Common use of Maximum Salary Reduction Clause in Contracts

Maximum Salary Reduction. I understand that the total amount of my salary reduction contribution for the matching plan and voluntary plan in any calendar year cannot exceed the applicable amounts listed below. Tax Year Annual Deferral amount Annual Catch-up Amount* 2021 $19,500 $6,500 Employee Signature Date Director of Human Resources Signature Date Return this form to Human Resources, Memorial Building, Room 104 or email to XX@Xxxxxxx.xxx *ELIGIBILTY REQUIREMENTS can be found on the HR website at xxxxx://xxx.xxxxxxx.xxx/human-resources/benefits/retirement *Employees age 50 or older by the end of the calendar year may make additional elective deferral contributions annually. The amount must not exceed the statutory limitation under IRC Section 414(v).

Maximum Salary Reduction. I understand that the total amount of my salary reduction contribution for the matching plan and voluntary plan in any calendar year cannot exceed the applicable amounts listed below. Tax Year Annual Deferral amount Annual Catch-up Amount* 2021 2022 $19,500 20,500 $6,500 Employee Signature Date Director of Human Resources Signature Date Return this form to Human Resources, Memorial Building, Room 104 or email to XX@Xxxxxxx.xxx *ELIGIBILTY REQUIREMENTS can be found on the HR website at xxxxx://xxx.xxxxxxx.xxx/human-resources/benefits/retirement *Employees age 50 or older by the end of the calendar year may make additional elective deferral contributions annually. The amount must not exceed the statutory limitation under IRC Section 414(v).