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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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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.
Employees who wish to contribute a portion of their compensation to a 403b retirement plan are required to file a 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.
The purpose is to allow employees to save for retirement by making contributions to a 403b plan on a tax-deferred basis.
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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