Salary Reduction Agreements Sample Clauses
Salary Reduction Agreements. The following rules and restrictions apply to an Employee's salary reduction agreement: (Make a selection under (1), (2), (3) and (4))
Salary Reduction Agreements. A Participant can change his or her Salary Reduction Agreement: (check one) x At any time ¨ Annually on the date established by the Administrator ¨ Semi-annually on the date established by the Administrator ¨ Quarterly on the date established by the Administrator ¨ Monthly on the day established by the Administrator ¨ On the date or dates as established by the Administrator
Salary Reduction Agreements. This Agreement shall terminate any prior Salary Reduction Agreement executed between Employee and Employer under Employer’s Section 403(b) program. If Employer elects to cease all salary reduction contributions to its Section 403(b) program or Plan, this Agreement shall automatically terminate. Nothing in this Agreement shall be deemed to constitute an employment agreement and nothing contained herein shall be deemed to give Employee any right to be retained in the employ of Employer. Subject to any limitations imposed by Xxxxxxxx’s Plan, Employee hereby directs THE VARIABLE ANNUITY LIFE INSURANCE COMPANY to distribute to Employee any contributions determined to be in excess of any applicable contribution limits in accordance with governing legal requirements. IN WITNESS WHEREOF the parties hereto have executed this Agreement on this , Month/day Year Employee Signature Employer Signature
Salary Reduction Agreements. Under Option (j), the Employer must make selections from (1), (2), (3) and (4). Under (1), Option (ii) prescribes a maximum deferral percentage, Option (iii) prescribes a minimum deferral percentage and Option (i) prescribes no special maximum limitation. The Employer may select both Options (ii) and (iii), or both Options (i) and (iii), but Options (i) and (ii) are mutually exclusive. The Employer may wish to consider a maximum percentage deferral under Option (ii) to minimize the potential for Code 415 violations. Under paragraphs (2) and (3), the Employer elects which restrictions apply to the participant's right to revoke his/her salary reduction agreement. Under paragraph (4), the Employer elects which restrictions apply to the participant's right to increase or decrease his/her salary reduction percentage. The Employer should consider the effect its elections have on plan administration.
Salary Reduction Agreements. This Agreement shall terminate any prior Salary Reduction Agreement executed between the Employee and the Employer under the Employer’s Section 403(b) program. If the Employee terminates employment with Employer, or if the Employer terminates its Section 403(b) program, this Agreement shall automatically terminate.
Salary Reduction Agreements. A Salary Reduction Agreement of an Eligible Employee shall be subject to the following
(a) The Salary Reduction Agreement shall be made in writing and provide that on each regular payroll date, the Employer will reduce the Employee’s Compensation by a dollar amount that is specified by the Eligible Employee; and that the Employer shall contribute an amount equal to the Eligible Employee’s reduction in Compensation on behalf of the Eligible Employee to a Plan Contract designated by the Eligible Employee. Notwithstanding the foregoing, the following limitations and restrictions shall apply with respect to Salary Reduction Agreements:
(i) The amount of an Eligible Employee’s Salary Reduction Agreement shall also be subject to any Contribution limitations imposed pursuant to Article III and Appendix A of this Plan.
(ii) If an Eligible Employee receives a hardship distribution under Section 5.5 from a Plan Contract or a Prior Contract, and the Provider of the Plan Contract or a Prior Contract relies upon the provisions of Treasury Regulations Section 1.401(k)-1(d)(3)(iv)(E), so that the hardship withdrawal is therefore deemed necessary to satisfy the immediate and heavy financial need of the Eligible Employee, the Eligible Employee shall be prohibited from entering into a Salary Reduction Agreement under this Plan for the period of time specified in Section 5.5 (i.e. six months).
(b) The reduction in an Eligible Employee’s Compensation on any payroll date shall only be made after the Employee’s Compensation has otherwise been reduced by amounts that are required for federal, state and local taxes, member contributions to a state retirement system, any other amounts required by law (e.g. garnishments), any amounts that are required to pay for an Eligible Employee’s election of health coverage under a health care plan of the Employer, and union dues. If, after the deduction of such amounts, the Employee’s remaining Compensation is less than the designated dollar amount of salary reduction under this Plan, the Eligible Employee’s Salary Reduction Agreement under this Plan shall not be effected and there shall be no carryover to subsequent payroll dates; and the Eligible Employee’s Salary Reduction Agreement for future payroll dates shall not be revised or otherwise changed unless the Eligible Employee completes and files a new Salary Reduction Agreement with the Plan Administrator.
(c) A Participant may at any time revoke an existing Salary Reduction Agreement by ...
Salary Reduction Agreements. Any salary reduction agreement shall be effective only with respect to amounts the Participant earns after the agreement becomes effective and shall otherwise be in accordance with the rules applicable to cash or deferred elections under Code Section 401(k) and Code Section 403(b). A salary reduction agreement may be terminated at any time, but only with respect to amounts the Participant earns after such termination.
Salary Reduction Agreements. Reduction Agreement (SRA) is a con- tract between the Employee and The Xxxxxx-Xxxxx Area School District under which the Employee directs the Dis- trict to reduce his/her salary in exchange for contributing the specified amount to a tax shel- tered annuity plan or a custo- dian account (mutual fund) selected by the Employee. The amount of salary that can be contributed to a Section 403
Salary Reduction Agreements. An eligible employee who wishes to participate in this Plan must complete a salary reduction agreement with the Board. The salary reduction agreement shall be substantially the same as the form attached as Attachment A or any other form that the Board may prescribe and shall be subject to the rules that the Board prescribes. An eligible employee must enter a salary reduction agreement and select the benefits to which the salary-reduced amounts will apply prior to the time the benefit coverage commences. For example, if an employee incurs medical expenses of $100 per pay period prior to the date as of which the Board adopts the Plan, those expenses will not be reimbursed. Thereafter, only expenses incurred for medical care provided after the salary reduction agreement is entered into qualify for reimbursement. Each participant will be asked to fill out an agreement each December which will remain in effect for the entire next fiscal year. Only new employees, i.e. persons not employed by the Board during the previous annual enrollment period, will be permitted to enroll in the Plan outside of the enrollment period. An agreement entered into by a new employee shall remain in effect until June 30th, of the year in which it is signed.