Salary Reduction Agreement. A binding contract executed by the Employee and the Employer authorizing a reduction in the Employee's future Compensation or a waiver of increasing future Compensation provided that such amounts shall be contributed to the Employee's Custodial Account by the Employer.
Salary Reduction Agreement. The Salary Reduction Agreement shall be a legally binding agreement between the Employer and the Employee whereby the Employee agrees to take a reduction in salary or to forego an increase in salary with respect to amounts earned after the agreement's effective date, and whereby the Employer agrees to contribute the amount of salary reduced or foregone by the Employee to the Account. The Salary Reduction Agreement may be terminated at any time by the Employee with respect to amounts not yet earned by the Employee.
Salary Reduction Agreement. I understand the Court will pretax the amount I am required to contribute toward my employee benefits throughout the Plan Year. Employee benefits include employer-sponsored plan and voluntary life and personal accident insurance. The amount of reduction will automatically change in the event a change occurs in the contribution amount. 🞎 Check here to decline having your insurance premiums taken on a pre-tax basis. Signature Date:
Salary Reduction Agreement. The Mayor is hereby authorized to enter into an agreement with City employees who qualify for this Plan, whereby the participant may designate a portion of his or her future earnings to be deducted by the City and placed in an accumulated fund calculated to provide tax sheltered annuity benefits to the participant upon his or her retirement. Such agreement shall include, but not be limited to, specifications that:
(1) No City funds shall be contributed to the Plan.
(2) The City may amend the provisions of this Plan at any time, provided, however, that no amendment shall affect the rights of participants or their beneficiaries to the receipt of payment of benefits, to the extent of any compensation deferred at the time of the amendment as adjusted for investment experience hereunder prior to and subsequent to the amendment.
(3) The City shall not be responsible for any loss due to the investment or failure of investment of funds and assets in the Plan, nor shall the City be required to replace any loss whatsoever which may result from such investments or failure to make investments.
(4) All funds and assets, together with interest, accumulations and increments thereon, in the Employees’ Salary Reduction Tax-Sheltered Annuity Account, shall remain an asset of the employee and be subject to the employee's ownership until such time as the funds or assets of such Account are distributed to the participant in accordance with the provisions of the agreement.
(5) The City may elect to purchase a variable annuity contract or other asset in connection with the liabilities assumed by it hereunder.
(6) The obligation of the City to the participant for the payment of distributions and increments thereon referred to in the agreement are deemed a contractual obligation only, and the participant shall have no preferred or special interest by way of trust, escrow, annuity or otherwise, in and to the specified assets or funds in the Employees’ Salary Reduction-Tax Sheltered Annuity Account.
Salary Reduction Agreement. A Salary Reduction Agreement means a Participant's written election to make Elective Deferrals to the Plan (including a Contrary Election under Section 3.02(B)(4)), made on the form the Plan Administrator provides for this purpose.
Salary Reduction Agreement. An Eligible Employee may elect to have Elective Deferrals made under the Plan through either single-sum or continuing contributions, or both, pursuant to a Salary Reduction Agreement. By entering into a Salary Reduction Agreement, the Employee agrees to a reduction in his or her Compensation in the amount designated and the Employer agrees to contribute and allocate an equivalent amount to the Participant’s SIMPLE IRA under the Plan. An Employee who is an Eligible Employee for a particular calendar year must be permitted to make or modify a Salary Reduction Agreement during the 60-day Election Period for the calendar year. Such a Salary Reduction Agreement, or modification thereof, shall be effective as soon as practical after receipt by the Employer (or, if later, the date specified by the Eligible Employee in the Salary Reduction Agreement) but not earlier than the first pay period beginning in the calendar year. In the case of an Employee who becomes an Eligible Employee other than at the beginning of the calendar year for any of the reasons stated in Section 2.8 of the Plan, the Eligible Employee must be permitted to make or modify a Salary Reduction Agreement during the 60-day Election Period that begins on the day the plan notice is provided to the Eligible Employee and that includes the day the employee becomes eligible or the day before. Such a Salary Reduction Agreement will become effective as soon as practical after receipt by the Employer (or, if later, the date specified by the Eligible Employee in the Salary Reduction Agreement). Any Salary Reduction Agreement may be modified prospectively during the Election Period. An Employee may terminate a Salary Reduction Agreement at any time during the Plan Year. Such termination shall be in writing and shall be effective as soon as practical after receipt of a termination request by the Employer or, if later, the date specified by the Employee in the termination request. An Employee who terminates a Salary Reduction Agreement during the Plan Year may not resume Elective Deferrals until such time as is stated in Item 3A of the Adoption Agreement following such termination. An Employer may accept modifications to a Salary Reduction Agreement in accordance with the provisions outlined in Item 3B of the Adoption Agreement.
Salary Reduction Agreement. Each employee wishing to participate in the program must execute a Salary Reduction Agreement, thereby reducing the annual salary and authorizing the amount of reduction to be used to purchase an annuity and/or custodial account. There are three copies of each Agreement, to be filed accordingly: Blue – Treasurer; White – Insurance or Investment Company; Pink – Employee. Each Agreement must be submitted to the Treasurer for processing. Upon completion, the white copy will be forwarded to the company and/or its representative.
Salary Reduction Agreement. I hereby request the Treasurer to reduce my salary, on a pre-tax basis, by any Health Savings Account (HSA) contributions, Highmark FSA contributions and administrative fees, spousal costs*, and Pastor’s contributions** as applicable. (Please sign below even if no dollars are reduced from salary. Signature indicates you have read and understand this Election Sheet)
Salary Reduction Agreement. The Employee may choose to purchase retirement credit, MEA Financial Services programs, and/or Board approved annuities through a salary reduction agreement.
Salary Reduction Agreement. The salary reduction agreement referred to in Article 3.1 of this Appendix shall be a legally binding agreement between the Employer and Participant whereby the Participant agrees to a reduction in salary, bonuses, or wages (or to forego an increase in salary or wages) with respect to amounts not yet payable to the Participant, and the Employer shall contribute the amount of salary or wages reduced or foregone by the Participant to the Account on behalf of the Participant. The salary reduction agreement may be amended at any time (as permitted under the terms of any applicable employee benefit plan sponsored by the Employer) or terminated at any time, by either the Employer or Participant, with respect to amounts not yet payable to the Participant.
