Automatic contribution arrangement
For purposes of this section—
(A) In general
(A)In general#
An automatic contribution arrangement described in this paragraph is an arrangement under which an eligible participant is treated as having elected to have the plan sponsor make elective contributions to a pension-linked emergency savings account at a participant contribution rate that is not more than 3 percent of the compensation of the eligible participant, unless the eligible participant, at any time (subject to such reasonable advance notice as is required by the plan administrator), affirmatively elects to—
(i) make contributions at a different rate, or
(ii) opt out of such contributions.
(A)(i)#
make contributions at a different rate, or
(A)(ii)#
opt out of such contributions.
(B)Participant contribution rate#
For purposes of an automatic contribution arrangement described in subparagraph (A), the plan sponsor—
(i) shall select a participant contribution rate under such automatic contribution arrangement which meets the requirements of subparagraph (A), and
(ii) may amend such rate (prior to the plan year for which such amendment would take effect) not more than once annually.
(B)(i)#
shall select a participant contribution rate under such automatic contribution arrangement which meets the requirements of subparagraph (A), and
(B)(ii)#
may amend such rate (prior to the plan year for which such amendment would take effect) not more than once annually.