Common Contracts
1 similar Reduction Agreement contracts
Salary Reduction/Allocation Agreement Form - 2020Reduction Agreement • November 15th, 2019
This agreement shall be legally binding and irrevocable to each of the parties hereto while employment continues; provided, however, that either party may terminate this Agreement as of the end of any biweekly pay period, so that it will not apply to salary subsequently earned, by giving at least thirty days’ written notice of the date of termination; and provided, further, that no more than two agreements for such salary reduction may be made, by giving at least thirty days’ written notice of the change, within any taxable year, and provided further that if the University suspends the salary reduction authorized by this agreement because the employee has reached the maximum amount allowed by law under IRC Code Section 402(g), 415 or 414(v), (if applicable), this agreement shall be reinstated as of the beginning of the next taxable year.
