Salary Reduction Election definition

Salary Reduction Election means the authorization to the Employer by the Eligible Employee to reduce his or her pay by an amount on a before-tax basis for selected Plan benefits.

Salary Reduction Election means an election by a Participant to reduce his or her Gross Compensation by a fixed dollar amount or percentage of Gross Compensation and have such amount contributed to the Plan as Pre-Tax Contributions, Roth Contributions, or a combination of both.

Salary Reduction Election means an agreement between you and the University pursuant to which you agree to reduce your Gross Compensation by an amount elected by you and the University agrees to contribute such amounts as Employee Contributions to the Plan. For further information regarding Salary Reduction Elections, see the Employee Contributions Section.

Examples of Salary Reduction Election in a sentence

• Each Eligible Employee who wishes to participate shall timely file a Salary Reduction Election with the Employer.

• Except as provided in Section 4.5, a Participant's Salary Reduction Election shall be irrevocable for a Plan Year.

• Any such Salary Reduction Election shall be effective for the first pay period beginning on or after the Eligible Employee's effective date of participation pursuant to Section 3.1.

• A Participant’s Salary Reduction Election for any Plan Year may not be changed after the first payroll period to which it applies, except for events constituting a Qualifying Status Change Event as permitted by applicable law and set forth in the Health Service System Rules.

• Report and invoice formats may be found under Contract Reporting and Expectations at https://multco.us/ads/contract-reporting-and- expectations.

• The Plan Administrator shall establish procedures pursuant to which a Participant may reduce his or her Gross Compensation pursuant to a Salary Reduction Election and have such amounts contributed to the Plan as Pre-Tax Contributions, Roth Contributions, or a combination of both, change or terminate his or her Salary Reduction Election, or re-designate his or her contributions as Pre-Tax Contributions or Roth Contributions with respect to amounts not yet paid.

• Such procedures may include limitations on the salary reduction amount (e.g., any amount from 0% to 75% of Gross Compensation for each pay period) and the number and frequency of any modifications during any Plan Year; provided, however, that a Participant shall be permitted to modify his or her Salary Reduction Election at least once each Plan Year or terminate his or her Salary Reduction Election at any time.

• A Salary Reduction Election applies only to pay that you receive after the pay period in which you execute the Election.

• In addition, you are free to revoke your Salary Reduction Election in its entirety as to pay you have not yet earned.

• Salary Reduction Election Subject to the requirements of the SIMPLE IRA plan of (name of employer) I authorize % or$ (which equals % of my current rate of pay)to be withheld from my pay for each pay period and contributed to my SIMPLE IRA as a salary reduction contribution.

More Definitions of Salary Reduction Election

Salary Reduction Election means an election by you to reduce your Compensation by an amount elected by you which Dartmouth will contribute as Employee Contributions to the SRA. For further information regarding Salary Reduction Elections, see the Employee Contributions Section.

Salary Reduction Election means the means by which an eligible Employee or Participant elects to contribute his share of the cost of chosen Benefit Options with Pre-tax or After-tax Contributions and/or Flex Credits (if offered under the Plan) in accordance with Article III herein. A Salary Reduction Election includes any election change form by which an eligible Employee or Participant makes permitted changes to his or her original elections. If the Employer utilizes an interactive voice response (IVR) system or other, alternative web-based program or electronic medium for enrollment that requires a unique login or other form of personal identification number to serve as an electronic signature, the Salary Reduction Election may be completed using this medium. Elections made and directions received using such an alternative medium are enforceable as if such elections were made or directions provided in writing and signed by the Employee or Participant and may be maintained by or on behalf of the Plan Administrator on an electronic database in accordance with the SPD and all applicable federal and/or state laws.

Salary Reduction Election means an election by a Participant to reduce his or her (i) Base Salary by a fixed percentage as set forth in Article IV and have such amounts contributed to the Employee Contribution Program as Employee Pre-Tax Contributions or (ii) Gross Compensation by a fixed percentage (or, if so permitted by the Plan Administrator, a flat dollar amount) and have such amounts contributed to the Employee Contribution Program as Employee Pre-Tax Contributions, Employee Roth Contributions, or a combination of both.

Salary Reduction Election means an election by a Participant to reduce his or her

Salary Reduction Election means the written election of a Participant authorizing the Employer to make tax deferred contributions on his behalf pursuant to Section 4.1(a).

Salary Reduction Election means an agreement between a Participant and the Company, under which the Participant agrees to a reduction in his Compensation.