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Commonwealth of Virginia Department of Accounts FBMC 403 b Salary Reduction Agreement Form FBMC Benefits Management Inc. P. FBMC. com Instructions Use this form if you wish to direct your Employer to reduce your compensation and direct this compensation to become an elective deferral under your Employer s 403 b Program or if you want to change your existing Salary Reduction Agreement.
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What is fbmc salary reduction agreement?
FBMC salary reduction agreement is a legal document between an employee and an employer that allows the employee to voluntarily reduce their salary in exchange for certain benefits, such as contributions to a retirement plan or health savings account.
Who is required to file fbmc salary reduction agreement?
Both the employer and the employee are required to file FBMC salary reduction agreement. The employer must keep a copy of the agreement on file and the employee must also keep a copy for their records.
How to fill out fbmc salary reduction agreement?
To fill out FBMC salary reduction agreement, both the employer and the employee should review the agreement carefully and ensure that all necessary information is included. This typically includes the employee's name, contact information, salary reduction amount or percentage, effective date, and signatures of both parties.
What is the purpose of fbmc salary reduction agreement?
The purpose of FBMC salary reduction agreement is to formalize the agreement between the employee and the employer regarding the voluntary reduction of the employee's salary. It allows for the proper administration of benefits and ensures compliance with relevant laws and regulations.
What information must be reported on fbmc salary reduction agreement?
FBMC salary reduction agreement must include the employee's name, contact information, salary reduction amount or percentage, effective date, and signatures of both the employer and the employee. Additional information may be required based on specific benefit plans or legal requirements.
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