By this Salary Reduction Agreement __________________________________ (hereinafter referred to as the "EMPLOYEE") and Augusta State University, the parties hereo, agree as follows:
Effective with respect to amounts earned on or after the first (1st) day of ______________, 20____, the compensation to be paid by AUGUSTA STATE UNIVERSITY to the EMPLOYEE shall be reduced by the amount of ________________________ ($ ) Dollars each pay period (______ pay periods per year).
AUGUSTA STATE UNIVERSITY shall pay the amount of the salary reduction to _____________________________ in the manner specified above for the purchase of a non-forfeitable annuity contract to provide retirement benefits for the EMPLOYEE.
This agreement shall continue indefeinitely until amended or terminated by either party upon giving at least thirty (30) days written notice prior to the date of such amendment or termination.
With respect to amounts earned while the agreement is in effect, this Agreement shall be legally binding and irrevocable as to both parties and shall terminate any prior Salary Reduction Agreement executed between the EMPLOYEE and AUGUSTA STATE UNIVERSITY under the 403(b) program. If the EMPLOYEE terminates employment with AUGUSTA STATE UNIVERSITY, or if AUGUSTA STATE UNIVERSITY terminates its Section 403(b) program, this Agreement shall automatically terminate.
Nothing contained in this Agreement shall be deemed to constitute an "employment agreement" and nothing contained herein shall be deemed to give the EMPLOYEE any right to be retained in the employ of AUGUSTA STATE UNIVERSITY.
You are responsible for determining that any salary reductions listed above do not exceed your maximum exclusion allowance as defined in Section 403(b) (2) of the Internal Revenue Code, the annual additions Limitations of Section 415(c) of the Internal Revenue Code or the limits on elective deferrals of Section 402(g) of the Internal Revenue Code. You are also responsible for tax consequences and investment decisions regarding your plan.
(Employee's Signature) (Social Security Number)