MoneyGram 2005 Annual Report Download - page 108

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if the agreement to defer Compensation is made solely with respect to Compensation to be earned for services performed in the succeeding
Plan Year.)
(ii) Subsequent Elections. Each active Participant's deferral agreement shall expire upon the last day of the Plan Year to which it relates. Each
eligible Participant who wishes to defer Compensation for a subsequent Plan Year must make an election to defer Compensation prior to the
first day of that subsequent Plan Year.
(iii) Irrevocability. A deferral agreement accepted by the Employer shall become irrevocable when the Plan Year with respect to which it is made
has commenced; provided, however, that if the Participant receives a distribution on account of a Disability or Unforeseeable Emergency
during such Plan Year, the Participant's agreement shall be cancelled, and further deferrals shall not be made.
(b) Maximum/Minimum Amounts. The terms of any such agreement shall provide that the employee elects a deferral of Compensation equal to any
percentage of Compensation per payroll period, which shall not exceed fifty percent (50%), or be less than one percent (1%) of such Compensation.
(c) Withholding. In the event an employee elects to defer an amount of his or her Compensation that would not allow for the full payment of all FICA,
federal, state and/or local income tax liabilities, the actual amount deferred shall be the maximum amount allowable after all applicable taxes.
2.2.2. Incentive Pay Deferrals.
(a) Election to Defer Incentive Pay.
(i) Initial Election. When an employee first becomes eligible to make elective deferrals of Incentive Pay, such employee shall complete such
forms as necessary to defer a portion of the employee's Incentive Pay. The agreement to defer a portion of the employee's Incentive Pay shall
be made no later than six (6) months before the end of the performance period applicable to such Incentive Pay. (Alternatively, if an employee
first becomes eligible to participate in the Plan less than six (6) months before the end of the performance period, such initial election may be
made within thirty (30) days but only with respect to Incentive Pay earned for services performed subsequent to the deferral election, except to
the extent permissible under Section 409A of the Code.)
(ii) Subsequent Elections. Each active Participant's deferral agreement shall expire upon the last day of the performance period to which it
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