Sentences with phrase «salary reduction contributions»

Also called salary reduction contributions, these are the most common types of contributions to retirement plans.

Savings Incentive Match Plan for Employees (SIMPLE) allow employees to make salary reduction contributions while the employer can make matching contributions directly to an IRA set up for each employee.

If an employee participates in multiple cafeteria plans offering health FSA's maintained by members of a controlled group or affiliated service group, the employee's total health FSA salary reduction contributions under all of the cafeteria plans are limited to $ 2,500.

As an employer, you must match each employee's salary reduction contribution on a dollar - for - dollar basis up to 3 % of the employee's compensation.

Not exact matches

The Internal Revenue Service allows individuals who are age 50 or older by the end of the calendar year to make extra pre-tax contributions to their work - sponsored retirement plan account (s), including their 401 (k), 403 (b), Salary Reduction Simplified Employee Pension Plan, or governmental 457 (b).

A 401 (k) plan is a qualified employer - established plan to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and / or pretax basis.

Teachers in the ERPaid plan should be credited with their portion of the contribution they make through salary reductions or other means.

In the ERPaid plan, the employer pays the entire contribution to the retirement system, with teachers contributing through a salary reduction or in lieu of a pay increase.

Contributions to the plan are tax - deductible and the employer must match up to 3 % of the contributions or make a nonelective (not based on salary reduction) Contributions to the plan are tax - deductible and the employer must match up to 3 % of the contributions or make a nonelective (not based on salary reduction) contributions or make a nonelective (not based on salary reduction) contribution.

These are known as salary - reduction contributions because they come from salary before taxes are withheld, thus reducing current taxable income.

Contributions are made through salary reduction in one of two ways: either as a percentage of salary for the year, or a specific dollar amount.

The first benefit you receive is an immediate reduction in taxes because your contribution, which comes from your salary, is made before you have to pay taxes on it (see examples of other common tax deductions here).

401k Retirement Plan - Allows eligible employees to make salary deferral (salary reduction) contributions on a pretax and / or post-tax basis.

(C) In the case of an employee who is eligible to purchase coverage under an eligible employer - sponsored plan sponsored by the employee's employer, the required contribution is the portion of the annual premium that the employee would pay (whether through salary reduction or otherwise) for the lowest cost self - only coverage.