AgdaPkt 2003-03-24 - Laserfiche WebLink

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w C r IO to have made no election regardless of the election in effect during the preceding Plan Year. A Participant who fails to return an election form for the Premium Contribution Plan shall be deemed to have made the same election as was in effect as to such benefit prior to the end of the preceding Plan Year. 4.8 Changes by Administrator If the Administrator determines, before or during any Plan Year, that the Plan may fail to satisfy any nondiscrimination requirement imposed by the Code, the Administrator shall take such action as the Administrator deems appropriate, under rules uniformly applicable to similarly situated Participants, to assure compliance with such requirement. Such action may include, without limitation, a modification of elections by Highly Compensated Employees and Key Employees, with or without the consent of such an Employee. 4.9 Irrevocability of Election by the Participant during the Plan Year Elections made under the Plan shall be irrevocable by the Participant during the Plan Year, subject to a "change in family status ", "significant cost or coverage change ", or other defined event, as set out in the applicable rulings and regulations under Section 125 of the Code. A Participant may also make a new election consistent with his special enrollment rights under the Health Insurance Portability and Accountability Act ( "HIPAA "), if applicable. A Participant may revoke a benefit election for the balance of a Plan Year and file a new election only if both the revocation and the new election are due to and consistent with a change permissible under the regulations and rulings of the Internal Revenue Service or under HIPAA (as determined by the Administrator). Any new election under this Section 4.8 shall be effective at such time as the Administrator shall prescribe, but not earlier than the first pay period beginning after the election form is completed and returned to the Administrator. 4.10 Automatic Termination of Participation Participation in this Plan is contingent upon one or more elections among Qualified Benefits pursuant to Salary Reduction Agreements under each separate Plan. Termination of employment shall result in the Participant's automatic termination of participation in the Plan, subject to any rights pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 as amended. 4.11 "Use It or Lose It" Provision If a Participant does not receive the full salary reduction amount in the form of elected Qualified Benefits during the Plan Year, the unused portions will be forfeited to the City. In no event shall unused amounts be returned to Participants.