Salary Redirection Form
By agreement made between you (the Employee) and Molloy College (the Institution) we agree, as follows: Effective for amounts paid on or after the FIRST DAY of ____ (insert date in the form below) the employees pay will be reduced by the percent (%) shown below. At the same time, the Institution will contribute a fixed percentage to the employees' annuity contract(s) (or custodial accounts), which the employees will allocate the funding vehicles approved by the Institution.
This agreement is legally binding and irrevocable for both the Institution and the Employee with respect to amount paid while the agreement is in effect. However, either party may terminate this agreement as of the end of any month by giving at least 30 days' written notice. The agreement will not apply to any compensation paid after the agreement is terminated.
The amount of salary reduction(s) shall be:
- A total of five percent (5%) employee contribution is required for participation in the retirment annuity.
- The amount(s) indicated above will produce a total Institution contribution that does not exceed the Employee's statutory exclusion allowance under IRC Section 415, or the limitation or IRC Section 402(g)
whichever is less.
Please allocate below where your salary redirection should be steered toward then sign and date the following indicating your willingness and desire to participate in this Molloy College salary redirection program.
- The amount(s) indicated ablove will produce a total Institution that does not exceed the Employee's statutory exclusion allowance under IRC Section 415, or the limitation or IRC Section 402(g) whichever is less.
- This amount will be reviewed with human resources before execution of this agreement.