Salary Reduction Agreement Sample Clauses

Salary Reduction Agreement. The Salary Reduction Agreement shall be a legally binding agreement between the Employer and the Employee whereby the Employee agrees to take a reduction in salary or to forego an increase in salary with respect to amounts earned after the agreement's effective date, and whereby the Employer agrees to contribute the amount of salary reduced or foregone by the Employee to the Account. The Salary Reduction Agreement may be terminated at any time by the Employee with respect to amounts not yet earned by the Employee.
Salary Reduction Agreement. A written binding contract executed by the Employee and the Employer authorizing either a reduction in the Employee’s future compensation or a waiver of increasing future compen- sation provided that such amounts shall be contributed to the Employee’s Custodial Account by the Employer.
Salary Reduction Agreement. Each employee wishing to participate in the program must execute a Salary Reduction Agreement, thereby reducing the annual salary and authorizing the amount of reduction to be used to purchase an annuity and/or custodial account. There are three copies of each Agreement, to be filed accordingly: Blue – Treasurer; WhiteInsurance or Investment Company; Pink – Employee. Each Agreement must be submitted to the Treasurer for processing. Upon completion, the white copy will be forwarded to the company and/or its representative.
Salary Reduction Agreement. The salary reduction agreement referred to in Article 3.1 of this Appendix shall be a legally binding agreement between the Employer and Participant whereby the Participant agrees to a reduction in salary, bonuses, or wages (or to forego an increase in salary or wages) with respect to amounts not yet payable to the Participant, and the Employer shall contribute the amount of salary or wages reduced or foregone by the Participant to the Account on behalf of the Participant. The salary reduction agreement may be amended at any time (as permitted under the terms of any applicable employee benefit plan sponsored by the Employer) or terminated at any time, by either the Employer or Participant, with respect to amounts not yet payable to the Participant.
Salary Reduction Agreement. It is hereby agreed by and between (employee) and Rowan University (employer) that with respect to amounts earned on or after ,the employee's gross bi-weekly contractual salary will be reduced by the amounts indicated below. All employee contributions will be withheld over the remaining biweekly pay periods. At the same time, the employer agrees to remit periodically to the provider selected by the employee, as stated below, the sum of such contributions. The University will function as the employee's intermediary in the processing of all required contributions to the designated investment provider(s). Employees are responsible for monitoring their personal investment portfolio by reviewing their provider's quarterly statement to ensure the timeliness and accuracy of remittances to their investment choices. Employees are to report immediately any discrepancies, including the omission of the provider's quarterly statement, to their campus Human Resources Office. Employees are also solely responsible for their personal tax situation and the impact of any deferrals. This Agreement shall be legally binding and irrevocable as to each of the parties hereto while employment continues; provided, however, that either party may terminate this Agreement as of the end of any month, so that it will not apply to salary subsequently earned, by giving at least thirty days written notice of the date of termination; and provided further, that not more than one agreement for such salary reduction may be made within any calendar quarterly period; and provided further that the University may suspend the salary reduction authorized by this agreement because the employee has reached the maximum amount allowed by law, however the agreement shall be reinstated at the beginning of the next taxable year.
Salary Reduction Agreement. Each Participant may, but shall not be required to, enter into a Salary Reduction Agreement with the Company. The terms of any such Salary Reduction Agreement shall provide that such Participant agrees to accept a reduction in cash Compensation from the Company, in an amount equal to any whole number percentage of his Compensation, in consideration of the Company's agreement to contribute an equal amount into the Trust on his behalf; provided, such salary reduction percentage shall not exceed fifteen percent (15%) of his Compensation; and provided further, such reduction shall not exceed the dollar amount that is established from time to time by the Secretary of the Treasury under section 402(g) of the Code for any calendar year. A Salary Reduction Agreement made by a Participant immediately upon satisfaction of the Eligibility Requirements shall be effective for the Participant's first pay period in the month which begins not less than fifteen (15) days (or such shorter period that the Committee allows) after the delivery of such Salary Reduction Agreement to the Company. A Salary Reduction Agreement made by a Participant who has previously satisfied the eligibility requirements, and any subsequent changes to a Participant's Salary Reduction Agreement, shall become effective as of the first pay period of any calendar
Salary Reduction Agreement. A payroll authorization form signed by a Participant that authorizes the Employer to defer part of a Participant's Compensation, as defined in the Adoption Agreement, for the Plan Year, and to contribute it to the Elective Salary Deferrals account maintained for the Participant under the Plan. A Participant may enter into, amend or revoke the agreement by submitting the appropriate authorization to the Plan Administrator. The authorization will take effect at the time(s) specified in the rules established by the Plan Administrator, which will be at least once each year.
Salary Reduction Agreement. Type of Agreement: NEW agreement OR Superseding/changing an existing agreement Type of funding received by District: - Single - Family - Joint (Married MVUSD employees w/one Account) In accordance with Education Code Sections 44041 and 87040, Government Code Sections 1157 and 53200 et seq. and for the purpose of qualifying under the provision and for the benefits of the Anthem Blue Cross Lumenos PPO Health Savings Account (Plan) of the Internal Revenue Code, and Section 17501 et al of the California Revenue and Taxation Code: IT IS HEREBY AGREED BY THE DISTRICT AND: Employee Type: Employee Name: - Certificated - Management Employee Number: - Classified Site/Department: In accordance with Internal Revenue Code, the employee hereby agrees to the termination of any General-Purpose Medical Flexible Spending Accounts for the plan year in which they will be enrolled in the Health Savings Account. **IRS 2022 Calendar Year Maximum HSA Contribution: Single $3,650 Family Employee + Dependent(s) $7,300. Employee's 55+ annual catch-up limit $1,000. Amount of each PAYCHECK deduction “Pre-Tax” $ Galaxy Deduction Code – 8658 START Date of “Pre-Tax” deductions: / END DATE of Pre-Tax deductions: / (year) (year) NOTE: This deduction agreement will expire at the end of the current calendar year. The completion of a new SRA form is required for each calendar year. Amount identified above to be deposited to my Benefit Wallet Bank Health Savings Account (Initials) Employee Signature Date
Salary Reduction Agreement. Participant Instructions The Salary Reduction Agreement (SRA) is to be used to establish, change, or cancel salary reductions withheld from your paycheck and contributed to the 403(b) and/or 457(b) Plan on your behalf. The SRA is also used to change the investment providers that receive your contributions. Upon completion, fax or mail a copy of the form to National Benefit Services, LLC. Please note that this form is not valid unless all applicable sections are completed and you have signed the form.