Catch Up Provisions Clause Samples
Catch Up Provisions. If you are contributing more than the basic limit to a 403(b), 403(b) ▇▇▇▇ and/or 457, you must be using one (or both) of the following: I am contributing $ I am contributing $ using the 15-years service election. (Attach documentation). using the Age 50 and older catch up election.
Catch Up Provisions ed
1. Employer does not choose the annuity contract(s) or custodial account(s) in which contributions are invested.
2. Employees are responsible for setting up and signing the legal documents to establish the annuity contract or custodial account. However, in certain group annuity contracts, Employer may be required to establish the contract.
3. In order to receive the expected tax results, Employees are responsible for investing in annuity contracts or custodial accounts that meet the requirements of Section 403(b)/403(b)/457 in the Internal Revenue Code.
4. Employees are responsible for naming a death benefit under the 403(b)/403(b) ▇▇▇▇/457 program. This is normally done at the time the annuity contract or custodial account is established. Beneficiary designations should be reviewed periodically.
5. Employees are responsible for all distributions and any other transactions with their service provider. All rights under the annuity contracts or custodial accounts are enforceable solely by the Employee, Employee Beneficiary work directly with the service provider to transfer contract(s) or custodial accounts(s) to another service provider, begin distributions, make loans, or otherwise access 403(b)/403(b) ▇▇▇▇/457 program assets.
6. Employees are responsible for determining that salary reductions do not exceed the allowable contribution limits under Applicable Law. Limits should be checked each year for the scheduled increases through 2011. By signing this Agreement, you are declaring that the amount you have elected to withhold does not exceed the allowable contribution limits under Applicable Law. If selected in Part 2 above, you are declaring that you are eligible for one or both of the catch up elections as indicated. And you are accepting full responsibility for the amount you have elected to have withheld from your salary and contributed to the 403(b)/403(b) ▇▇▇▇/457 arrangement. If an investment company does not agree to pay the third 403(b) Plan the fee, upon consent of the employer, shall be passed along to the 403(b) participant. This fee equates to .60 cents per participant per month.
Catch Up Provisions. If in the year ending on the anniversary of the Closing Date in 2002 or 2003 Pamex Revenue is less than $2,800,000, and in the following year Pamex Revenue is greater than $2,800,000, the following provisions will apply: