Salary Reduction definition

Salary Reduction means the amount by which the Participant's Compensation is reduced and applied by the Employer under this Plan to pay for one or more of the Benefits, as permitted for the applicable Component, before any applicable state and/or federal taxes have been deducted from the Participant's Compensation (i.e., on a pre-tax basis).

Salary Reduction means a specified amount by which a Participant’s Compensation is decreased, pursuant to a Salary Reduction Election, for federal income tax and Social Security tax purposes and, wherever permitted, under applicable law for state and local income tax purposes.

Salary Reduction means an election by a Participant to have the Compensation that would otherwise be payable reduced and contributed by the Employer to the Plan as a regular contribution on behalf of the Participant.

Examples of Salary Reduction in a sentence

• I do participate in another employer’s 403(b), 401(k), SIMPLE IRA/401(k), or Salary Reduction SEP.

• The Plan Administrator may provide more than one Salary Reduction Agreement form for use in specific situations.

• A Salary Reduction Agreement must specify the dollar amount of Compensation or the percentage of Compensation the Participant wishes to defer.

• The Salary Reduction Agreement may establish an annual minimum deferral amount no higher than $200, and may change such minimum to a different amount (but not in excess of $200) from time to time.

• The Plan Administrator in the Plan's Salary Reduction Agreement form, or in a Salary Reduction Agreement policy will specify additional rules and restrictions applicable to a Participant's Salary Reduction Agreement, including but not limited to those regarding the timing, frequency and mechanics of changing or revoking a Salary Reduction Agreement or any uniform limitations with regard to deferrals in addition to those otherwise provided in the Plan.

More Definitions of Salary Reduction

Salary Reduction means: (a) the voluntary reduction of an Employee’s Compensation made in consideration of such Employee’s participation in the Pre-Tax Premiums and/or Flexible Spending Accounts pursuant to an Election, and (b) the dollar amount of such reduction.

Salary Reduction means the amount by which the Participant's Compensation is reduced and applied by the Employer under this Plan to pay for one or more of the benefits provided under this Plan.

Salary Reduction means the amount of a Participant’s Compensation which has been reduced pursuant to Section 3(b).

Salary Reduction means the amount by which the Participant’s Compensation is reduced and applied by the Employer under this Plan to pay on a pre-tax basis for one or more of the Premium Payment Benefits, Health FSA Benefits or Dependent Care FSA Benefits, as permitted for the applicable Component.

Salary Reduction means the contributions made by the Employer on behalf of Participants pursuant to Section 4.01. These contributions shall be allocated to the Premium Reimbursement Accounts of each Participant for the purpose of providing for the payment of Benefits under this Plan

Salary Reduction means a reduction in the Base Salary that when combined with the net effect of all prior increases and reductions in the Base Salary results in the Base Salary being less than 80% of the highest Base Salary to which Officer has ever been subject pursuant to this Agreement (as identified on Schedule A).

Salary Reduction means the amount by which the Participant's compensation is reduced and applied by the Employer under this Plan to pay for one or more of the qualified benefits on a pre-tax basis.