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You fill out a form and then your PML approves it. I think HR can provide the form if you call the HRSC. For busy season, I was told a few years ago, the expectation was 40 hr/week if you are doing 80% as a manager (chargeable goal of 50 hours x 80%). Unfortunately, I don't have a success story for you. Mine fell through due to client having a lot of special transactions and I got burnt out taking care of a baby and working full-time. I would say if you want to do it, be firm and stand your ground that working full-time is not possible for you in this season of life. Resource management should be figuring out staffing constraints. Don't feel pressured to say you will get off of your AWA.
EY has a similar feature. I knew several people on it, and it seemed like the biggest issue was maintaining your boundaries on number of hours. Don't feel guilty getting up and leaving, because you're voluntary taking a pay cut. Communicate to your team the expectation (especially your seniors and staff) multiple times, to help reiterate it.
We also require more hours during busy season. This is where I saw people work the most (not full busy season hours, but over 40 hours) , because they felt like it was abandoning their team otherwise.