Common Contracts
1 similar Salary Reduction Agreement for §403(b)(1) and §403(b)(7) Programs contracts
Salary Reduction Agreement for §403(b)(1) and §403(b)(7) ProgramsSalary Reduction Agreement for §403(b)(1) and §403(b)(7) Programs • October 30th, 2014
Before you sign: Read this information carefully. Each Employee who initiates or changes contributions to a 403(b) program shall, at such time, provide the Employer with a copy of his/her maximum annual contribution (MAC) as calculated by the Employee’s chosen annuity or custodial account provider or any other party acceptable to Employer. For each Employee contributing $12,000 or more or utilizing the “catch-up provisions” or the “special elections” allowed by the Internal Revenue Code, a MAC calculation shall be provided to Employer by November 1 of each calendar year in which the “catch-up provisions” or “special elections” are utilized.
