Enrollment--Effective date--Deferral

An eligible employee may become a participant by signing a participation agreement. Participation is effective on the first available pay date following the execution of the participation agreement, subject to the timing of payroll processing by the participant’s employer. If a participation agreement is untimely filed for a change to be made effective for the next following pay period, the change is effective in the subsequent pay period. If a new employee signs and files a participation agreement on the employee's date of hire, the agreement may become effective immediately. The plan may not accept any deferrals unless a signed participation agreement is on file in the office of the executive director or the third-party administrator. Source: SL 2025, ch 27, § 77.