SALARY REDUCTION AGREEMENT
ST. MARY’S UNIVERSITY RETIREMENT PLAN
I, ___________________________ authorize by this agreement, St. Mary’s University to
(Employee Name – Please Print)
Deduct 5% of my monthly base (contract) salary or semi-monthly wages. This deduction will become
effective as of ____________, 2014. I understand that the University agrees to match my deduction at
7% and that my 5% portion is tax sheltered. In other words, my salary/wages subject to Federal Income
Tax are reduced by this 5% deduction.
This agreement is legally binding and irrevocable while employment continues. Either party, however,
may terminate this Agreement at the end of any month, so that it will not apply to salary subsequently
earned, by giving at least thirty days written notice of the date of termination. This Salary Reduction
st
st
Agreement may be changed two times within a calendar year for January 1 or June 1 .
Section 1:
St. Mary’s University Defined Contribution Retirement Plan
Authorizes participation in the University’s Retirement Plan -5% Employee
contribution/7% University contribution
In Accordance with the regulations of the University’s retirement plan, I
authorize a 5% salary reduction to my monthly/semi-monthly salary/wages.
This will be directed towards:
Fidelity Investments ______
OR
TIAA/CREF _______
ADDITIONAL REDUCTION – SUPPLEMENTAL PLANS
Section 2:
St. Mary’s University 403(b) Tax Deferred Annuity Plan (Supplemental Plan)
Authorizes participation under a supplemental plan – no matching is applicable under
this plan.
In accordance with the regulations of the University’s Tax Deferred Annuity
Plan I authorize my monthly/semi-monthly salary/wages to be reduced by the
following additional amount(s):
Fidelity Investments
(Supplemental Plan Contributions)
$ _____ or _____%
Max
TIAA/CREF
(Supplemental Plan Contributions)
$ _____ or _____%
Max
I agree that these reductions will be equal to or less than my Maximum Exclusion Allowance under
Section 403((b) of the IRS (Internal Revenue Service) code.
______________________________
(Employee STMU ID#)
______________________________
(Employee Signature)
________________________________
St. Mary’s University Plan Administrator
______________________________
(Date)
Director of Human Resources
(Title)
2014