PROGRAM PARTICIPATION: ELECTION

(a) Effective September 1, 2022, a participating entity may elect to discontinue the entity's participation in the program by providing written notice to the trustee not later than December 31 of the year preceding the first day of the plan year in which the election will be effective. (b) A participating entity that elects to discontinue participation in the program under Subsection (a) may not elect to: (1) participate in the program until the fifth anniversary of the effective date of the entity's election to discontinue participation; or (2) discontinue the entity's participation after an election described by Subdivision (1) until the fifth anniversary of the effective date of that election. (c) Effective September 1, 2022, an entity that elects to participate in the program shall provide written notice to the trustee not later than December 31 of the year preceding the first day of the plan year in which the election will be effective. The entity may not elect to discontinue the entity's participation until the fifth anniversary of the effective date of the entity's election to participate. (d) The trustee by rule shall prescribe the time and manner for making an election under this section and may adopt rules necessary to administer this section.