Automatic deferral
(i) In general
(i)In general#
The requirements of this subparagraph are met if, under the plan, each eligible employee is treated as having elected to have the employer make elective contributions in an amount equal to a qualified percentage of compensation.
(ii)Election out#
The election treated as having been made under clause (i) shall cease to apply with respect to any eligible employee if such eligible employee makes an affirmative election—
(I) to not have such contributions made, or
(II) to make elective contributions at a level specified in such affirmative election.
(ii)(I)#
to not have such contributions made, or
(ii)(II)#
to make elective contributions at a level specified in such affirmative election.
(iii)Qualified percentage#
For purposes of this subparagraph, the term “qualified percentage” means, with respect to any employee, any percentage determined under the plan if such percentage is applied uniformly and is not less than 3 or more than 15 percent.