Common use of Salary Reduction Agreements Clause in Contracts

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. This Agreement shall terminate any prior Salary Reduction Agreement executed between Employee and Employer under Employer’s Section 403(b) program. If 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 XxxxxxxxEmployer’s Plan, Employee hereby directs THE VARIABLE ANNUITY LIFE INSURANCE 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 iN wiTNESS wHEREOF the parties hereto have executed this Agreement on this , Month/day Year Employee Signature Employer SignatureSignature Present Annual Salary: $ Date Service Began: SSN: Employee #: GA #: