You can elect to contribute up to 50% of your eligible pay, up to $15,000 (the maximum legal limit in 2003) to the 401(k) Plan on a pre-tax basis and direct contributions into nine investment funds currently available through the Plan. Level 3 matches 100% of employee-owner contributions up to the first 7% of eligible earnings in company stock (up to the statutory limit.) All company matches vest at 33% after one year of employment, 66% after two years of employment, and 100% after 3 years from your hire date. The match, as well as employee-owner contributions can be diversified into the other investment funds offered through the Plan as soon as it is credited to your account. The ability to immediately diversify a company match is subject to compliance with Level 3’s Insider Trading policies and procedures. In addition, you won't pay any taxes on your contributions or their earnings until you receive a distribution of money from your account.