MoneyGram 2005 Annual Report Download - page 107

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SECTION 2
PARTICIPATION
2.1. Eligibility to Participate. In all cases, an employee selected for participation under this Section 2 shall be a member of a select group of management or
highly compensated employees (as that expression is used in ERISA). Such employee shall as a condition of participation in this Plan complete such forms as
MGI may require for the effective administration of this Plan.
2.1.1. Compensation Deferrals. Any employee of an Employer selected for participation by the Chief Executive Officer shall become a Participant in the
Compensation deferral component of the Plan as of any date selected by the Chief Executive Officer. The Chief Executive Officer shall not select any
employee for participation unless the Chief Executive Officer determines that such employee's Pre-Tax Deferrals for a Plan Year under the MoneyGram
International, Inc. 401(k) Plan are expected to be limited by section 402(g) of the Code.
2.1.2. Supplemental Profit Sharing. Any employee of an Employer selected for participation by the Chief Executive Officer shall become a Participant in
the supplemental profit sharing component of the Plan as of any date selected by the Chief Executive Officer. The Chief Executive Officer shall not select any
employee for participation unless the Chief Executive Officer determines that such employee's Profit Sharing Contribution for a Plan Year under the
MoneyGram International, Inc. 401(k) Plan is reduced by sections 401(a)(17) and 415 of the Code or any other legal limitations.
2.1.3. Incentive Pay Deferrals. Any employee of an Employer selected for participation by the Chief Executive Officer shall become a Participant in the
Incentive Pay deferral component of the Plan as of any date selected by the Chief Executive Officer.
2.2. Enrollment for Elective Deferrals.
2.2.1. Compensation Deferrals.
(a) Election to Defer Compensation.
(i) Initial Election. In the case of an employee who first becomes eligible to make elective deferrals under the Plan, no later than thirty (30) days
after the employee is notified of eligibility to make a deferral election, such employee shall complete such forms as necessary to defer a
portion of the employee's Compensation for that Plan Year. The agreement to defer a portion of the employee's Compensation may only be
made with respect to Compensation earned for services performed for such Plan Year subsequent to the deferral election, except to the extent
permissible under Section 409A of the Code. (Alternatively, such election may be made as late as the last day of the Plan Year in which the
employee first becomes eligible -5-