Common Contracts
1 similar null contracts
Tax Sheltered Annuity (403b) Salary Reduction AgreementNovember 7th, 2017
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 toreduce 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 $19,500 or $26,000 (based on age) is reached in the current calendar year. For the 2020 calendar year the maximum contribution is $19,500. If you are age 50 or older you are eligible to make a "catch-up" contribution in the amount of $6,500 making the maximum contribution $26,000.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 con
