403(b) SALARY REDUCTION AGREEMENT FORM

Step 1 of 3: Supply Information | Step 2 of 3: Confirm Entries | Step 3 of 3: Submission Confirmation
  • Please supply the information requested below.
  • Read all agreements on this form before submitting.
  • Fields having a red asterisk notation are required.
IMPORTANT NOTICE: Before You Sign, Read All Information on this form:
The Salary Reduction Agreement is used to establish, change, or cancel elective deferrals withheld from your paycheck either before tax or after tax and contributed to an account within the employer-sponsored 403(b) Plan on your behalf. Unless utilizing the catch-up provisions, your Maximum Allowable Contribution ("MAC") cannot exceed $19500 ($26000 if age 50 or over) for 2021.

Please supply the information requested below. All fields marked with a red asterisk are required.
Part 1: Employer Information
*Employer Name: *Date of Hire: (MM/DD/YYYY)
Woodland Joint Unified School District  
BEFORE CONTINUING: Please verify that you have selected the correct Employer. If the Employer shown is not correct, please return to the main page and select your correct Employer.

Part 2: Employee Information
  Please check here if you have contributed to another 403(b), 401(k) or 401(a) plan this calendar year.
* Social Security Number:
(9 digits, no dashes or spaces)
* First Name: MI:    * Last Name: Maiden or Former Name:
  
*Address:
* City: *State: *Zip (5 digits or 5-4 digits):
* Date of Birth: (MM/DD/YYYY) * Phone: * Email address: * Re-enter Email address:


  There is a financial advisor/representative associated with this transaction.


Part 3: Contribution Information

Begin or Change Contributions to a 403(b) Account

Cancel all contributions to my 403(b) account.. I understand that I may participate in the future by filling out a new Salary Reduction Agreement form.


Part 4: Employee Agreement and Important Information

By signing this Agreement, Employee agrees to modify his/her salary as indicated and Employer agrees to contribute this amount on Employee’s behalf into the 403(b) annuity(s) or custodial account(s) selected by Employee and authorized by Employer under the Employer’s 403(b) Plan. Employer agrees to properly identify pre-tax 403(b) contributions and after-tax Roth contributions for proper allocation to segregated accounts by the investment providers. It is intended that the requirements of all applicable state and federal tax rules and regulations (Applicable Law) will be met. Employee understands and agrees that this Agreement:
  • Is legally binding and irrevocable with respect to amounts paid or available while it is in effect and is effective only for amounts not yet earned or made available.
  • May be terminated at any time for amounts not yet paid or available, and that a termination request is permanent and remains in effect until a new salary reduction agreement is submitted.
  • Supersedes all prior 403(b) salary reduction/amendment agreements and shall automatically terminate if employment with the Employer is terminated.
Employee further understands and agrees that Employee:
  • Is responsible for notifying TDS if the Employee is currently contributing to another 403(b), 401(k) or 401(a) at the time this salary reduction agreement is signed. Furthermore, the Employee agrees to notify TDS in the event the Employee begins to contribute to another 403(b), 401(k) or 401(a) plan.
  • Is responsible for determining that annual salary reduction contributions to all elective deferral plans do not exceed the limits of the Applicable Law.
  • Is responsible for identifying that portion of his/her contribution which is a Roth 403(b) contributions and which portion is a pre-tax 403(b) contribution so that investment providers can properly segregate contributions or apply separate accounting to independently track and monitor each type of contribution.
  • Is responsible for the accuracy of the information provided by Employee, which may be used in determining Employee's maximum annual contribution limit.
  • Is solely responsible for any losses suffered by Employee that result from his/her participation in the 403(b) plan and that Employer has no liability for investment performance of Employee’s account(s).
  • Acknowledges that Employer has made no representation regarding the advisability, appropriateness or tax consequences of the purchase of the 403(b) plan. Nothing herein shall affect the terms of employment between Employer and Employee.
  • Acknowledges and authorizes Employer to share information on employee’s account(s) with investment providers and/or plan administrators for compliance purposes.
Although Employer must authorize Investment Providers, Employer does not choose the annuity contract(s) or custodial account(s) in which 403(b) contributions are invested. Employee is responsible for setting up and signing the legal documents to establish the annuity contract or custodial account, which must be established prior to submission of this Agreement.

Employers are responsible for all distributions and any other transactions with the Investment Provider(s). All rights under the annuity contracts or custodial accounts are enforceable solely by Employee, Employee’s beneficiary or Employee’s authorized representative. However, Employer has certain responsibilities under the 403(b) Plan with respect to the integrity of the transactions for the Plan and may require an authorized representative from Employer to approve any requested transactions by Employees. Employee must cooperate directly with any Investment Provider or Employer representative, as directed by Employer to exchange contract(s) or custodial account(s) to another Investment Provider, make distributions, request loans, exchanges or otherwise access 403(b) Plan assets.

Employee understands that Employer is authorized to utilize the services of a Plan Administrator at the discretion of the Employer and, as such, Employer may direct the amount of any salary reduction/deduction to the Plan Administrator with the intent of having Plan Administrator distribute such funds to the designated Investment Provider.

Employee understands that the Plan Administrator charges each Investment Provider an administration fee of $3.00 per month for each annuity or custodial account administered in the Plan. In the event the Investment Provider selected above does not agree to pay the administration fee, Employee authorizes and directs Employer to deduct the administration fee directly from Employee’s paycheck each month through an after-tax payroll deduction.

I certify that I have read this complete Agreement and that my contributions to the 403(b) Plan do not result in a contribution amount that exceeds the contribution limits under Applicable Law. I understand my responsibilities as an Employee under the 403(b) Plan, and by signing this Agreement, I direct Employer to take the actions specified in this Agreement unless deemed inappropriate by my Employer or Plan Administrator.

By signing this Agreement, I authorize any Investment Provider, the 403(b) Plan Administrator, my Employer or their representatives to provide information on my account(s) that may be necessary for compliance purposes or to effectuate such transactions as I may request.

By clicking the button below labeled "Continue", I hereby confirm that I have read and understand all information contained in this Agreement.

* Re-enter Social Security # to verify (9-digit format, no dashes or spaces):
      

Please note: Javascript must be enabled for this form to be properly submitted. If you are having difficulty submitting the form, please ensure that your browser settings enable Javascript usage.