What if an eligible employee does not want to be automatically escalated in the plan (i.e. before annual escalation date)?
The eligible employee will complete an Election Form (opt-out) that will indicate they do not want to escalate and will remain at their current deferral percentage. This form must be filled out by the employee prior to the annual escalation date otherwise they will be escalated at the pre-determined deferral percentage. The Election Form (opt-out) must be signed by the participant and main payroll contact, and forwarded 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
- What if an eligible employee wants to opt-out of auto escalation after deductions have begun (i.e. after annual escalation date)?
- What if an eligible employee does not want to be automatically enrolled in the plan (i.e. before entry date)?
- What if an eligible employee does not want to be automatically enrolled in the plan?
