Examples of Salary reduction plan in a sentence
RCW 41.04.605 and 1987 c 475 s 2 are each amended to read29 as follows:30 Unless the context clearly requires otherwise, the definitions in31 this section apply throughout RCW 41.04.610 through 41.04.635.32 (1) "Salary reduction plan" means a plan whereby state employees33 and officers may agree to a reduction of salary which reduction will34 allow the employee to participate in benefits offered pursuant to 26 35 U.S.C. Sec.
Simple IRA • Salary reduction plan with minimal administrative work • Offer to all employees who have compensation of at least $5,000 in any prior 2 years • Employees may contribute up to $12,500 ($15,000 if age 50 or older) through payroll deduction • Employer can either match 100% of employee contributions up to 3% of compensation or contribute 2% of each eligible employee’s compensation.
Key Advantage• Salary reduction plan with less administration• Low cost with option of $25 per participant or $350 plan fee8 3.