PLAN SPONSOR, SHALL BE MADE AT SUCH TIME
AS THE PLAN SPONSOR SHALL DETERMINE AND SHALL CONFORM TO SUCH OTHER PROCEDURAL
AND SUBSTANTIVE RULES AS THE PLAN SPONSOR SHALL ESTABLISH; AND
(C)
BE
RECEIVED BY THE PLAN SPONSOR PRIOR TO THE FIRST DAY OF THE PLAN YEAR FOR WHICH
THE DEFERRAL ELECTION IS MADE.
For a newly eligible Participant, however, the deferral election must be
received by the Plan Sponsor within 30 days after the first day of such
eligibility, and, if so received, deferral shall be effective as of the first
day of the month following such receipt and shall only apply to compensation and
amounts earned following the effective date of the election.
12
SECTION 4
ACCOUNTS
4.1.
ESTABLISHMENT OF ACCOUNTS.
THERE
SHALL BE ESTABLISHED FOR EACH PARTICIPANT UNFUNDED, BOOKKEEPING ACCOUNTS WHICH
SHALL BE ADJUSTED EACH VALUATION DATE. THE ACCOUNTS AND MEASURING INVESTMENTS
ARE SPECIFIED SOLELY AS A DEVICE FOR COMPUTING THE AMOUNTS OF BENEFITS TO BE
PAID TO PARTICIPANTS UNDER THE PLAN, AND THE PLAN SPONSOR IS NOT REQUIRED TO
PURCHASE SUCH INVESTMENTS.
4.2.
VESTING.
THE ACCOUNT OF EACH
PARTICIPANT SHALL BE FULLY (100%) VESTED AND NONFORFEITABLE AT ALL TIMES.
4.3.
DESIGNATION OF MEASURING
INVESTMENTS. IN ACCORDANCE WITH PROCEDURES TO BE ESTABLISHED BY THE PLAN
SPONSOR, EACH PARTICIPANT SHALL ELECT, AS PART OF THE INITIAL ENROLLMENT
PROCESS, AND FROM TIME TO TIME THEREAFTER, ONE OR MORE MEASURING INVESTMENTS
WHICH SHALL BE USED TO DETERMINE THE VALUE OF SUCH PARTICIPANT'S ACCOUNT.
A
PARTICIPANT'S CHANGE IN MEASURING INVESTMENTS SHALL DESIGNATE:
(A)
ONE OR
MORE MEASURING INVESTMENTS FOR THE CURRENT ACCOUNT BALANCE, AND
(B)
ONE OR
MORE MEASURING INVESTMENTS FOR AMOUNTS THAT ARE CREDITED TO THE ACCOUNT IN THE
FUTURE.
AN EFFECTIVE CHANGE IN MEASURING INVESTMENTS SHALL BE EFFECTIVE AS OF THE DAY
AFTER THE VALUATION DATE COINCIDENT WITH OR IMMEDIATELY FOLLOWING THE DATE THE
ELECTION CHANGE IS FILED. A PARTICIPANT'S CHANGE IN MEASURING INVESTMENTS SHALL
NOT BE EFFECTIVE UNLESS SUCH ELECTION CHANGE COMPLIES WITH THE PROCEDURES
ESTABLISHED BY THE PLAN SPONSOR.
THE PLAN SPONSOR MAY, IN ITS SOLE DISCRETION,
ADD, DISCONTINUE OR SUBSTITUTE A MEASURING INVESTMENTS.
4.4.
ADJUSTMENTS OF ACCOUNTS.
AS OF EACH VALUATION
DATE, THE VALUE OF EACH ACCOUNT SHALL BE ADJUSTED FOR CREDITS, DISTRIBUTIONS AND
WITHHOLDING SUBTRACTIONS UNDER SECTION 10.6 DURING THE VALUATION PERIOD AND THE
VALUE OF EACH ACCOUNT SHALL BE ADJUSTED FOR INCOME, GAINS AND LOSSES DURING THE
VALUATION PERIOD AS IF THE ACCOUNT HAD IN FACT BEEN INVESTED IN THE MEASURING
INVESTMENTS SELECTED BY THE PARTICIPANT DURING SUCH PERIOD.
THE COMMITTEE SHALL
ESTABLISH ADDITIONAL RULES FOR THE ADJUSTMENT OF ACCOUNTS AS THE COMMITTEE MAY
DEEM NECESSARY AND APPROPRIATE. THE COMMITTEE SHALL PROVIDE TO THE PARTICIPANT
AT LEAST ANNUALLY A WRITTEN STATEMENT SETTING FOR CURRENT VALUE OF EACH ACCOUNT
AND ANY CHANGES TO THE ACCOUNT.
4.5.
OPERATIONAL RULES FOR MEASURING
INVESTMENTS.
THE COMMITTEE SHALL ADOPT RULES SPECIFYING THE MEASURING
INVESTMENTS, THE CIRCUMSTANCES UNDER WHICH A PARTICULAR MEASURING INVESTMENT MAY
BE ELECTED OR SHALL BE AUTOMATICALLY UTILIZED, THE MINIMUM OR MAXIMUM AMOUNT OR
PERCENTAGE OF