Common Contracts
1 similar Reduction Agreement contracts
SALARY REDUCTION AGREEMENTReduction Agreement • March 11th, 2021
Note: Federal law limitations apply in determining whether you are eligible for “catch-up” contributions. If you are, or will be, at least 50 years of age on December 31 of the current calendar year you are eligible for catch up contributions. If an employee’s deductions reach the maximum amount within the calendar year, WVU will stop payroll deductions until January 1 of the following calendar year. Your election will remain in force until you change it, no longer meet eligibility requirements, or you no longer meet minimum pay requirements. An indicator of not meeting the minimum pay requirements is receiving a net pay of $1.00; in this instance your retirement deduction will be stopped when Payroll notifies Shared Services. SRA deductions will cease on your last physical day of employment. Please contact WVU Shared Services Center if you have questions.
