Common Contracts
2 similar 403(b) Salary Reduction Agreement contracts
NORTHERN MICHIGAN UNIVERSITY403(b) Salary Reduction Agreement • December 7th, 2020
This Agreement shall supersede any prior 403(b) Salary Reduction Agreement. This Agreement shall be automatically renewed unless the Employee and the University enter into a new Agreement to replace this Agreement. In the event the Employee’s reduction reaches the IRS limitation in any given year, the Employee’s payroll deduction will automatically be terminated prospectively by the Employer for the remainder of such year. However, the same payroll deduction will continue in the same amount in the subsequent year unless a change is elected. 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 University with respect to compensation which has not yet become available to the Employee. The University does not take any responsibility for any particular tax consequences of the Agreement, which responsibility is solely that of the Em
NORTHERN MICHIGAN UNIVERSITY403(b) Salary Reduction Agreement • May 15th, 2019
This Agreement shall supersede any prior 403(b) Salary Reduction Agreement. This Agreement shall be automatically renewed unless the Employee and the University enter into a new Agreement to replace this Agreement. In the event the Employee’s reduction reaches the IRS limitation in any given year, the Employee’s payroll deduction will automatically be terminated prospectively by the Employer for the remainder of such year. However, the same payroll deduction will continue in the same amount in the subsequent year unless a change is elected. 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 University with respect to compensation which has not yet become available to the Employee. The University does not take any responsibility for any particular tax consequences of the Agreement, which responsibility is solely that of the Em
