A participant failing to return a completed election form to the administrator on or before the specified due date for the initial plan year of the plan, or for the plan year in which they became a participant, shall be deemed to have elected to receive their full compensation in cash. A participant failing to return a completed section form to the administrator relating to the optional benefit described in Section 4.40.301 on or before the specified due date for any plan year shall be deemed to have elected cash compensation in lieu of such optional benefit, regardless of the election in effect during the preceding plan year. (Ord. 5850-NS § 1 (part), 1988)