(a) A participant shall designate a preference for the investment of amounts deferred from among the available investment products under the plan in the participation agreement.

(b) A participant may change a designation of an investment preference with respect to prospective deferrals by filing an amended participation agreement, which shall be subject to acceptance by the board.

(c) Investment of deferred amounts shall be made in accordance with the participants’ designated preferences unless otherwise directed by the board for good cause, such as, circumstances which necessitate an immediate safe- guarding of deferred amounts. Whenever deferred amounts are not invested in accordance with this participants designation preferences, all affected participants shall be advised by the administrator in writing of the action taken by the board and the reason for the action.

History: Rule 11-87, eff 17 Jun 87.