"Will a deferred compensation plan fail to be an 'eligible deferred compensation plan' described in section 457(b) of the Internal Revenue Code merely because deferrals are made under an arrangement whereby a fixed percentage of an employee's compensation is deferred on the employee's behalf under the plan unless the employee affirmatively elects to receive the amount in cash? ... Holding: Where ... the obligation to make deferrals with respect to an employee's compensation for a month is established before the beginning of a month by either an automatic election or by an agreement to alter the terms of the automatic election and receive cash in lieu of making deferrals, an eligible deferred compensation plan will satisfy the requirements of section 457(b)(4)."

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