Common use of Employee Approval Clause in Contracts

Employee Approval. I understand and agree to the following: 1. This Salary Reduction Agreement (Agreement) is an agreement between me and my employer that I have entered into voluntarily. 2. This Agreement supersedes and replaces all prior Salary Reduction Agreements. 3. The Agreement is legally binding and irrevocable with respect to amounts paid or available while this agreement is in effect. 4. The Agreement may be terminated or modified at any time for amounts not yet paid or available. 5. Nothing herein shall affect the terms of my employment with the Employer. 6. This Agreement shall automatically terminate if my employment is terminated. 7. If the Salary Reduction Agreement is received less than 5 business days prior to the SRA due date, it is not guaranteed to be processed for that SRA due date. 8. My salary reduction do not exceed contribution limits as determined by applicable law. 9. I am responsible for notifying my Employer if I own more than 50% of another business and adopt a retirement plan for that business to ensure I have not exceeded the maximum contribution amount to all plans involved. 10. Any contribution that exceeds the maximum contribution limit must be distributed from my Employer’s 403(b) plan. I authorize the automatic cancellation of this Salary Reduction Agreement in the event of any of the following: (1) if either my employer or National Benefit Services, LLC (my employer’s third-party administrator) believe additional contributions will cause me to exceed limits under Code Section 415 or 402(g), (2) if I take a hardship distribution, if available, or (3) if I take an unforeseeable emergency distribution, if available. I have read and understand the information contained on page 1 of this Agreement. I understand that by making this application the release of my confidential information to third parties may occur as necessary to administer the Plan in accordance with the Internal Revenue Code. Employee Signature Date Form - 403-200 (12/2019

Appears in 2 contracts

Samples: Reduction Agreement, Reduction Agreement

AutoNDA by SimpleDocs

Employee Approval. I understand and agree to the following: 1. This Salary Reduction Agreement (Agreement) is an agreement between me and my employer that I have entered into voluntarily. 2. This Agreement supersedes and replaces all prior Salary Reduction Agreements. 3. The Agreement is legally binding and irrevocable with respect to amounts paid or available while this agreement is in effect. 4. The Agreement may be terminated or modified at any time for amounts not yet paid or available. 5. Nothing herein shall affect the terms of my employment with the Employer. 6. This Agreement shall automatically terminate if my employment is terminated. 7. If the Salary Reduction Agreement is received less than 5 business days prior to the SRA due date, it is not guaranteed to be processed for that SRA due date. 8. My salary reduction do not exceed contribution limits as determined by applicable law. 9. I am responsible for notifying my Employer if I own more than 50% of another business and adopt a retirement plan for that business to ensure I have not exceeded the maximum contribution amount to all plans involved. 10. Any contribution that exceeds the maximum contribution limit must be distributed from my Employer’s 403(b) plan. I authorize the automatic cancellation of this Salary Reduction Agreement in the event of any of the following: (1) if either my employer or National Benefit Services, LLC (my employer’s third-party administrator) believe additional contributions will cause me to exceed limits under Code Section 415 or 402(g), (2) if I take a hardship distribution, if available, or (3) if I take an unforeseeable emergency distribution, if available. I have read and understand the information contained on page 1 of this Agreement. I understand that by making this application the release of my confidential information to third parties may occur as necessary to administer the Plan in accordance with the Internal Revenue Code. Employee Signature Date Form - 403-200 (12/201912/2020)

Appears in 2 contracts

Samples: Salary Reduction Agreement, Salary Reduction Agreement

Employee Approval. I understand and agree to the following: 1. This Salary Reduction Agreement (Agreement) is an agreement between me and my employer that I have entered into voluntarily. 2. This Agreement supersedes and replaces all prior Salary Reduction Agreements. 3. The Agreement is legally binding and irrevocable with respect to amounts paid or available while this agreement is in effect. 4. The Agreement may be terminated or modified at any time for amounts not yet paid or available. 5. Nothing herein shall affect the terms of my employment with the Employer. 6. This Agreement shall automatically terminate if my employment is terminated. 7. If the Salary Reduction Agreement is received less than 5 business days prior to the SRA due date, it is not guaranteed to be processed for that SRA due date. 8. My salary reduction do not exceed contribution limits as determined by applicable law. 9. I am responsible for notifying my Employer if I own more than 50% of another business and adopt a retirement plan for that business to ensure I have not exceeded the maximum contribution amount to all plans involved. 10. Any contribution that exceeds the maximum contribution limit must be distributed from my Employer’s 403(b) plan. I authorize the automatic cancellation of this Salary Reduction Agreement in the event of any of the following: (1) if either my employer or National Benefit Services, LLC (my employer’s third-party administrator) believe additional contributions will cause me to exceed limits under Code Section 415 or 402(g), (2) if I take a hardship distribution, if available, or (3) if I take an unforeseeable emergency distribution, if available. I have read and understand the information contained on page 1 of this Agreement. I understand that by making this application the release of my confidential information to third parties may occur as necessary to administer the Plan in accordance with the Internal Revenue Code. Employee Signature Date Form - 403-200 (12/201902/2020

Appears in 1 contract

Samples: Reduction Agreement

Employee Approval. I understand and agree to the following: 1. This Salary Reduction Agreement (Agreement) is an agreement between me and my employer and me that I have entered into voluntarily. 2. This Agreement supersedes and replaces all prior Salary Reduction Agreements. 3. The Agreement is legally binding and irrevocable with respect to amounts paid or available while this agreement is in effect. 4. The Agreement may be terminated or modified at any time for amounts not yet paid or available. 5. Nothing herein shall affect the terms of my employment with the Employeremployer. 6. This Agreement shall automatically terminate if my employment is terminated. 7. If the Salary Reduction Agreement is received less than 5 business days prior to the SRA due date, it is not guaranteed to be processed for that SRA due date. 8. My salary reduction do not exceed contribution limits as determined by applicable law. 9. I am responsible for notifying my Employer if I own more than 50% of another business and adopt a retirement plan for that business to ensure I have not exceeded the maximum contribution amount to all plans involved. 10. Any contribution that exceeds the maximum contribution limit must be distributed from my Employer’s 403(b) plan. I authorize the automatic cancellation of this Salary Reduction Agreement in the event of any of the following: (1) if either my employer or National Benefit Services, LLC (my employer’s third-party administrator) believe additional contributions will cause me to exceed limits under Code Section 415 or 402(g), (2) if I take a hardship distribution, if available, or (3) if I take an unforeseeable emergency distribution, if available. I have read and understand the information contained on page 1 of this Agreement. I understand that by making this application the release of my confidential information to third parties may occur as necessary to administer the Plan in accordance with the Internal Revenue Code. Employee Signature Date Form - 403-200 (12/201912/2021)

Appears in 1 contract

Samples: Salary Reduction Agreement

AutoNDA by SimpleDocs

Employee Approval. I understand and agree to the following: 1. This Salary Reduction Agreement (Agreement) is an agreement between me and my employer that I have entered into voluntarily. 2. This Agreement supersedes and replaces all prior Salary Reduction Agreements. 3. The Agreement is legally binding and irrevocable with respect to amounts paid or available while this agreement is in effect. 4. The Agreement may be terminated or modified at any time for amounts not yet paid or available. 5. Nothing herein shall affect the terms of my employment with the Employer. 6. This Agreement shall automatically terminate if my employment is terminated. 7. If the Salary Reduction Agreement is received less than 5 business days prior to the SRA due date, it is not guaranteed to be processed for that SRA due date. 8. My salary reduction do not exceed contribution limits as determined by applicable law. 9. I am responsible for notifying my Employer if I own more than 50% of another business and adopt a retirement plan for that business to ensure I have not exceeded the maximum contribution amount to all plans involved. 10. Any contribution that exceeds the maximum contribution limit must be distributed from my Employer’s 403(b) plan. I authorize the automatic cancellation of this Salary Reduction Agreement in the event of any of the following: (1) if either my employer or National Benefit Services, LLC (my employer’s third-party administrator) believe additional contributions will cause me to exceed limits under Code Section 415 or 402(g), (2) if I take a hardship distribution, if available, or (3) if I take an unforeseeable emergency distribution, if available. I have read and understand the information contained on page 1 of this Agreement. I understand that by making this application the release of my confidential information to third parties may occur as necessary to administer the Plan in accordance with the Internal Revenue Code. Employee Signature Date Form - 403-200 (12/201912/2020

Appears in 1 contract

Samples: Salary Reduction Agreement

Employee Approval. I understand and agree to the following: 1. This Salary Reduction Agreement (Agreement) is an agreement between me and my employer that I have entered into voluntarily. 2. This Agreement supersedes and replaces all prior Salary Reduction Agreements. 3. The Agreement is legally binding and irrevocable with respect to amounts paid or available while this agreement is in effect. 4. The Agreement may be terminated or modified at any time for amounts not yet paid or available. 5. Nothing herein shall affect the terms of my employment with the Employer. 6. This Agreement shall automatically terminate if my employment is terminated. 7. If the Salary Reduction Agreement is received less than 5 business days prior to the SRA due date, it is not guaranteed to be processed for that SRA due date. 8. My salary reduction do not exceed contribution limits as determined by applicable law. 9. I am responsible for notifying my Employer if I own more than 50% of another business and adopt a retirement plan for that business to ensure I have not exceeded the maximum contribution amount to all plans involved. 10. Any contribution that exceeds the maximum contribution limit must be distributed from my Employer’s 403(b) plan. I authorize the automatic cancellation of this Salary Reduction Agreement in the event of any of the following: (1) if either my employer or National Benefit Services, LLC (my employer’s third-party administrator) believe additional contributions will cause me to exceed limits under Code Section 415 or 402(g), (2) if I take a hardship distribution, if available, or (3) if I take an unforeseeable emergency distribution, if available. I have read and understand the information contained on page 1 of this Agreement. I understand that by making this application the release of my confidential information to third parties may occur as necessary to administer the Plan in accordance with the Internal Revenue Code. Employee Signature Date Form - 403-200 (12/2019)

Appears in 1 contract

Samples: Reduction Agreement

Time is Money Join Law Insider Premium to draft better contracts faster.