Tax Sheltered Annuity 403(b)
and Missouri Deferred Compensation 457
Salary Reduction Agreement
By the agreement, made between (the "Employee") and
(Print Name)
Southeast Missouri State University (the "Employer"), we agree as following:
Effective with check date , the compensation to be paid by the Employer to the Employee shall be reduced in the following manner as a purchase of a non-forfeitable annuity contract to provide retirement benefits for the Employee.
□ Missouri Deferred Compensation 457 Program
Flat Amount Percent of Base Salary (Per Pay Period) (Per Pay Period)
□ Pre-Tax Deferred Investment $
or %
□ Roth 457 Post-Tax Investment $
or %
Total $
or %
□ Tax Sheltered Annuity 403 (b) Program
Company Name Amount
$
$
$
Total $
I. This agreement shall continue indefinitely until amended or terminated by either party (subject to the conditions in paragraphs II and III) by giving at least thirty (30) days' written notice prior to the date of such amendment or termination.
II. An employee may only enter into a payroll reduction agreement, amend an agreement, or terminate an agreement when permitted under Section 403(b) of the Internal Revenue Code or Section 457 of the Internal Revenue Code as amended or applicable regulations or rulings.
III. If the Employee terminates employment with the Employer or if the Employer terminates its Section 403(b) or Section 457 programs, this agreement shall automatically terminate.
IV. With respect to amounts earned while the agreement is in effect, this agreement shall be legally binding and irrevocable as to both parties and shall terminate any prior salary reduction agreement executed between the Employee and the Employer under the Employer’s 403(b) or 457 programs.
V. Nothing contained in this Agreement shall be deemed to constitute an employment agreement and nothing contained herein shall be deemed to give the Employee any right to be retained as an employee of the Employer.
VI. I agree that all computations in connection with the determination of the amount of the salary reduction hereby authorized, including but not limited to the amount of exclusion allowance, includable compensation and years of service pursuant to Sections 403 of the Internal Revenue Code, shall be my responsibility. Such computations shall not be the responsibility of the University nor of an officer or employee of the University assigned any duties in connection with its Tax Deferred Plans, and it is agreed that the University, its Board of Regents, officers, and employees assigned any duties in connection with its tax deferred plans shall incur no liability therefrom. The salary reduction provided for in this agreement shall not go into effect until the University’s Office of Human Resources receives a copy of the calculations made for determining that the proposed calculations are within the exclusion allowance (Maximum Exclusion Allowance).
IN WITNESS WHEREOF the parties hereto have executed this agreement on this day of
_, 20 _.
Employee Signature Employee Social Security
Assistant Director, Human Resources Signature