pursuant to Section 4.1, his Compensation will be <br />redu~ed in an amount equal to the difference between the cost of Benefits he elected and the <br />amo nt of Employer Contribution available to him. Such reduction shall be his Salary <br />Redi ection, which the Employer will use on his behalf, together with his Employer Contribution, <br />to p~ for the Benefits he elected. The amount of such Salary Redirection shall be specified in <br />the alary Redirection Agreement and shall be applicable for a Plan Year. Notwithstanding the <br />abov ,for new Participants, the Salary Redirection Agreement shall only be applicable from the <br />first ~y of the pay period following the Employee's entry date up to and including the last day of <br />the Plan Year. These contributions shall be converted to Cafeteria Plan Benefit Dollars and <br />alloc ted to the funds or accounts established under the Plan pursuant to the Participants' <br />electi ns made under Article V and as set forth in Section 3.1. <br />I <br /> <br />I Any Salary Redirection shall be determined prior to the beginning of a Plan Year <br />(SUbJt' ct to initial elections pursuant to Section 5.1) and prior to the end of the Election Period <br />and hall be irrevocable for such Plan Year. However, a Participant may revoke a Benefit <br />electi n or a Salary Redirection Agreement after the Plan Year has commenced and make a <br />new~ection with respect to the remainder o. f the Plan Year, if both the revocation and the new <br />electi n are on account of and consistent with a change in status and such other permitted <br />even s as determined under Article V of the Plan and consistent with the rules and regulations <br />of th Department of the Treasury. Salary Redirection amounts shall be contributed on a <br />pro r~ta basis for each pay period during the Plan Year. All individual Salary Redirection <br />Agrefments are deemed to be part of this Plan and incorporated by reference hereunder. <br /> <br />3.3 I APPLICATION OF CONTRIBUTIONS <br /> <br />As soon as reasonably practical after each payroll period, the E;mployer shall <br />apPIYtl the Employer Contribution and Salary Redirection to provide the Benefits elected by the <br />affec ed Participants. Any contribution made or withheld for the Health Flexible Spending <br />Acco nt or Dependent Care Flexible Spending Account shall be credited to such fund or <br />acco nt. Amounts designated for the Participant's Premium Expense Reimbursement Account <br />shall ikewise be credited to such account for the purpose of paying Premium Expenses. <br /> <br />5 <br />
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