Fidelity Salary Reduction Agreement 2020
GENERAL: All new registrations, restarts, modifications and tax-deferred investment (TDI) shutdowns require the completion of the VSF. The completed FSV must be sent to the address of the employee`s campus performance office indicated on this form. The VSF is an agreement between the worker and his employment institution. The salary deferral is a voluntary reduction of the gross salary. The amount of the salary reduction is invested with one of the suppliers in an account in the name of the employee, in accordance with the provisions of CRI 403 (b). Investment options under the plan are pensions or tax-protected investment fund deposit accounts. With the exception of Roth contributions, state and state income taxes are withheld only on the salary remaining after the reduction. Implementation: This Wage Reduction Agreement (“Agreement”) supersedes any prior wage reduction agreement for the person listed below (the “Staff”) pursuant to 403(b) Tax Sheltered Annuity Plan (the “Plan” proposed by the Federal Way School District, King County, Washington (the “Employer”), also known as Federal Way Public Schools. The wage reduction set out in this Agreement will begin with the first paycheque on the effective date or effective date set forth below, provided that such form is received by the employer by the pay slip deadline for such paycheque. This agreement remains in effect until a new agreement is filed. DEFERRAL LIMITATIONS: The employee understands that the rates of pay of CRI 402 (g) and IRC 414 (v) are limited and that these limits apply to all compensation made on plan 403 (b) and plan 403 (b) or 401 (k) of another employer, the IRA or simple pension account or the federal pension management plan.
The maximum annual salary limits allowed by the general limit (IRC 402 (g)) and the Age 50 limit (IRC 414 (v)) are shown in the table below. Contact the IRS for publications on the current rules. SUPPLIER SELECTION: Salary reductions can be allocated simultaneously to a supplier. Failure to create an account with a service provider or to specify the direction of the investment may lead to the return of the contribution. ACKNOWLEDGMENT OF RESPONSIBILITIES: The University of Oregon, your employer organization, and your employee acknowledge and understand that the employee assumes full responsibility for deciding on the deferral of salary and ordering your employing institution to provide the salary bracket for investment purposes through a vendor. The employee assumes full responsibility for the results of his or her investment decisions, including any contribution restrictions under the United States Internal Revenue Code. In addition, a staff member who selects optional services and facilities offered by a supplier assumes full responsibility for the costs and performance of investment products and services. The employee also understands that CRI 415(c) limits annual staff entries for one year….