Common use of Salary Reduction Benefit Dollars Clause in Contracts

Salary Reduction Benefit Dollars. An Employer shall credit the amount of the Participant’s elected reduction to the Account of each Participant who has elected to reduce the amount of his Compensation for the Plan Year. An election may only be made pursuant to a written agreement between the Participant and his Employer, which shall specify the amount of the reduction in Compensation which is to be credited to the Account of the Participant.