Common Contracts
2 similar Reduction Agreement contracts
Tax Sheltered Annuity (403b) Salary Reduction AgreementReduction Agreement • May 17th, 2016
The employee and University have entered into this Salary Reduction Agreement to obtain for the employee the benefits of section 403(b) of the Internal Revenue Code. In consideration of the mutual promises and conditions appearing below, it is agreed that:Effective on the payday of the employee directs ODU to reduce their salary each payday by the Total Sum (with all companies) of $ (and continuing until it is adjusted or canceled by either party hereto) or a maximum reduction/contribution of $18,000 or $24,000 (based on age) is reached in the current calendar year. *Calendar year 2017 annual contribution limits: $18,000; or for employees age 50 or older in 2016, $24,000*The University will apply the amount of the salary reduction under this agreement in accordance with the section 403(b) Programmaintained by the University as contributions to the nonforfeitable section 403(b) annuity contract(s) (or section 403(b)7 custodial accounts, if applicable. The per payday Total Sum Salary Red
Tax Sheltered Annuity (403b) Salary Reduction AgreementReduction Agreement • May 17th, 2016
The employee and University have entered into this Salary Reduction Agreement to obtain for the employee the benefits of section 403(b) of the Internal Revenue Code. In consideration of the mutual promises and conditions appearing below, it is agreed that:Effective on the payday of the employee directs ODU to reduce their salary each payday by the Total Sum (with all companies) of $ (and continuing until it is adjusted or canceled by either party hereto) or a maximum reduction/contribution of $18,000 or $24,000 (based on age) is reached in the current calendar year. *Calendar year 2016 annual contribution limits: $18,000; or for employees age 50 or older in 2016,$24,000*The University will apply the amount of the salary reduction under this agreement in accordance with the section 403(b) Program maintained by the University as contributions to the nonforfeitable section 403(b) annuity contract(s) (or section 403(b)7 custodial accounts, if applicable. The per payday Total Sum Salary Red
