Salary Deferral Agreement. An agreement between the Employer and an Employee where the Employee authorizes the Employer to withhold a specified percentage or dollar amount of his or her Compensation (otherwise payable in cash) for deposit to the Plan on behalf of such Employee.
Salary Deferral Agreement. (a) In general. Each Plan Year, a Participant may elect to enter into a written Salary Deferral Agreement with the Employer which shall be applicable to a specified number of payroll periods within the Plan Year following the date of such Salary Deferral Agreement. The terms of any such Salary Deferral Agreement shall provide that the Participant agrees to accept a reduction in salary from the Employer equal to a stated percentage of his Compensation per payroll period, or a fixed dollar amount, or some combination thereof, not to exceed either: (1) the amount specified in the Adoption Agreement for a Salary Deferral Agreement for the Plan Year, or (2) the dollar limit contained in Code section 402(g) in effect at the beginning of the calendar year. A Participant’s Elective Deferrals for a calendar year under the Plan, plus the Participant’s elective contributions under all other plans, contracts and arrangements of the Employer, shall not exceed the limit imposed by Code section 402(g) for such calendar year, except to the extent permitted under Section 3.01(d) and Code section 414(v), if applicable. In consideration of such Salary Deferral Agreement, the Employer shall make a Salary Deferral Contribution to the Participant’s Salary Deferral Account (and, if applicable, the Participant’s Salary Deferral Catch-up Contribution Account) and a Xxxx 401(k) Contribution to the Participant’s Xxxx 401(k) Account (and, if applicable, the Participant’s Xxxx 401(k) Catch-up Contribution Account) on behalf of the Participant for such Plan Year in an amount equal to the total amount by which the Participant’s Compensation from the Employer was reduced during the Plan Year pursuant to the Participant’s Salary Deferral Agreement.
Salary Deferral Agreement. 1. This agreement is submitted to the University of Alaska, hereinafter “Employer,” on (date) by , hereinafter “Employee.” Employee elects to contribute $ per pay period, to a calendar year goal of $ Total of all deferrals under this Agreement may not, in 2021, exceed the $19,500 IRC limit unless Employee is age 50 or older and applying the Age 50+ catch-up of $6,500. Alternatively, Employee can elect the Special Catch-Up Limit of up to an additional $19,500 in one of the last three years of employment prior to normal retirement age.
Salary Deferral Agreement. 6. If this Paragraph 6 is completed, the Employee is electing to defer more than $17,000 in 2012 because he or she is eligible for the "special 457 catch-up" that is available during the last three years before Normal Retirement Age. The Employee hereby elects, or has previously elected, age as his or her Normal Retirement Age. The Employee will attain such Normal Retirement Age in 2013, 2014 or 2015. Once the Employee elects to defer an additional amount using this Paragraph 6, the Employee cannot change his or her Normal Retirement Age. Employee signature Date Employer acceptance: Xxxxx Xxxxxxxxx, Senior Manager, Benefits & HR Date
Salary Deferral Agreement. Salary Deferral Agreements may be entered into as of such date or dates (but at least once per Plan Year) as established by the Administrator in an administrative policy regarding Elective Deferrals promulgated under Section 8.6. A Participant may thereafter modify a Salary Deferral Agreement to increase or decrease the percentage or amount being withheld as permitted under such administrative policy. The Participant may also at any time suspend or cancel his or her Salary Deferral Agreement upon reasonable written notice to the Administrator. If a Participant cancels or suspends his or her Salary Deferral Agreement, the Participant will not be permitted to put a new Salary Deferral Agreement into effect until such time as set forth in such administrative policy. If necessary to insure that the Plan satisfies the ADP Test or upon a Participant reaching the Elective Deferral limit of Code §402(g) with respect to such Participant’s Elective Deferrals in the Plan, then the Sponsoring Employer may temporarily suspend a Participant’s Salary Deferral Agreement upon notice to the Participant. If a Participant has not elected in his or her Salary Deferral Agreement to withhold at the maximum rate permitted by the Plan for a Plan Year and the Participant wants to increase the total amount withheld for that Plan Year up to the maximum permitted rate, then the Participant can make a supplemental election at any time during the last two months of the Plan Year to withhold an additional amount for one or more pay periods (including, if elected in the Adoption Agreement, Catch-Up Contributions not in excess of the Catch-Up Contribution Limit). An Elective Deferral will constitute a payroll deduction authorization for purposes of applicable state law. If automatic enrollment is elected in the Adoption Agreement pursuant to paragraph (g) above, then the Participant must be given an effective opportunity to elect a different amount (including no amount).
Salary Deferral Agreement. Both the Employer and the Employee acknowledge and understand that the Employee has total responsibility for deciding whether to defer income and for instructing to whom the Employer is to provide the deferred income for investment purposes. The Employee may only contribute amounts that have not already been paid or made available. The Employee agrees and acknowledges that contributions shall not exceed the Internal Revenue Code deferral limit. This Agreement is legally binding and irrevocable for both the Employer and the Employee with respect to amounts paid while this Agreement is in effect and while employment continues. The Employee may terminate or otherwise modify this agreement at any time by giving written notice so that this agreement will not apply to salary subsequently paid. Employee’s Signature Date Authorized Signature for Employer Date
Salary Deferral Agreement. Mo Day Year ❑ Female ❑ Male ❑ Married ❑ Unmarried Date of Birth This Agreement shall apply to all compensation paid from the effective date specified, until cancelled, superceded, or the employee ceases to be an eligible employee. This Agreement supercedes all previous agreements. I understand that I may change the percentage of compensation or dollar amount contributed to the Plan only when and as allowed under the terms of the Plan. I also understand that it is my responsibility to comply with the Internal Revenue Code deferral limits. Payroll Information Specify one of the following: ❑ New Enrollment ❑ Restart ❑ Increase Payroll Deduction ❑ Decrease Payroll Deduction ❑ Stop Deductions Specify the following: ❑ I elect to contribute $ (per pay period) of my compensation as before-tax contributions to the Governmental 457(b) Deferred Compensation Plan until such time as I revoke or amend my election. Payroll Effective Date: Date of Hire: Mo Day Year Mo Day Year Deferral agreements must be entered into prior to the first day of the month that the deferral will be made. Payroll Center Name Payroll Center Number Multiple Recordkeepers Specify recordkeeper name(s) and dollar amount you wish to allocate per pay period. RECORDKEEPER NAME: $ PER PAY PERIOD:
Salary Deferral Agreement. The Custodian may accept contributions from the Employer on behalf of a Participant made pursuant to a Salary Deferral Agreement. A Participant shall designate the amount or percentage by which such Participant's compensation is to be deferred in the Salary Deferral Agreement. Such amount or percentage shall be effective until otherwise modified in writing by the Participant. A Participant may amend or terminate his or her Salary Deferral Agreement at such times as may be permitted by the Employer, however the Participant may not change his or her election more than once per tax year unless permitted by the Employer in a uniform and nondiscriminatory manner.
Salary Deferral Agreement. (a) In general (b) Governing rules (c) Time of Payment of Salary Deferral Contributions
Salary Deferral Agreement. (a) In general. Each Plan Year, a Participant may elect to enter into a written Salary Deferral Agreement with the Employer which shall be applicable to a specified number of payroll periods within the Plan Year following the date of such agreement. The terms of any such Salary Deferral Agreement shall provide that the Participant agrees to accept a reduction in salary from the Employer equal to any whole percentage of his Compensation per payroll period, or a fixed dollar amount, or some combination thereof, not to exceed either: (1) the percentage specified in the Adoption Agreement for Salary Deferral Agreement for the Plan Year or (2) the dollar limit contained in Code section 402(g) in effect at the beginning of the calendar year. A Participant’s Salary Deferral Contributions for a calendar year under the Plan, plus the Participant’s elective contributions under all other plans, contracts and arrangements of the Employer, shall not exceed the limit imposed by Code section 402(g) for the taxable year beginning in such calendar year. In consideration of such agreement, the Employer shall make a Salary Deferral Contribution to the Participant’s Salary Deferral Account on behalf of the Participant for such Plan Year in an amount equal to the total amount by which the Participant’s Compensation from the Employer was reduced during the Plan Year pursuant to Salary Deferral Agreement.
