Salary Reduction Contributions. (1.30). A Participant's Salary Reduction Contributions under Election 5b. are subject to the following limitation(s) in addition to those imposed by the Code (Choose one of a. or b.):
a. [X] No limitations.
b. [ ] Limitations. (Choose one or more of 1., 2. or 3.):
1. [ ] Maximum deferral amount. A Participant's Salary Reductions may not exceed: (specify dollar amount or percentage of Compensation).
2. [ ] Minimum deferral amount. A Participant's Salary Reductions may not be less than: (specify dollar amount or percentage of Compensation).
3. [ ] Specify: . [Note: Any limitation the Employer elects in b.1. through b.3. will apply on a payroll basis unless the Employer otherwise specifies in b.3.] Special NRA Catch-Up Contributions (3.05). The Plan (Choose one of c. or d.):
c. [X] Permits. Participants may make NRA catch-up contributions. AND, Special NRA Catch-Up Contributions (Choose one of 1. or 2.):
1. [ ] will be taken into account in applying any matching contribution under the Plan.
2. [ ] will not be taken into account in applying any matching contribution under the Plan.
d. [ ] Does not permit. Participants may not make NRA catch-up contributions. Age 50 Catch-Up Contributions (3.06). The Plan (Choose one of e. or f.):
e. [X] Permits. Participants may make age 50 catch-up contributions.
f. [ ] Does not permit. Participants may not make age 50 catch-up contributions.
Salary Reduction Contributions. As necessary to fund the Benefits elected under the Plan, each Participant will enter into a written Salary Reduction Agreement with the Employer in accordance with procedures established by the Administrator, by which the Participant will agree to a reduction in the Participant’s Salary for the Plan Year, all as specified in the Salary Reduction Agreement. Each Salary Reduction Agreement will be subject to the following terms and conditions:
A. The total amount of the reduction in Salary will be equal to that portion of the Benefit costs to be funded by the Participant.
B. Except as otherwise permitted in this Plan, the reduction of Salary will apply in all payroll periods within the applicable Plan Year, and to all of the Participant’s periodic payroll checks during the Plan Year.
C. A Participant may not amend or revoke the Participant’s election on or after the first day of the Plan Year for which the election is intended to be effective; except that a Participant may prospectively amend or revoke an election on or after the first day of the relevant Plan Year, for the remainder of the Plan Year, if the amendment or revocation is a “permitted election change” as more fully described in Section 4.3 of this Plan. If this Plan includes a Health Savings Account (HSA) Contribution Benefit, then a Participant may amend or revoke the Participant’s election relative to that Benefit as provided in the description of the Health Savings Account (HSA) Contribution Benefit contained in the attached Benefit Schedule (Exhibit A).
D. The amount of the reduction in Salary specified in a Participant’s Salary Reduction Agreement may be changed by the Administrator, in its sole discretion, for the purpose of complying with applicable rules against discrimination, as more fully described in Section 4.4, or as permitted under Section 4.3.E.2.a. In addition, the Administrator may make reasonable adjustments in reductions of Salary to accommodate elections by Participations with respect to pay schedules offered Employees by the Employer.
E. If, as of the date that any elected coverage under this Plan terminates, a Participant’s year-to-date Salary reductions exceed or are less than the Participant’s required Contributions for the coverage, then the Employer will, as applicable, either return the excess to the Participant as additional taxable wages or recoup the due Salary reduction amounts from any remaining Salary.
F. If the Employer receives any rebates attributable to med...
Salary Reduction Contributions. The amount by which an employee agrees to reduce his or her compensation will be contributed by the Employer to the employee's SIMPLE IRA.
Salary Reduction Contributions. The amount by which the employee agrees to reduce his or her compensation will be contributed by the Employer to the employee’s SIMPLE IRA. 2a Matching Contributions
(i) For each calendar year, the Employer will contribute a matching contribution to each eligible employee’s SIMPLE IRA equal to the employee’s salary reduction contributions up to a limit of 3% of the employee’s compensation for the calendar year.
(ii) The Employer may reduce the 3% limit for the calendar year in (i) only if:
(1) The limit is not reduced below 1%; (2) The limit is not reduced for more than 2 calendar years during the 5-year period ending with the calendar year the reduction is effective; and (3) Each employee is notified of the reduced limit within a reasonable period of time before the employees’ 60-day election period for the calendar year (described in Article II, item 2a).
Salary Reduction Contributions. Each Depositor who is an Eligible Employee under the Employer’s SIMPLE IRA Plan must be permitted to make salary reduction contributions if he or she so elects. A salary reduction contribution is a contribution, generally expressed as a percentage of compensation, that an Employee elects to have contributed to his or her SIMPLE IRA instead of receiving that amount in cash. The Employer may permit the Depositor to express the amount of his or her salary reduction contribution as a specific dollar amount. Salary reduction contributions cannot exceed the Applicable Limit per Plan Year. The Depositor may cease salary reduction contributions at any time by notifying the Employer. Salary reduction contributions include catch-up contributions pursuant to Section 414(v) of the Code for Depositors age 50 or older.
Salary Reduction Contributions. The Employer shall make contributions to the Account on behalf of the Participant in accordance with a salary reduction agreement between the Employer and Participant as described in Article 3.2 of this Appendix, subject to the limitations of Articles 3.3 and 3.7 of this Appendix.
Salary Reduction Contributions. The amount contributed to an Employee's Custodial Account in any calendar year as a Salary Reduction Contribution shall not exceed the greater of $10,000 or the limitation on elective deferrals in effect for such year under Section 402(g) of the Code ($7,000, indexed for cost-of- living increases). The limitation determined in accordance with the foregoing sentence is then reduced by the amount of any Salary Reduction Contributions made during the calendar year by or on behalf of the Employee under a qualified cash or deferred arrangement under Section 401(k) of the Code, a simplified employee pension under Section 408(k) of the Code, an eligible deferred compensation plan under Section 457 of the Code, or another tax deferred annuity or custodial account under Section 403(b) of the Code. In the case of an individual who has completed at least fifteen (15) years of service with an educational institution, hospital, home health service agency, health and welfare service agency, church or convention or association of churches, or a tax-exempt organization controlled by a church or convention or association of churches as described in Section 414(e)(3)(B)(ii) of the Code (collectively referred to as a "Qualified Organization"), the limitation on Salary Reduction Contributions for any year as determined above shall be increased by the least of the following amounts:
Salary Reduction Contributions. (Article 8.1 of the Plan). Salary Reduction Contributions and Performance-Based Compensation shall be 100 percent vested immediately.
Salary Reduction Contributions. (Article 4.1 of the Plan).
(a) Compensation below includes Performance-Based Compensation unless excluded in Compensation or a separate deferral election is permitted in (d) below. A Participant may enter into a Deferral Agreement to make the following (complete, if applicable):
x (i) A Salary Reduction Contribution in one (1) percent increments from a minimum of 0% up to a maximum of 50% of Compensation.
Salary Reduction Contributions. (i) The Employee identified above hereby irrevocably agrees to reduce his or her compensation from the Employer by $ for each regular pay period beginning , 2 , for purposes of having such reduced compensation amounts contributed by the Employer as salary reduction contributions to the 403(b) annuity contract or custodial account issued to, or established for, the Employee by the annuity company or custodian named in (ii) below.
(ii) All such salary reduction contributions shall be forwarded by the Employee to: Annunity Company or Custodian Representative’s Name: Address: Account Number:
(iii) This Agreement shall be automatically renewed as of the first day of each calendar quarter hereafter, unless prior to the first day of any calendar quarter the Employee and Employer agree in writing to suspend or replace this Agreement effective as of the first day of such calendar quarter.
(iv) This Agreement is legally binding and irrevocable with respect to compensation which becomes available to the Employee while it is in effect. However, it may be terminated at any time by either the Employee or the Employer with respect to compensation which has not yet become available to the Employee.
