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Saginaw Valley State University 403(b) Compensation Reduction Agreement/P Faculty SupportEmployee Name: SSN #: (*Required)This is a:New AgreementIncreaseDecreaseCancellationCompany ChangeEffective
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What is 403b compensation reduction agreement?
It is an agreement between an employee and their employer to reduce the employee's compensation in order to contribute a portion of it to a 403b retirement plan.
Who is required to file 403b compensation reduction agreement?
Employees who wish to contribute a portion of their compensation to a 403b retirement plan are required to file a compensation reduction agreement.
How to fill out 403b compensation reduction agreement?
Employees need to indicate the amount or percentage of their compensation they wish to contribute to the 403b plan and sign the agreement.
What is the purpose of 403b compensation reduction agreement?
The purpose is to allow employees to save for retirement by making contributions to a 403b plan on a tax-deferred basis.
What information must be reported on 403b compensation reduction agreement?
The agreement typically includes the employee's name, employer information, the amount or percentage of compensation to be contributed, and the effective date of the agreement.
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