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. 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 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. 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:
Salary Reduction Agreement. A. □ I agree to reduce my eligible compensation by $ each pay as a pre-tax salary deferral contribution. (Generally limited to $22,500 for 2023) □ I agree to reduce my eligible compensation by $ * each pay as a Roth contributxxx. (Limited to $22,500 per year for 2023) *Combined Roth & pre-tax xxxerral may not exceed $22,500 per year for 2023
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.
