Common use of Payroll Election and Limits Clause in Contracts

Payroll Election and Limits. I authorize my employer to deduct the contribution amount specified in this form from my gross wages, and invest it into my account in the investment options I have selected on this form. I understand I cannot elect to contribute on a Xxxx after-tax basis unless my employer has adopted the MNDCP Xxxx 457. I understand that this agreement shall be effective not earlier than the first pay period following receipt of this completed application and shall continue in effect until modified or termin-ated in accordance with the MNDCP rules. I understand that the maximum combined pre-tax and Xxxx after-tax deferral amount per calendar year, including the catch-up provision, shall be the limits established under section 457 of the Internal Revenue Code (“Code”). This maximum amount shall be reduced by any matching dollars contributed by my employer or bargaining unit or any contribution to another plan under section 457 of the Code. I understand the catch-up provision allowing for the additional deferral of compensation and the limits established under section 457 of the Code, beginning the last three (3) taxable years prior to reaching normal retirement age as defined by my pension 401(a) plan.

Payroll Election and Limits. I authorize my employer to deduct the contribution amount specified in this form from my gross wages, and invest it into my account in the investment options I have selected on this form. I understand I cannot elect to contribute on a Xxxx after-tax basis unless my employer has adopted the MNDCP Xxxx 457. I understand that this agreement shall be effective not earlier than the first pay period following receipt of this completed application and shall continue in effect until modified or termin-ated terminated in accordance with the MNDCP rules. I understand that the maximum combined pre-tax and Xxxx after-tax deferral amount per calendar year, including the catch-up provision, shall be the limits established under section 457 of the Internal Revenue Code (“Code”). This maximum amount shall be reduced by any matching dollars contributed by my employer or bargaining unit or any contribution to another plan under section 457 of the Code. I understand the catch-up provision allowing for the additional deferral of compensation and the limits established under section 457 of the Code, beginning the last three (3) taxable years prior to reaching normal retirement age as defined by my pension 401(a) plan.