Common use of Salary Savings Agreement Clause in Contracts

Salary Savings Agreement. A written agreement between the Employer and a participating Employee where the Employee authorizes the Employer to withhold a specified percentage of his or her Compensation for deposit to the Plan on behalf of such Employee. 1.21 SARSEP A Simplified Employee Pension Plan (SEP) in which a participating Employee may make an election through a Salary Savings Agreement to have a portion of his or her salary deferred and have the Employer contribute the entire amount of deferred salary to an IRA xx his or her behalf. 1.22 SELF-EMPLOYED INDIVIDUAL An individual who has Earned Income for the taxable year from the trade or business for which the Plan is established including an individual who would have had Earned Income but for the fact that the trade or business had no net profits for the taxable year. 1.23

Salary Savings Agreement. A written agreement between the Employer and a participating Employee where the Employee authorizes the Employer to withhold a specified percentage of his or her Compensation for deposit to the Plan on behalf of such Employee. 1.21 SARSEP A Simplified Employee Pension Plan (SEP) in which a participating Employee may make an election through a Salary Savings Agreement to have a portion of his or her salary deferred and have the Employer contribute the entire amount of deferred salary to an IRA xx on his or her behalf. 1.22 SELF-EMPLOYED INDIVIDUAL An individual indixxxual who has Earned Income for the taxable year from the trade or business for which the Plan is established including an individual who would have had Earned Income but for the fact that the trade or business had no net profits for the taxable year. 1.23