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This document is a Salary Reduction Agreement for employees participating in the CUNY Tax-Deferred Annuity Program, detailing the employee's salary reduction for contributions to a tax-deferred annuity
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How to fill out 2015 salary reduction agreement

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How to fill out 2015 Salary Reduction Agreement

01
Begin by obtaining the 2015 Salary Reduction Agreement form from your employer or their HR department.
02
Read through the instructions provided on the form carefully.
03
Fill in your personal information including your name, employee ID, and department.
04
Specify the amount or percentage of your salary that you wish to reduce.
05
Indicate the purpose of the salary reduction (e.g., retirement plan contributions, healthcare costs).
06
Review the terms and conditions associated with the salary reduction.
07
Sign and date the form to acknowledge your agreement to the salary reduction.
08
Submit the completed form to your HR department or designated person before the deadline.

Who needs 2015 Salary Reduction Agreement?

01
Employees who wish to reduce their salary for contributions to retirement plans or flexible benefit programs.
02
Individuals participating in employer-sponsored benefits that require a salary reduction agreement.
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A salary-reduction agreement is a document in which the employee agrees to accept a lower salary in exchange for contributing pre-tax money—also called “salary reduction contributions” or “elections” toward their Section 125 plan.
Pros and cons of a 403(b) ProsCons Tax advantages Few investment choices High contribution limits High fees Employer matching Penalties on early withdrawals Shorter vesting schedules Not always subject to ERISA1 more row • Nov 25, 2024
Generally speaking, it should be in writing and signed by both parties; it should include details about the amount of the reduction, duration of the reduction, any additional benefits that are provided to make up for the reduced pay; and it should also include any applicable tax or social security implications for both
The Salary Reduction Agreement (SRA) is to be used to establish, change, or cancel salary reductions withheld from your paycheck and contributed to the 403(b) and/or 457(b) Plan on your behalf. The SRA is also used to change the investment providers that receive your contributions.
Putting money into the 403(b) reduces your taxable income for that year. For example, if you put $5,000 into your 403(b) account and your federal income tax rate was 10%, by deferring that income you just saved $500 in federal taxes. Plus, $765.00 is exempt from social security tax.

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The 2015 Salary Reduction Agreement is a legal document that allows employees to reduce their taxable salary in exchange for contributions to certain employer-sponsored plans, such as retirement accounts or health insurance.
Employees who wish to participate in salary reduction plans for the year 2015 are required to file a Salary Reduction Agreement with their employer.
To fill out the 2015 Salary Reduction Agreement, employees must provide personal information, specify the amount or percentage of salary to be reduced, and indicate the specific benefits to which the reductions will be applied.
The purpose of the 2015 Salary Reduction Agreement is to provide a structured way for employees to defer compensation for tax benefits and contribute to their retirement savings or other eligible benefit plans.
The information that must be reported on the 2015 Salary Reduction Agreement includes the employee's name, Social Security number, the amount or percentage of salary reduction, and the specific benefit plans involved.
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