This excerpt taken from the BBBY 8-K filed Jan 5, 2006.
3.2 Time of Election.
A Deferral Election shall be void if it is not made in a timely manner as follows:
(a) A Deferral Election with respect to any Compensation must be submitted to the Administrator before the beginning of the calendar year during which the amount to be deferred will be earned.
(b) Notwithstanding the foregoing and in the discretion of the Employer, in a year in which an Employee is first eligible to participate, such Deferral Election shall be filed within thirty (30) days after the date on which an Employee is first eligible to participate, with
respect to Compensation to be earned during the remainder of the calendar year after such election is made.