Common use of Salary Reduction Contributions Clause in Contracts

Salary Reduction Contributions. Each Depositor who is an Eligible Employee under the Employer’s SIMPLE IRA Plan must be permitted to make salary reduction contributions if he or she so elects. A salary reduction contribution is a contribution, generally expressed as a percentage of compensation, that an Employee elects to have contributed to his or her SIMPLE IRA instead of receiving that amount in cash. The Employer may permit the Depositor to express the amount of his or her salary reduction contribution as a specific dollar amount. Salary reduction contributions cannot exceed the Applicable Limit per Plan Year. The Depositor may cease salary reduction contributions at any time by notifying the Employer. Salary reduction contributions include catch-up contributions pursuant to Section 414(v) of the Code for Depositors age 50 or older.

Salary Reduction Contributions. Each Depositor who is an Eligible Employee eligible employee under the Employer’s SIMPLE IRA SIMPLE-▇▇▇ Plan must be permitted to make salary reduction contributions if he or she so elects. A salary reduction contribution con- tribution is a contribution, generally expressed as a percentage of compensationcompensa- tion, that an Employee employee elects to have contributed to his or her SIMPLE IRA SIMPLE-▇▇▇ instead of receiving that amount in cash. The Employer may permit the Depositor to express the amount of his or her salary reduction contribution as a specific dollar amount. Salary reduction contributions cannot exceed the Applicable Limit per Plan Year. The Depositor may cease salary reduction contributions at any time by notifying the Employer. Salary reduction contributions contri- butions include catch-up contributions pursuant to Section 414(v) of the Code for Depositors age 50 or older.

Salary Reduction Contributions. Each Depositor who is an Eligible Employee eligible employee under the Employer’s SIMPLE SIMPLE-IRA Plan must be permitted to make salary reduction contributions if he or she so elects. A salary reduction contribution con- tribution is a contribution, generally expressed as a percentage of compensationcompensa- tion, that an Employee employee elects to have contributed to his or her SIMPLE SIMPLE-IRA instead of receiving that amount in cash. The Employer may permit the Depositor to express the amount of his or her salary reduction contribution as a specific dollar amount. Salary reduction contributions cannot exceed the Applicable Limit per Plan Year. The Depositor may cease salary reduction contributions at any time by notifying the Employer. Salary reduction contributions contri- butions include catch-up contributions pursuant to Section 414(v) of the Code for Depositors age 50 or older.

Salary Reduction Contributions. Each Depositor who is an Eligible Employee eligible employee under the Employer’s SIMPLE IRA SIMPLE-▇▇▇ Plan must be permitted to make salary reduction contributions if he or she so elects. A salary reduction contribution con- tribution is a contribution, generally expressed as a percentage of compensationcompen- sation, that an Employee employee elects to have contributed to his or her SIMPLE IRA SIMPLE-▇▇▇ instead of receiving that amount in cash. The Employer may permit the Depositor to express the amount of his or her salary reduction contribution as a specific dollar amount. Salary reduction contributions cannot exceed the Applicable Limit per Plan Year. The Depositor may cease salary reduction contributions at any time by notifying the Employer. Salary reduction contributions contri- butions include catch-catch up contributions pursuant to Section 414(v) of the Code for Depositors age 50 or older.