There is not an election in the document/checklist to specify whether elective deferrals can be a designated as a percentage, dollar amount or both. The plan administrator is relegated the power to set an administrative policy for such actions.
Section 4.01(c) in the base plan document permits the Plan Administrator to establish an outside written policy/procedure.
(c) Procedures. A Participant shall make an election described in Subsection (b) in such form and manner as may be prescribed by procedures established by the Plan Administrator. Such procedures may include, but not be limited to specifying that elections be made at such time in advance as the Plan Administrator may require, allowing on a nondiscriminatory basis a Participant to make a separate election as to any bonuses or other special pay, or requiring elections be made in a dollar amount or percentage of pay. A Participant's election regarding Elective Deferrals may be made only with respect to an amount which the Participant could otherwise elect to receive in cash and which is not currently available to the Participant. The Plan Administrator may allow Participants, on a nondiscriminatory basis, to defer on Plan Compensation received after Termination of Employment.