BB&T 2015 Annual Report Download - page 244

ARTICLE III
CREDITS TO ACCOUNTS
3.1 Salary Reduction Credits.
3.1.1 Amount of Salary Reduction Credits. Each Participant who is a participant in the Savings Plan may elect to
reduce on a pre-tax basis his Covered Compensation from the Employer for any Plan Year by a percentage as set forth on a
Salary Reduction Election Form which the Participant executes prior to the applicable Entry Date and in accordance with
Section 3.1.3. Such election will apply to the Covered Compensation received by the Participant after the date such election
becomes effective during the Plan Year. For each Plan Year, the deferral election will be effective as of the earlier date below:
(a) the date the Participant's Covered Compensation reaches the limit under Code section 401(a)(17) for the
Plan Year while the Participant is making Salary Reduction Contributions under the Savings Plan, or
(b) the date the Participant's contribution to the Savings Plan have reached the pre-tax contribution limit
under Code section 402(g) during the Plan Year.
In the event that a Participant’s first Entry Date is other than January 1 and it is his first year of eligibility under the Plan (taking
into consideration eligibility under all other nonqualified account balance plans of the Company and of any Affiliate that are
required to be aggregated with the Plan under Section 409A in determining whether such Plan Year is in fact the first year of
eligibility, within the meaning of Treasury Regulation Section 1.409A-2(a)(7)(ii), under a "plan" that includes the Plan), such
Participant may file an initial Salary Reduction Election Form in accordance with this Section 3.1.1 within 30 days of becoming
first eligible to participate under the Plan, but only with respect to that portion of his Covered Compensation to be earned for
services to be performed subsequent to such election and ending on December 31 of such Plan Year. Such deferral election will
be effective as of the earlier of the date that the requirements in (a) or (b) above are satisfied.
3.1.2 Time for Crediting Accounts. Salary Reduction Credits shall be credited to a Participant’s Salary Reduction
Account as of the time, and in the same manner, that Salary Reduction Contributions are credited to the Participant’s Salary
Reduction Contribution (Before-Tax) Account under the Savings Plan.
3.1.3 Administrative Rules. An election pursuant to Section 3.1.1 shall be made by the Participant by executing and
delivering to the Committee a Salary Reduction Election Form in accordance with such rules and procedures as are adopted by
the Committee from time to time. Except for the first year of eligibility, the Salary Reduction Election Form must be received
by the Committee prior to the beginning of each Plan Year in accordance with procedures established by the Committee. The
Salary Reduction
8
Source: BB&T CORP, 10-K, February 25, 2016 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.