What if an eligible employee does not want to be automatically enrolled in the plan (i.e. before entry date)?
The eligible employee will complete an Election Form (opt-out) that will indicate they do not want to participate; therefore, the employee will not be automatically enrolled in the plan. This form must be filled out by the employee prior to the entry date otherwise they will be enrolled in the plan at the pre-determined deferral percentage. The Election Form (opt-out) must be signed by the participant and main payroll contact, and given to payroll contact so the payroll can be properly set up. The payroll contact will retain the form in their records and will forward a copy to Freedom One.
Related Questions
- Are students who are enrolled in associate degree programs eligible if they do not plan to actually complete their associate degrees, but instead plan to simply transfer to a senior institution?
- What if an eligible employee does not want to be automatically escalated in the plan (i.e. before annual escalation date)?
- What if an eligible employee does not want to be automatically enrolled in the plan?
