Agenda 07/23/2002 - Laserfiche WebLink

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ARTICLE IV - OPTIONAL BENEFITS 4.1 Benefit Options. A Participant may choose under this Plan to receive his full Compensation for any Plan Year in cash or to have a portion of it applied by the Company toward the cost of one or more of the Underlying Plans. 4.2 Description of Benefits Other Than Cash. While the election to receive one or more of the optional benefits described in Section 4.1 may be made under this Plan, the benefits will be provided not by this Plan but by each such Underlying Plan. The types and amounts of benefits available under each Underlying Plan, the requirements for participating in such Underlying Plan, and the other terms and conditions of coverage and benefits under such Underlying Plan are as set forth and amended from time to time in the Underlying Plan, and in the group insurance contracts and prepaid health plan contracts that constitute (or are incorporated by reference in) certain of those plans. The benefit descriptions in such plans and contracts, as in effect and amended from time to time, are hereby incorporated by reference into this Plan. 4.3 Election of Optional Benefits in Lieu of Cash. A Participant may elect under this Plan to contribute one or more of the Underlying Plans in accordance with the procedure described in Section 4.4. If a Participant elects to use this Plan to make contributions to pay for the Participant's cost for any Underlying Plan, the participant's Compensation will be reduced, and an amount equal to the reduction will be contributed by the Company as indicated in the participant's election to that Underlying Plan to cover the Participant's share of the cost of such Underlying Plan as determined by the Company. 4.4 Election Procedure. Approximately thirty days prior to the commencement of each Plan Year, the Administrator shall provide one or more written election forms and compensation reduction agreements to each participant and to each other Employee who is expected to become a participant at the beginning of the Plan Year. The election forms shall be effective as of the first day of the Plan Year. Each participant who desires coverage in one or more optional benefits under any Underlying Plan for the Plan Year shall so specify on the appropriate election form or forms and shall agree to a reduction in his Compensation. The amount of the reduction in the Participant's Compensation for the Plan Year for each Underlying Plan that is elected by the Participant which does not involve a reimbursement account shall equal the participant's share of the cost of coverage under such Underlying Plan as indicated on the election form and compensation reduction agreement (which compensation reduction amount shall be adjusted automatically in the event of a change in such cost). Each election form must be completed and returned to the Administrator on or before such date as the Administrator shall specify, which date shall be no later than the beginning of the first pay period for which the Participant's compensation reduction agreement will apply. 4.5. New Participants. As soon as practicable before an Employee becomes a Participant under Section 3.1 or 3.3, the Administrator shall provide the written election forms and Compensation reduction agreements described in Section 4.4 to the Employee. If the Employee desires coverage under one or more Underlying Plans for the balance of the Plan Year, he shall so specify on the election forms and shall agree to a reduction in his Compensation as provided in Section 4.4. The election forms must be completed and returned to the Administrator on or before such date as the Administrator shall specify, which date shall be no later than the beginning of the first pay period for which the Participant's Compensation reduction agreements will apply. 5