The Board of Trustees of the San Francisco Electrical Workers Retirement Savings Plan has approved a change to give Participants the opportunity to make semi-annual 401(k) pre-tax wage deferral elections instead of just a single annual election. All Participants who have attained at least the 45% Apprentice level and who are working in Covered Employment may elect (or revise their current election) to make deferral elections during one of two open enrollment periods. In addition to the end-of-year open enrollment period that takes effect each January 1, a semi-annual open enrollment begins in May and ends in early June with payroll changes taking effect on the following July 1. You may make deferral elections in $1.00 per hour increments up to a maximum of $8.00. These contributions will reduce your taxable wages for income tax purposes but will not reduce your earnings subject to social security and Medicare taxes.