Common use of Maximum Salary Reduction Clause in Contracts

Maximum Salary Reduction. If I will be under age 50 by the end of the relevant year, I understand that the total amount of my salary reduction contributions cannot exceed $13,500* for 2020. If I will be age 50 or over by the end of the relevant year, I understand that the total amount of my salary reduction contributions cannot exceed $16,500* for 2020. *These amounts may be adjusted to reflect any annual cost-of-living increases announced by the IRS.

Maximum Salary Reduction. If I will be under age 50 by the end of the relevant year, I understand that the total amount of my salary reduction contributions cannot exceed $13,50014,000* for 20202022. If I will be age 50 or over by the end of the relevant year, I understand that the total amount of my salary reduction contributions cannot exceed $16,50017,000* for 20202022. *These amounts may be adjusted to reflect any annual cost-of-living increases announced by the IRS.