Approximately thirty days prior to the beginning of each plan year, the administrator shall provide a written election form and compensation reduction agreement to each participant and to each other employee who is expected to become a participant at the beginning of the plan year. The election form shall be effective as of the first day of the plan year. Each participant who desires the optional benefit coverage described in Section 4.40.301 for the plan year shall so specify on the appropriate election form and shall agree to a reduction in their compensation. The amount of the reduction in the participant’s compensation for the plan year shall be the amount elected by the participant, subject to the limitations of the dependent care assistance plan. Such election form must be completed and returned to the administrator on or before such date as the administrator shall specify, which date shall be no later than the beginning of the first pay period for which the participant’s compensation reduction agreement will apply. (Ord. 5850-NS § 1 (part), 1988)