Salary Reduction Agreements. The following rules and restrictions apply to an Employee's salary reduction agreement: (Make a selection under (1), (2), (3) and (4))
Salary Reduction Agreements. A Participant can change his or her Salary Reduction Agreement: (check one) x At any time ¨ Annually on the date established by the Administrator ¨ Semi-annually on the date established by the Administrator ¨ Quarterly on the date established by the Administrator ¨ Monthly on the day established by the Administrator ¨ On the date or dates as established by the Administrator
Salary Reduction Agreements. Under Option (k), the Employer must make selections from (1), 92), (3) and (4). Under (1), Option (ii) prescribes a maximum deferral percentage, Option (iii) prescribes a minimum deferral percentage and Option (i) prescribes no special maximum limitation. The Employer may select both Options (ii) and (iii), or both Options (i) and (iii), but Options (i) and (ii) are mutually exclusive. The Employer may wish to consider a maximum percentage deferral under Option (ii) to minimize the potential for Code 415 violations. Under paragraphs (2) and (3), the Employer elects which restrictions apply to the participant's right to revoke his/her salary reduction agreement. Under paragraph (4), the Employer elects which restrictions apply to the participant's right to increase or decrease his/her salary reduction percentage. The Employer should consider the effect its elections have on plan administration.
Salary Reduction Agreements. 4. This Agreement shall terminate any prior Salary Reduction Agreement executed between the Employee and the Employer under the Employer’s Section 403(b) program. If Employer elects to cease all salary reduction contributions to its Section 403(b) program or Plan, this Agreement shall automatically terminate.
Salary Reduction Agreements. If Employer Contributions by means of a Salary Reduction Agreement are permitted by Section III of the Employer Adoption Agreement, Employer Contributions may be made in accordance with a separate written Salary Reduction Agreement made between the Employer and the Employee providing for an adjustment of the Employee's Compensation and for transmittal of the resultant Employer Contribution to the Custodian, which such Salary Reduction Agreement shall become effective upon the date it is signed by the Employer and the Employee. Such Salary Reduction Agreement may provide for an adjustment of the Employee's Compensation with respect to either Mandatory Contributions (if Mandatory Contributions are provided for by Section IV of the Employer Adoption Agreement) or Thrift Contributions (if Thrift Contributions are permitted by Section V of the Employer Adoption Agreement) and/or other Contributions which the Employee may wish to have made by means of the Salary Reduction Agreement. Each such Salary Reduction Agreement between the Employer and the Employee as to the adjustment of the Employee's Compensation shall be effective only as to amounts earned by the Employee after such Salary Reduction Agreement becomes effective. Each such Salary Reduction Agreement between the Employer and the Employee as to the adjustment of the Employee's Compensation shall be irrevocable as to both the Employer and the Employee except that either of them may terminate such Salary Reduction Agreement as of the end of any payroll period so that it will not apply to Compensation subsequently earned. Subject to the immediately preceding sentence, the Employee may, in the manner provided for in subpart (a) of Part B of Article VIII, change such Salary Reduction Agreement between the Employer and the Employee as to the adjustment of the Employee's Compensation, but such change may be made no more than once in each taxable year of the Employee.
Salary Reduction Agreements. This Agreement shall terminate any prior Salary Reduction Agreement executed between Employee and Employer under Employer’s Section 403(b) program. If Employer elects to cease all salary reduction contributions to its Section 403(b) program or Plan, this Agreement shall automatically terminate. Nothing in this Agreement shall be deemed to constitute an employment agreement and nothing contained herein shall be deemed to give Employee any right to be retained in the employ of Employer. Subject to any limitations imposed by Xxxxxxxx’s Plan, Employee hereby directs THE VARIABLE ANNUITY LIFE INSURANCE COMPANY to distribute to Employee any contributions determined to be in excess of any applicable contribution limits in accordance with governing legal requirements. IN WITNESS WHEREOF the parties hereto have executed this Agreement on this , Month/day Year Employee Signature Employer Signature
Salary Reduction Agreements. A Salary Reduction Agreement of an Eligible Employee shall be subject to the following
Salary Reduction Agreements. This Agreement shall terminate any prior Salary Reduction Agreement executed between Employee and Employer under Employer’s Section 403(b) program. if Employer elects to cease all salary reduction contributions to its Section 403(b) program or Plan, this Agreement shall automatically terminate. Nothing in this Agreement shall be deemed to constitute an employment agreement and nothing contained herein shall be deemed to give Employee any right to be retained in the employ of Employer. Subject to any limitations imposed by Employer’s Plan, Employee hereby directs THE VARiABLE ANNUiTY LiFE iNSURANCE COMPANY to distribute to Employee any contributions determined to be in excess of any applicable contribution limits in accordance with governing legal requirements. iN wiTNESS wHEREOF the parties hereto have executed this Agreement on this , Month/day Year Employee Signature Employer Signature Present Annual Salary: $ Date Service Began: SSN: Employee #: GA #:
Salary Reduction Agreements. A Salary Reduction Agreement (SRA) is a con- tract between the Employee and The Xxxxxx-Xxxxx Area School District under which the Employee directs the Dis- trict to reduce his/her salary in exchange for contributing the specified amount to a tax shel- tered annuity plan or a custo- dian account (mutual fund) selected by the Employee. The amount of salary that can be contributed to a Section 403
Salary Reduction Agreements. Any salary reduction agreement shall be effective only with respect to amounts the Participant earns after the agreement becomes effective and shall otherwise be in accordance with the rules applicable to cash or deferred elections under Code Section 401(k) and Code Section 403(b). A salary reduction agreement may be terminated at any time, but only with respect to amounts the Participant earns after such termination.
