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MESSIAH COLLEGE SALARY REDUCTION AGREEMENT

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MESSIAH COLLEGE SALARY REDUCTION AGREEMENT Powered By Docstoc
					                                                                TIAA-CREF Salary
                                                            Reduction Agreement

BY THIS AGREEMENT, Made between the Employee (employee) and Messiah College (institution),
the two parties agree to the following:

Effective the payroll dated below, the employee’s salary will be reduced by the amount(s) indicated
below. Only earnings defined in the College Policy & Procedure Manual to be eligible for the TIAA-
CREF salary reduction will be considered. These salary reduction amounts—along with any associated
contribution—will be allocated between TIAA and CREF as designated by the employee and following
the College’s retirement plan.

The Agreement shall be legally binding and irrevocable to both parties during the time of employment.
Either party may terminate this Agreement (as of the termination date listed below) by giving at least
thirty (30) days written notice of the termination date. The termination will be effective the end of the
month, so that it will not apply to salary subsequently earned.

The amount of the salary reduction shall be (choose from one of two options listed below):

    1. Employees not eligible for the College’s matching contribution –OR– employees electing to
       contribute at a rate less than the minimum College match contribution level of 2.5%:

        Salary Reduction Amount: $              –OR–           %

    2. Employees who are eligible for the College’s matching contribution –AND– electing to
       contribute at a rate of no less than the minimum College match contribution level of 2.5%:

                                   Salary Reduction Amount           College Contribution Amount
                 Option A                    2.5%                               3.0%
                 Option B                    5.0%                               6.0%
                 Option C                    7.5%                               9.0%

    Together with the amount indicated in #2 above, the employee wishes to make additional
    contributions as defined below, not to exceed the employee’s statutory exclusion allowance under
    Section 403(b) of the Internal Revenue Code, the limitations of Section 415 of the IRC, or Section
    402(g) of the IRC, whichever is less.

     2a. $                    Regular Retirement Annuity Contract(s)
                              Supplemental Retirement Annuity Contract(s)
     2b.          %           Regular Retirement Annuity Contract(s)
                              Supplemental Retirement Annuity Contract(s)
        NOTE: An employee may not choose both a flat dollar amount and a percentage for the same contract type.

Payroll Effective Date:

Termination Date:

Employee:
Benefits Mgr:    S.M.P. Deitch
                                Print Name                               Signature                   Date


4d3ad02c-ee75-4f67-8273-9757f0a29a4f.doc                                                              Rev. 2/09

				
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