Optional Salary Reduction Sample Clauses
The Optional Salary Reduction clause allows employees to voluntarily elect to reduce a portion of their salary, typically to contribute pre-tax earnings to retirement or benefit plans. In practice, employees may choose to defer a set amount or percentage of their pay, which is then redirected by the employer into accounts such as 401(k) plans or flexible spending arrangements. This clause facilitates tax-advantaged savings for employees while ensuring employers have a clear process for handling salary deferrals, thereby promoting financial planning and compliance with relevant regulations.
Optional Salary Reduction. Employees shall have the option of entering into salary reduction agreements for the purpose of funding contributions to the following:
A. 403(b) Tax Deferred Providers A list of the agreed upon 403(b) Tax Deferred Plan Vendors will be on file in the Human Resources Office and the WTEA Office. Elective Employee (salary reduction) Contributions to 403(b) Tax Deferred Plans may be elected or amended during the following periods during each school year: September 1 through 15 December 1 through 15 March 1 through 15 June 1 through 15 The elections and/or amendments made during this period will be implemented in the first pay date of the month immediately following those periods. Any authorization for payroll deductions listed in this section shall be revocable at any time by the employee upon submission of a written revocation to the Business Office.
B. A ▇▇▇▇ 403(b) option(s) will be provided to teachers.
C. Section 125 Plan
Optional Salary Reduction. Employees shall have the option of entering into salary reduction agreements for the purpose of funding contributions to the following: