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EASTERN KENTUCKY UNIVERSITY Office of Human ResourcesCPO 24A 521 Lancaster Avenue Richmond, Kentucky 404753102 (859) 6225893 FAX: (859) 6227219Agreement for Salary Reduction Under Section 403(b) and/or
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What is agreement for salary reduction?
An agreement for salary reduction is a formal document whereby an employee consents to a decrease in their salary for a specified period or under specific conditions.
Who is required to file agreement for salary reduction?
Typically, the employer or the payroll department is required to file the agreement for salary reduction, ensuring that it is properly documented and compliant with legal requirements.
How to fill out agreement for salary reduction?
To fill out an agreement for salary reduction, you need to include information such as employee details, the amount of the salary reduction, duration of the reduction, and any conditions related to the agreement.
What is the purpose of agreement for salary reduction?
The purpose of an agreement for salary reduction is to allow flexibility in employee compensation, often to accommodate financial shortfalls or to enhance employee benefits in other areas.
What information must be reported on agreement for salary reduction?
The agreement must report the employee's name, employee ID, the original salary, the reduced salary, effective dates of the reduction, and reasons for the reduction.
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