Common use of Salary Reduction Contributions Clause in Contracts

Salary Reduction Contributions. (i) The Employee identified above hereby irrevocably agrees to reduce his or her compensation from the Employer by $ for each regular pay period beginning , 2 , for purposes of having such reduced compensation amounts contributed by the Employer as salary reduction contributions to the 403(b) annuity contract or custodial account issued to, or established for, the Employee by the annuity company or custodian named in (ii) below. (ii) All such salary reduction contributions shall be forwarded by the Employee to: Annunity Company or Custodian Representative’s Name: Address: Account Number: (iii) This Agreement shall be automatically renewed as of the first day of each calendar quarter hereafter, unless prior to the first day of any calendar quarter the Employee and Employer agree in writing to suspend or replace this Agreement effective as of the first day of such calendar quarter. (iv) This Agreement is legally binding and irrevocable with respect to compensation which becomes available to the Employee while it is in effect. However, it may be terminated at any time by either the Employee or the Employer with respect to compensation which has not yet become available to the Employee.

Salary Reduction Contributions. (i) The Employee identified above hereby irrevocably agrees to reduce his or her compensation from the Employer by $ for each regular Click here to enter or % Click here to enter beginning on the pay period beginning , 2 , date Click here to enter for purposes of having such reduced compensation amounts contributed by the Employer as salary reduction contributions to the 403(b457(b) annuity contract or custodial account issued to, or established for, the Employee by the annuity company or custodian named in (ii2) below. (ii) . All such salary reduction contributions shall be forwarded by the Employee to: Annunity Company or Custodian Representative’s Name: Click here to enter Annuity Company: Click here to enter Address: Click here to enter Account Number: (iii) : Click here to enter This Agreement shall be automatically renewed as of the first day of each calendar quarter hereafter, unless prior to the first day of any calendar quarter the Employee and Employer agree in writing to suspend or replace this Agreement effective as of the first day of such calendar quarter. (iv) . This Agreement is legally binding and irrevocable with respect to compensation which becomes available to the Employee while it is in effect. However, it may be terminated at any time by either the Employee or the Employer with respect to compensation which has not yet become available to the Employee.