Common use of Salary Reduction Election Clause in Contracts

Salary Reduction Election. I hereby authorize my Employer to reduce my compensation (as defined in the 457(b) plan (the Plan)) by % or $ and to apply such amount each pay period toward the purchase of the funding vehicle(s) offered by an authorized provider under the Plan. If I am a current employee, I understand that this election applies only to compensation paid or made available no earlier than the first day of the calendar month after the calendar month in which this Agreement is signed. If I am a newly hired employee and the Plan so permits, I understand that this election applies to compensation payable in the calendar month in which I first become an employee if I enter into this Agreement with my Employer on or before the first day in which I perform services for the Employer. I further understand that this Agreement is irrevocable with respect to compensation paid and shall supersede any prior Agreement between my Employer and me under the Plan.  Pre-Tax Deferral % or $ (per pay period)  Xxxx 457(b) Contribution* % or $ (per pay period)  Special 457 Pre-Tax Deferral Catch Up* % or $ (per pay period)  Special 457 Xxxx Catch-up* % or $ (per pay period)  Pre-Tax Age 50+ Catch Up* % or $ (per pay period)  Xxxx Age 50+ Catch Up* % or $ (per pay period) *Xxxx Contributions, Special 457 Catch Up and Age 50+ Catch Up are available only if permitted under the Plan document. • If an employee elects the Special 457 Catch Up, he must be within three years prior to the year in which he will reach Normal Retirement Age (as defined in the Plan) and have not previously contributed up to the maximum amount permitted in those prior years. Contact a local Voya FinancialTM representative for more information. • If an employee is eligible for both the Special 457 Service Catch Up and the Age 50+ Catch Up in the same tax year, he cannot use both Catch Ups in the same tax year. IRS rules provide that such a Participant can use the Catch Up that allows him to contribute the greater amount in that tax year. Contact your local Voya representative for additional information. I direct my Employer to remit 457 contributions pursuant to this Agreement to the following provider approved under the Plan:  I understand that it is my responsibility to establish an account with my selected provider by completing the required enrollment forms prior to submitting this request. PLEASE COmPLETE ThIS fORm AND RETURN IT TO YOUR EmPLOYER. KEEP A COPY fOR YOUR RECORDS. Note that it may take several payroll cycles for your payroll office to process this agreement.

Appears in 3 contracts

Samples: www.springfield-or.gov, hollywoodfl.org, www.crawfordcountykansas.org

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Salary Reduction Election. I hereby authorize my Employer to reduce my compensation (as defined in the 457(b) plan (the Plan)) by % or $ and to apply such amount each pay period toward the purchase of the funding vehicle(s) offered by an authorized provider under the Plan. If I am a current employee, I understand that this election applies only to compensation paid or made available no earlier than the first day of the calendar month after the calendar month in which this Agreement is signed. If I am a newly hired employee and the Plan so permits, I understand that this election applies to compensation payable in the calendar month in which I first become an employee if I enter into this Agreement with my Employer on or before the first day in which I perform services for the Employer. I further understand that this Agreement is irrevocable with respect to compensation paid and shall supersede any prior Agreement between my Employer and me under the Plan. Pre-Tax Deferral % or $ (per pay period) Xxxx 457(b) Contribution* % or $ (per pay period) Special 457 Pre-Tax Deferral Catch Up* % or $ (per pay period) Special 457 Xxxx Catch-up* % or $ (per pay period) Pre-Tax Age 50+ Catch Up* % or $ (per pay period) Xxxx Age 50+ Catch Up* % or $ (per pay period) *Xxxx Contributions, Special 457 Catch Up and Age 50+ Catch Up are available only if permitted under the Plan document. • If an employee elects the Special 457 Catch Up, he must be within three years prior to the year in which he will reach Normal Retirement Age (as defined in the Plan) and have not previously contributed up to the maximum amount permitted in those prior years. Contact a local Voya FinancialTM representative for more information. • If an employee is eligible for both the Special 457 Service Catch Up and the Age 50+ Catch Up in the same tax year, he cannot use both Catch Ups in the same tax year. IRS rules provide that such a Participant can use the Catch Up that allows him to contribute the greater amount in that tax year. Contact your local Voya representative for additional information. I direct my Employer to remit 457 contributions pursuant to this Agreement to the following provider approved under the Plan: I understand that it is my responsibility to establish an account with my selected provider by completing the required enrollment forms prior to submitting this request. PLEASE COmPLETE ThIS fORm COMPLETE THIS FORM AND RETURN IT TO YOUR EmPLOYEREMPLOYER. KEEP A COPY fOR FOR YOUR RECORDS. Note that it may take several payroll cycles for your payroll office to process this agreement.

Appears in 2 contracts

Samples: Participation Agreement, Participation Agreement

Salary Reduction Election. I hereby authorize my Employer employer to reduce my compensation (as defined in the 457(b403(b) plan (the Plan)) by % or $ and to apply such amount each pay period toward the purchase of the funding vehicle(s) offered by providers approved under the Plan, an authorized provider under the Plan. If I am a current employee, I understand that this election applies only to compensation paid or made available no earlier than the first day of the calendar month after the calendar month in which date that this Agreement is signed. If I am a newly hired employee and the Plan so permits, I understand that this election applies to compensation payable in the calendar month in which I first become an employee if I enter into this Agreement with my Employer on or before the first day in which I perform services for the Employer. I further understand that this Agreement is irrevocable with respect to compensation paid and shall supersede any prior Agreement between my Employer employer and me under the Plan. Pre-Tax Deferral % or $ (per pay period) Xxxx 457(b403(b) Contribution* % or $ (per pay period)  Special 457 Pre-Tax Deferral 15 Years of Service Catch Up* % or $ (per pay period)  Special 457 Xxxx 15 Years of Service Catch-up* % or $ (per pay period) Pre-Tax Age 50+ Catch Up* % or $ (per pay period) Xxxx Age 50+ Catch Up* % or $ (per pay period) *Xxxx Contributions, Special 457 15 Years of Service Catch Up and Age 50+ Catch Up are available only if permitted under the Plan document. I direct my employer to remit contributions pursuant to this Agreement to the following Provider approved under the Plan: ⬜ I understand that it is my responsibility to establish an account with my selected Provider by completing the required enrollment forms prior to submitting this request. • If an employee elects selects the Special 457 Catch Up15 Years of Service Catch-up, he must have at least 15 years of service with the current employer sponsoring the Plan and that employer must be within three years prior an educational organization, hospital, home health service agency, health and welfare agency, church, or convention or association of churches. A calculation is needed to determine the year amount available that an eligible employee can contribute under the 15 Years of Service Catch Up in which he will reach Normal Retirement Age (as defined in the Plan) and have not previously contributed up to the maximum amount permitted in those prior yearsa tax year. Contact a your local Voya FinancialTM representative for more additional information. • If an employee is eligible for both the Special 457 15 Years of Service Catch Up and the Age 50+ Catch Up in the same tax year, he cannot use both Catch Ups in must first contribute the same tax year. IRS rules provide that such a Participant can use full amount available under the 15 Years of Service Catch Up that allows him to contribute before contributing under the greater amount Age 50+ Catch Up in that tax year. Contact your local Voya representative for additional information. I direct my Employer to remit 457 contributions pursuant to this Agreement to the following provider approved under the Plan:  I understand that it is my responsibility to establish an account with my selected provider by completing the required enrollment forms prior to submitting this request. PLEASE COmPLETE ThIS fORm COMPLETE THIS FORM AND RETURN IT TO YOUR EmPLOYEREMPLOYER. KEEP A COPY fOR FOR YOUR RECORDS. Note that it may take several payroll cycles for your payroll office to process this agreement.

Appears in 1 contract

Samples: Reduction Agreement

Salary Reduction Election. I hereby authorize my Employer employer to reduce my compensation (as defined in the 457(b403(b) plan (the Plan)) by % or $ and to apply such amount each pay period toward the purchase of the funding vehicle(s) offered by providers approved under the Plan, an authorized provider under the Plan. If I am a current employee, I understand that this election applies only to compensation paid or made available no earlier than the first day of the calendar month after the calendar month in which date that this Agreement is signed. If I am a newly hired employee and the Plan so permits, I understand that this election applies to compensation payable in the calendar month in which I first become an employee if I enter into this Agreement with my Employer on or before the first day in which I perform services for the Employer. I further understand that this Agreement is irrevocable with respect to compensation paid and shall supersede any prior Agreement between my Employer employer and me under the Plan.  Pre-Tax Deferral % or $ (per pay period)  Xxxx 457(b403(b) Contribution* % or $ (per pay period)  Special 457 Pre-Tax Deferral 15 Years of Service Catch Up* % or $ (per pay period)  Special 457 Xxxx 15 Years of Service Catch-up* % or $ (per pay period)  Pre-Tax Age 50+ Catch Up* % or $ (per pay period)  Xxxx Age 50+ Catch Up* % or $ (per pay period) *Xxxx Contributions, Special 457 15 Years of Service Catch Up and Age 50+ Catch Up are available only if permitted under the Plan document. • If an employee elects the Special 457 Catch Up, he must be within three years prior to the year in which he will reach Normal Retirement Age (as defined in the Plan) and have not previously contributed up to the maximum amount permitted in those prior years. Contact a local Voya FinancialTM representative for more information. • If an employee is eligible for both the Special 457 Service Catch Up and the Age 50+ Catch Up in the same tax year, he cannot use both Catch Ups in the same tax year. IRS rules provide that such a Participant can use the Catch Up that allows him to contribute the greater amount in that tax year. Contact your local Voya representative for additional information. I direct my Employer employer to remit 457 contributions pursuant to this Agreement to the following provider Provider approved under the Plan:  I understand that it is my responsibility to establish an account with my selected provider Provider by completing the required enrollment forms prior to submitting this request. • If an employee selects the 15 Years of Service Catch-up, he must have at least 15 years of service with the current employer sponsoring the Plan and that employer must be an educational organization, hospital, home health service agency, health and welfare agency, church, or convention or association of churches. A calculation is needed to determine the amount available that an eligible employee can contribute under the 15 Years of Service Catch Up in a tax year. Contact your local Voya FinancialTM representative for additional information. • If an employee is eligible for both the 15 Years of Service Catch Up and the Age 50+ Catch Up in the same tax year, he must first contribute the full amount available under the 15 Years of Service Catch Up before contributing under the Age 50+ Catch Up in that tax year. PLEASE COmPLETE ThIS fORm AND RETURN IT TO YOUR EmPLOYER. KEEP A COPY fOR YOUR RECORDS. Note that it may take several payroll cycles for your payroll office to process this agreement.

Appears in 1 contract

Samples: Reduction Agreement

Salary Reduction Election. I hereby authorize my Employer to reduce my compensation (as defined in the 457(b) plan (the Plan)) by % or $ and to apply such amount each pay period toward the purchase of the funding vehicle(s) offered by an authorized provider under the Plan. If I am a current employee, I understand that this election applies only to compensation paid or made available no earlier than the first day of the calendar month after the calendar month in which this Agreement is signed. If I am a newly hired employee and the Plan so permits, I understand that this election applies to compensation payable in the calendar month in which I first become an employee if I enter into this Agreement with my Employer on or before the first day in which I perform services for the Employer. I further understand that this Agreement is irrevocable with respect to compensation paid and shall supersede any prior Agreement between my Employer and me under the Plan. # Pre-Tax Deferral % or $ (per pay period) # Xxxx 457(b) Contribution* % or $ (per pay period) # Special 457 Pre-Tax Deferral Catch Up* % or $ (per pay period) # Special 457 Xxxx Catch-up* % or $ (per pay period) # Pre-Tax Age 50+ Catch Up* % or $ (per pay period) # Xxxx Age 50+ Catch Up* % or $ (per pay period) *Xxxx Contributions, Special 457 Catch Up and Age 50+ Catch Up are available only if permitted under the Plan document. • If an employee elects the Special ΄ ;S M] R\_Z^hRR RZRPcb cVR E_RPWMZ 457 Catch Up, he must be within three years prior to the year in which he will reach Normal 4McPV G_͜ VR \dbc OR fWcVW] cVaRR hRMab _aW^a c^ cVR hRMa W] fVWPV VR fWZZ aRMPV @^a\MZ Retirement Age (as defined defined in the Plan) and have not previously contributed up to the maximum amount permitted in those prior years. Contact a local Voya FinancialTM representative for more information. • If an employee is eligible for both the Special 457 Service Catch Up and the Age 50+ Catch Up in the same tax year, he cannot use both Catch Ups in the same tax year. IRS rules provide that such a Participant can use the Catch Up that allows him to contribute the greater amount in that tax year. Contact your local Voya representative for additional information. I direct my Employer to remit 457 contributions pursuant to this Agreement to the following provider approved under the Plan:  I understand that it is my responsibility to establish an account with my selected provider by completing the required enrollment forms prior to submitting this request. PLEASE COmPLETE ThIS fORm AND RETURN IT TO YOUR EmPLOYER. KEEP A COPY fOR YOUR RECORDS. Note that it may take several payroll cycles for your payroll office to process this agreement.

Appears in 1 contract

Samples: Participation Agreement

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Salary Reduction Election. I hereby authorize my Employer employer to reduce my compensation (as defined in the 457(b403(b) plan (the Plan)) by % or BY $ PER PAY and to apply such amount each pay period toward the purchase of the funding vehicle(s) offered by providers approved under the Plan, an authorized provider under the Plan. If I am a current employee, I understand that this election applies only to compensation paid or made available no earlier than the first day of the calendar month after the calendar month in which date that this Agreement is signed. If I am a newly hired employee and the Plan so permits, I understand that this election applies to compensation payable in the calendar month in which I first become an employee if I enter into this Agreement with my Employer on or before the first day in which I perform services for the Employer. I further understand that this Agreement is irrevocable with respect to compensation paid and shall supersede any prior Agreement between my Employer employer and me under the Plan. Pre-Tax Deferral % or $ (per pay period) Xxxx 457(b403(b) Contribution* % or $ (per pay period)  Special 457 Pre-Tax Deferral 15 Years of Service Catch Up* % or $ (per pay period)  Special 457 Xxxx 15 Years of Service Catch-up* % or $ (per pay period) Pre-Tax Age 50+ Catch Up* % or $ (per pay period) Xxxx Age 50+ Catch Up* % or $ (per pay period) *Xxxx Contributions, Special 457 15 Years of Service Catch Up and Age 50+ Catch Up are available only if permitted under the Plan document. I direct my employer to remit contributions pursuant to this Agreement to the following Provider approved under the Plan: ⬜ I understand that it is my responsibility to establish an account with my selected Provider by completing the required enrollment forms prior to submitting this request. • If an employee elects selects the Special 457 Catch Up15 Years of Service Catch-up, he must have at least 15 years of service with the current employer sponsoring the Plan and that employer must be within three years prior an educational organization, hospital, home health service agency, health and welfare agency, church, or convention or association of churches. A calculation is needed to determine the year amount available that an eligible employee can contribute under the 15 Years of Service Catch Up in which he will reach Normal Retirement Age (as defined in the Plan) and have not previously contributed up to the maximum amount permitted in those prior yearsa tax year. Contact a your local Voya FinancialTM representative for more additional information. • If an employee is eligible for both the Special 457 15 Years of Service Catch Up and the Age 50+ Catch Up in the same tax year, he cannot use both Catch Ups in must first contribute the same tax year. IRS rules provide that such a Participant can use full amount available under the 15 Years of Service Catch Up that allows him to contribute before contributing under the greater amount Age 50+ Catch Up in that tax year. Contact your local Voya representative for additional information. I direct my Employer to remit 457 contributions pursuant to this Agreement to the following provider approved under the Plan:  I understand that it is my responsibility to establish an account with my selected provider by completing the required enrollment forms prior to submitting this request. PLEASE COmPLETE ThIS fORm COMPLETE THIS FORM AND RETURN IT TO YOUR EmPLOYEREMPLOYER. KEEP A COPY fOR FOR YOUR RECORDS. Note that it may take several payroll cycles for your payroll office to process this agreement.

Appears in 1 contract

Samples: Reduction Agreement

Salary Reduction Election. Mobile Phone I hereby authorize my Employer employer to reduce my compensation (as defined in the 457(b403(b) plan (the Plan)) by % or $ N/A and to apply such amount each pay period toward the purchase of the funding vehicle(s) offered by providers approved under the Plan, an authorized provider under the Plan. If I am a current employee, I understand that this election applies only to compensation paid or made available no earlier than the first day of the calendar month after the calendar month in which date that this Agreement is signed. If I am a newly hired employee and the Plan so permits, I understand that this election applies to compensation payable in the calendar month in which I first become an employee if I enter into this Agreement with my Employer on or before the first day in which I perform services for the Employer. I further understand that this Agreement is irrevocable with respect to compensation paid and shall supersede any prior Agreement between my Employer employer and me under the Plan. Pre-Tax Deferral % or $ (per pay period)  N/A ⬜ Xxxx 457(b403(b) Contribution* % or $ (per pay period)  Special 457 N/A ⬜ Pre-Tax Deferral 15 Years of Service Catch Up* % or $ (per pay period)  Special 457 N/A ⬜ Xxxx 15 Years of Service Catch-up* % or $ (per pay period)  N/A ⬜ Pre-Tax Age 50+ Catch Up* % or $ (per pay period)  N/A ⬜ Xxxx Age 50+ Catch Up* % or $ N/A (per pay period) (per pay period) (per pay period) (per pay period) (per pay period) (per pay period) *Xxxx Contributions, Special 457 15 Years of Service Catch Up and Age 50+ Catch Up are available only if permitted under the Plan document. I direct my employer to remit contributions pursuant to this Agreement to the following Provider approved under the Plan: ⬜ VOYA I understand that it is my responsibility to establish an account with my selected Provider by completing the required enrollment forms prior to submitting this request. • If an employee elects selects the Special 457 Catch Up15 Years of Service Catch-up, he must have at least 15 years of service with the current employer sponsoring the Plan and that employer must be within three years prior an educational organization, hospital, home health service agency, health and welfare agency, church, or convention or association of churches. A calculation is needed to determine the year amount available that an eligible employee can contribute under the 15 Years of Service Catch Up in which he will reach Normal Retirement Age (as defined in the Plan) and have not previously contributed up to the maximum amount permitted in those prior yearsa tax year. Contact a your local Voya FinancialTM representative for more additional information. • If an employee is eligible for both the Special 457 15 Years of Service Catch Up and the Age 50+ Catch Up in the same tax year, he cannot use both Catch Ups in must first contribute the same tax year. IRS rules provide that such a Participant can use full amount available under the 15 Years of Service Catch Up that allows him to contribute before contributing under the greater amount Age 50+ Catch Up in that tax year. Contact your local Voya representative for additional information. I direct my Employer to remit 457 contributions pursuant to this Agreement to the following provider approved under the Plan:  I understand that it is my responsibility to establish an account with my selected provider by completing the required enrollment forms prior to submitting this request. PLEASE COmPLETE ThIS fORm COMPLETE THIS FORM AND RETURN IT TO YOUR EmPLOYEREMPLOYER. KEEP A COPY fOR FOR YOUR RECORDS. Note that it may take several payroll cycles for your payroll office to process this agreement.

Appears in 1 contract

Samples: Reduction Agreement

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