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Salary reduction agreement Form: What You Should Know

Salary Reduction Agreement — National Benefit Services The Salary Reduction Agreement is to be used to establish, change, or cancel salary reductions withheld from your paycheck and contributed to the. 403(b) and/or 457(b) 401(k) Salary Reduction Election form with a copy of the contract to be utilized as evidence. Contributions will be paid at tax time The amount shown has been agreed upon during negotiations between you and your employer. The salary reduction agreement is your agreement that you are accepting your reduction and will contribute it. Contributions will be paid at tax time If the employer does have any unused money they may contribute to it. All changes that are made to the agreement are subject to change once the agreement has been executed. Contributions will be paid at tax time. Your employer determines whether to pay or recharacterize the contribution. If the contribution is recharacterized the employee must pay or recharacterize the contribution in the same year that the recharacterization is being claimed. If the payment is recharacterized the employee does not have to submit a recharacterization claim form. Amounts are paid each payment cycle Pay or recharacterization is made at the end of the payment cycle Contributions are recharacterized if the employee leaves the organization to change career path, move or change job location and contribute the amount. Tax Exempt or Tax-Exempt Employer Required Contributions If an employer requires a portion of each employee's compensation (exception: 401(k), 403(b), 457(b), or a Traditional IRA), then there are restrictions in place that must be adhered to ensure those contributions are properly made.

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