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.
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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.
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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.
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Examples of Salary Reduction Election in a sentence

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

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

  • 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.

  • Note: This box is deemed checked if the Employer maintains a qualified plan covering only such employees.Article II—Salary Reduction Agreements (complete the box and blank, if applicable—see instructions)1 Salary Reduction Election.

  • A salary reduction election pursuant to Section 3.1.1 shall be made by the Participant by executing and delivering to the Committee a Salary Reduction Election Form in accordance with such rules and procedures as are adopted by the Committee from time to time.

  • Except for the first year of eligibility, the Salary Reduction Election Form must be received by the Committee prior to the beginning of each Plan Year in accordance with procedures established by the Committee.

  • 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.

  • The Salary Reduction Election Form must be received by the Committee prior to the beginning of each Plan Year (or the date the Participant is first eligible to participate in the Savings Plan, if he becomes so eligible during the Plan Year) and shall be irrevocable for the Plan Year (or remainder of the Plan Year), if applicable.

  • 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.

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


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.
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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.
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Salary Reduction Election means an election by a Participant to reduce his or her
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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.
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Salary Reduction Election means an agreement between a Participant and the Company, under which the Participant agrees to a reduction in his Compensation.
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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).
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Related to Salary Reduction Election

  • Salary reduction plan means a benefit plan whereby state and

  • Deferral Election means the Participant’s election under Section 3.1 to defer all or a portion of his or her Compensation.

  • Salary Reduction Agreement means an agreement between a dis- trict and an employee to reduce the employee’s salary for the pur- pose of making direct contributions to or purchases of a qualified investment product. Art. 6228a-5, Sec. 4(5), Tex. Rev. Civ. Stat.

  • Distribution Election With respect to any Series, as specified in the related Supplement.

  • Deferral Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the amount of the Deferrals.

  • Elective Deferral Account means the account established hereunder to which Elective Deferrals (including a separate accounting for Catch-Up Contributions) are allocated. Amounts in the Participant's Elective Deferral Account are nonforfeitable when made and are subject to the distribution restrictions of Section 12.2(e). The Elective Deferral Account may consist of the

  • Distribution Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the time and form of distribution.

  • Deferral Contribution means any contribution made to the Plan by the Employer in accordance with the provisions of Section 5.03.

  • Payment Election means an election pursuant to Section 5.1.

  • Election Form means the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan.

  • Non-Elective Contribution means the Employer contributions to the Plan excluding, however, contributions made pursuant to the Participant's deferral election provided for in Section 4.2 and any Qualified Non-Elective Contribution used in the "Actual Deferral Percentage" tests.

  • Regular primary election means the election on the fourth Tuesday of June of

  • Deferral Contributions are Salary Reduction Contributions and Cash or Deferred Contributions the Employer contributes to the Trust on behalf of an Eligible Employee, irrespective of whether, in the case of Cash or Deferred Contributions, the contribution is at the election of the Employee. For Salary Reduction Contributions, the terms "deferral contributions" and "elective deferrals" have the same meaning.

  • Investment Election means an election, made in such form as the Administrative Committee may direct, pursuant to which a Participant may elect the Investment Funds in which the amounts credited to his Account will be deemed to be invested.

  • Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1.

  • Compensation Deferral means the amount or amounts of the Director's Compensation deferred under the provisions of Section 3 of this Agreement.

  • 10) Election has the meaning set forth in Section 6.05(a).

  • Primary election means any regular primary election held under the election

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Deferral Account means the Company's accounting of the Director's accumulated Deferrals plus accrued interest.

  • Excess Elective Deferrals means the amount of Elective Deferrals (as defined below) for a calendar year that the Participant designates to the Plan pursuant to the following procedure. The Participant’s designation: shall be submitted to the Administrator in writing no later than March 1; shall specify the Participant’s Excess Elective Deferrals for the preceding calendar year; and shall be accompanied by the Participant’s written statement that if the Excess Elective Deferrals is not distributed, it will, when added to amounts deferred under other plans or arrangements described in Section 401(k), 408(k) or 403(b) of the Code, exceed the limit imposed on the Participant by Section 402(g) of the Code for the year in which the deferral occurred. Excess Elective Deferrals shall mean those Elective Deferrals that are includible in a Participant's gross income under Section 402(g) of the Code to the extent such Participant's Elective Deferrals for a taxable year exceed the dollar limitation under such Code section.

  • Regular election means an election held on a regular election date to elect an individual to, or nominate an individual for, elective office in the regular course of the terms of that elective office.

  • Election cycle means the period beginning on the first day persons are eligible to

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Safe Harbor Election has the meaning set forth in Section 10.2(d).

  • Deferral Agreement means the annual written agreement between the Funds and the Participant to defer Compensation under the Plan.