Download salary reduction agreement

HOLY FAMILY UNIVERSITY
SALARY REDUCTION AGREEMENT
________________________ and Holy Family University, hereby agree as follows:
Effective with amounts paid on or after ____________, the employee’s salary
will be reduced by amount indicated below. Holy Family University will contribute
such amount to the employee’s annuity contract(s) under the University’s Defined
Contribution Plan and Tax Deferred Annuity Arrangement (allocated amount
available investments as designated by the employee).
This agreement shall be legally binding and irrevocable to each of the parties
while employment continues. However, it will not apply to salary subsequently
paid, by giving at least fifteen (15) days written notice of the date of termination of
the agreement.
The amount of the salary reduction each payroll period shall be:
% of the employee’s base gross salary.
Signed the
day of
, 20
Signature
Renée Rosenfeld, AVP for Human Resources
HOLY FAMILY UNIVERSITY
SALARY REDUCTION INVESTMENT DESIGNATION FORM
Effective
(must be a paydate at least 15 days after receipt of the Designation by the
Human Resources/Payroll Department) salary reductions made pursuant to the Salary Reduction Agreement
between Holy Family University and myself dated
, are to be contributed to my
retirement annuities as follows:
TIAA-CREF Defined Contribution (Note: employees
(May not exceed 9% of
base salary)
must meet the service requirement for plan eligibility before
making contributions to this annuity; employee contributions to
this annuity are matched by Holy Family University in
accordance with the Holy Family University Defined
Contribution Retirement Plan terms-see Summary Plan for
details).
TIAA-CREF Supplemental Retirement Annuity
(GSRA) (Note: there is no service requirement for eligible
employees to participate in this Tax Deferred Annuity
Arrangement; contributions to this annuity are not matched by
Holy Family University; see Summary Plan Description for
details.)
Fidelity Investments Retirement Annuity (Note:
there is no service requirement for eligible employees to
participate in this Tax Deferred Annuity Arrangement;
contributions to this annuity are not matched by Holy Family
University; see Summary Plan Description for details.)
Are you contributing to a 403(b) plan at any other institution? Yes ___

No ___
If so the annual amount that you contribute must be considered in determining your limit.
For 2009 the annual amount of the salary reduction is not to exceed $16,500 per year with the following exceptions:
Catch Up Limit – Individuals over the age of 50 can make additional annual contributions each year not to exceed $5,500 per
year.
15 Year Rule – Individuals who have been employed at Holy Family for a period of 15 years with no break in service (unpaid
leaves of absence, unpaid sabbatical, etc) can make additional annual contributions not to exceed $3,000 per year for a
maximum lifetime cap of $15,500. (Can be combined with above Catch Up rule).
It is the responsibility of the employee to determine that the total amount of salary reduction in this agreement does not exceed
the employee’s statutory limits as defined by the IRS. Any amounts contributed to other institutions are to be included in
determining the above annual allowable amount.
Signature of
Date
August 13, 2017
3