Section 4. Election and Notice Requirements

4.1 Election Period

(a) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a salary reduction election during the 60-day period immediately preceding each January 1.

(b) For the Year an employee becomes eligible to make salary reduction contributions under the 401(k) SIMPLE Provisions, the 60-day election period requirement of Section 4.1(a) is deemed satisfied if the employee may make or modify a salary reduction election during a 60-day period that includes either the date the employee becomes eligible or the day before.

(c) Each employee may terminate a salary reduction election at any time during the Year.

4.2 Notice Requirements

(a) The Employer will notify each Eligible Employee prior to the 60-day election period described in Section 4.1 that he or she can make a salary reduction election or modify a prior election during that period.

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(b) The notification described in Section 4.2(a) will indicate whether the Employer will provide a 3-percent Matching Contribution described in Section 3.2(a) or a 2-percent nonelective contribution described in Section 3.2(b).

(Note to reviewer: The following notice requirement options are applicable to taxable years beginning after December 31, 2023. For an employer that is an Eligible Employer under Section 2.2B, the increased limits of Section 117 of the SECURE Act of 2022 automatically apply. See IRC § 408(p)(2)(E)(iv.) For an employer that does not meet this requirement, the increased limits apply only if the employer makes an election for the increased limits to apply. The options below reflect either of these conditions. Election (d) below reflects such an election.)

(c) The Employer is providing contributions up to the increased limits of Section 117 of the SECURE Act of 2022.

(d) If elected in the Adoption Agreement, the Employer will notify each employee that it has made an election to apply the increased limits of Section 117 of the SECURE 2.0 Act of 2022. Because this election has been made, increased matching / or non-elective contributions will be made.