What is a Salary Reduction Agreement?

April 26, 2017Agreement reduction salary

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What is a Salary Reduction Agreement?

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You must agree with the University to make 403(b) contributions through the payroll system to defer Federal and State income taxes. Your UMASS Salary Reduction Agreement identifies the amount of contribution you want to make.

If a participant contributes through the Salary Reduction Agreement method and moves to another pastorate, department, etc., what is the proper procedure?
When does the New Hire HR Benefits Election Form and Salary Reduction Agreement need to be returned to the Benefits Office?
What is a Salary Reduction Agreement?