Wilson College Defined Contribution Retirement Plan

Wilson College Defined Contribution Retirement Plan

Agreement for Salary Reduction under 403(b)

Effective with respect to amounts paid (as soon as administratively feasible) on or after ______, 20_____, which date is subsequent to the execution of this Agreement, the Employee’s salary will be reduced by the amount(s) indicated below. At the same time, the Institution will contribute a corresponding amount to the Employee’s annuity contracts (or custodial contracts) which the Employee will allocate among the funding vehicles approved by the institution. This Agreement shall be legally binding and irrevocable for both the Institution and the Employee with respect to amounts earned while employment continues. However, either party may terminate or otherwise modify this Agreement as of the end of any pay period by giving at least 30-days written notice so that this Agreement will not apply to salary subsequently paid. The ability to modify the amount of the salary withheld will be subject to the Institution’s rules on frequency of making modifications to Salary Reduction Agreements. Wilson College allows modifications to the amount of salary withheld to be made at anytime. To make a modification, complete a new Salary Reduction Agreement.

Wilson College DC Retirement Plan 366825 – RA Contract

The amount of the salary reduction shall be to (TIAA-CREF)

The amount of salary reduction will be ______% of gross annual salary or $______per pay period. This will produce a total Institution contribution that does not exceed the Employee’s statutory limitations of IRC Section 415 or Section 402(g), whichever is less.

Employees age 50 or over can make additional elective deferrals to 401(k), 403(b), and governmental 457(b) plans that are above and beyond the statutory limits. For 2014 you can contribute an additional $5,500. I am age 50 or over and wish to make a catch-up contribution of $______per pay period.

15-year rule – If you are participating in a 403(b) plan and have been employed at least 15 years at an eligible institution, you may be able to elect to defer an additional amount of up to $3,000 per year, subject to a lifetime maximum of $15,000. I have been employed at least 15 years at an eligible institution and am eligible to make the following contributions. I wish to defer an additional amount of $______per pay period.

Wilson College TDA Plan 366826 – GSRA Contract

The amount of the salary reduction shall be to (TIAA-CREF)

Employees age 50 or over can make additional elective deferrals to 401(k), 403(b), and governmental 457(b) plans that are above and beyond the statutory limits. For 2017 you can contribute an additional $5,500. I am age 50 or over and wish to make a catch-up contribution of $______per pay period.

The maximum contribution is any percentage of annual pay up to the IRS annual dollar limitation for employee deferrals to a 403(b) Plan ($18,000 for 2017 – or $24,000 if age 50 or older in 2017) to both contracts combined. This limit does not include any employer contributions made by Wilson College on your behalf. Additional contributions may be available if you have completed 15 years or more of service at an eligible institution. If you are interested in participating in the 15+ years of service catch up, please contact your HR department for assistance in determining the amount that might be available.

Employee Name
(Please print):
SSN:
Date of Birth:
Date of Hire:
Street Address1:
Street Address 2:
City, State, ZIPcode:
Daytime Phone:
Signature/Date:

Upon completion of this form, please be sure to sign and date and turn it in to HR.