Common use of Cancel Contribution Clause in Contracts

Cancel Contribution. By this Agreement made between Utah State University and the Employee, the Parties agree as follows: With respect to amounts paid on or after the Effective Date (which date is subsequent to the execution of this Agreement), the amounts indicated below will be deducted from the Employee’s monthly salary. The University will forward the amount of such deduction to the Employee’s designated Xxxx 403(b) investment program as designated by the Employee. This Agreement shall be legally binding, irrevocable, and automatically renewed each year hereafter while employment continues, with provisions that either Party may (a) terminate this Agreement as of the end of any month so that it will not apply to salary subsequently paid, or (b) renew the agreement with a different stated amount of salary deduction. Agreements may be made on a monthly basis. The Employee must complete the Agreement and return to HR by the 15th of the month prior to the Contribution Effective Date. *Catch-Up Rule: If you are or will be age 50 or older during the year, you may contribute an additional amount up to $6,000 per year in addition to the Annual Maximum Contribution amount.

Cancel Contribution. By this Agreement made between Utah State University and the Employee, the Parties agree as follows: With respect to amounts paid on or after the Effective Date (which date is subsequent to the execution of this Agreement), the amounts indicated below will be deducted from the Employee’s monthly salary. The University will forward the amount of such deduction to the Employee’s designated Xxxx 403(b) investment program as designated by the Employee. This Agreement shall be legally binding, irrevocable, and automatically renewed each year hereafter while employment continues, with provisions that either Party may (a) terminate this Agreement as of the end of any month so that it will not apply to salary subsequently paid, or (b) renew the agreement with a different stated amount of salary deduction. Agreements may be made on a monthly basis. The Employee must complete the Agreement and return to HR by the 15th of the month prior to the Contribution Effective Date. *Catch-Up Rule: If you are or will be age 50 or older during the year, you may contribute an additional amount up to $6,000 6,500 per year in addition to the Annual Maximum Contribution amount.