Employee would like no 401(k) taken from overtime check only Options

[masteff]

I agree w/ Janet. Go back up to Bird's post that has the quote from his plan's text. The section he's quoting is the definition of the deferral percentage. It explicitly states that the deferral election can "slice and dice" the components of comp for the purposes of the election. So def of comp stays the same, only the def of deferral election would need to be reviewed/changed.

[Steelerfan]

I agree w/ Janet. Go back up to Bird's post that has the quote from his plan's text. The section he's quoting is the definition of the deferral percentage. It explicitly states that the deferral election can "slice and dice" the components of comp for the purposes of the election. So def of comp stays the same, only the def of deferral election would need to be reviewed/changed.

We seem to be going in circles with this. What are the chances that the plan provides for slice and dice percentages at this time (let alone for overtime pay), without which, it would appear you are locked in until you are permitted by the plan to change your election, which at this time would appear to affect all plan compensation, not just overtime pay.

[masteff]

We seem to be going in circles with this. What are the chances that the plan provides for slice and dice percentages at this time (let alone for overtime pay), without which, it would appear you are locked in until you are permitted by the plan to change your election, which at this time would appear to affect all plan compensation, not just overtime pay.

In the OP's latest post, the follow-up question was to the effect of "wouldn't we have to amend the def of comp?"... to which the answer is "no, the amendment would be to the def of deferral election". Just because the plan doesn't allow slicing and dicing now doesn't mean it couldn't... assuming the company really cared enough to go to the effort and cost to amend the plan.