Common use of Allocation Changes Clause in Contracts

Allocation Changes. Call TIAA at their toll free number, 0-000-000-0000, or access the TIAA web page at xxx.xxxx.xxx to make allocation changes SALARY AGREEMENT: By THIS AGREEMENT, made between and SOUTHEAST COMMUNITY COLLEGE the parties hereto agree as follows: Effective with respect to amounts earned on or after the first day of the employee’s base monthly salary will be reduced by the amount indicated below, and at the same time Southeast Community College’s contribution to the employee’s annuity contract(s) will be increased by a corresponding amount, allocated between TIAA as designated by the employee. This Agreement shall be legally binding and irrevocable for both Southeast Community College and the Employee while employment continues. However, either party may terminate or otherwise modify the Agreement as of the end of any month (or pay period, if applicable) by giving at least thirty days written notice so that this Agreement will not apply to salary subsequently paid. NEW DEDUCTIONS: (% of Base Salary) Regular Retirement Sheltered/Employer Match (maximum 9% of base salary) % Additional Retirement % Sheltered (only available to employees currently participating) % *Supplemental Retirement (Sheltered) % *Supplemental Retirement XXXX 403B option (non-sheltered) % *457 (b) Dollar amount $ *Participation requires enrollment in a separate account by enrolling on line at xxx.xxxx.xxx/xxxxxxxxx. For questions on IRS limits, contact Xxx Xxxxxxx at (000) 000-0000. Employee Signature Date Send completed form to the Milford/Lincoln Campus Payroll Office

Allocation Changes. Call TIAA at their toll free number, 0-000-000-0000, or access the TIAA web page at xxx.xxxx.xxx to make allocation changes SALARY AGREEMENT: By THIS AGREEMENT, made between and SOUTHEAST COMMUNITY COLLEGE the parties hereto agree as follows: Effective with respect to amounts earned on or after the first day of the employee’s base monthly salary will be reduced by the amount indicated below, and at the same time Southeast Community College’s contribution to the employee’s annuity contract(s) will be increased by a corresponding amount, allocated between TIAA as designated by the employee. This Agreement shall be legally binding and irrevocable for both Southeast Community College and the Employee while employment continues. However, either party may terminate or otherwise modify the Agreement as of the end of any month (or pay period, if applicable) by giving at least thirty days written notice so that this Agreement will not apply to salary subsequently paid. NEW DEDUCTIONS: (% of Base Salary) Regular Retirement Retirement-Sheltered/Employer Match (maximum 9Maximum 8.5% of base salary) salary % Additional Retirement % Retirement-Sheltered (only available to employees currently participating) % *Supplemental Retirement (Sheltered) % *Supplemental Retirement XXXX 403B option (non-sheltered) % *457 (b) Dollar amount $ *Participation requires enrollment in a separate account by enrolling on line at xxx.xxxx.xxx/xxxxxxxxx. For questions on IRS limits, contact Xxx Xxxxxxx at (000) 000-0000. Employee Signature Date Send completed form to the Milford/Lincoln Campus Payroll Office