Common use of Salary Reduction Contributions Clause in Contracts

Salary Reduction Contributions. Each Depositor who is an eligible employee under the Employer’s SIMPLE-XXX Plan must be permitted to make salary reduction contributions if he or she so elects. A salary reduction con- tribution is a contribution, generally expressed as a percentage of compensa- tion, that an employee elects to have contributed to his or her SIMPLE-XXX 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 contri- butions include catch-up contributions pursuant to Section 414(v) of the Code for Depositors age 50 or older.

Salary Reduction Contributions. Each Depositor who is an eligible employee under the Employer’s SIMPLE-XXX IRA Plan must be permitted to make salary reduction contributions if he or she so elects. A salary reduction con- tribution is a contribution, generally expressed as a percentage of compensa- tion, that an employee elects to have contributed to his or her SIMPLE-XXX 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 contri- butions include catch-up contributions pursuant to Section 414(v) of the Code for Depositors age 50 or older.

Salary Reduction Contributions. Each Depositor who is an eligible employee under the Employer’s SIMPLE-XXX Plan must be permitted to make salary reduction contributions if he or she so elects. A salary reduction con- tribution is a contribution, generally expressed as a percentage of compensa- tioncompen- sation, that an employee elects to have contributed to his or her SIMPLE-XXX 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 contri- butions include catch-catch up contributions pursuant to Section 414(v) of the Code for Depositors age 50 or older.

Salary Reduction Contributions. Each Depositor who is an eligible employee Eligible Employee under the Employer’s SIMPLE-XXX SIMPLE IRA Plan must be permitted to make salary reduction contributions if he or she so elects. A salary reduction con- tribution contribution is a contribution, generally expressed as a percentage of compensa- tioncompensation, that an employee Employee elects to have contributed to his or her SIMPLE-XXX 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 contri- butions contributions include catch-up contributions pursuant to Section 414(v) of the Code for Depositors age 50 or older.