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Salary-Reduction Contribution
(redirected from Salary Reduction Contribution)

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Salary-Reduction Contribution
A contribution to an employer-sponsored plan whereby the employee does not receive a check for his/her entire salary. Rather, the employer puts a portion of the salary into the plan directly; the contribution is automatically invested for the employee's retirement. A salary reduction contribution may come before or after the employee's taxes. This determines whether or not the withdrawals after retirement are taxable. See also: IRA, 401(k).
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In addition, under a transition rule, the IRS said that, although such changes normally require a prospective plan amendment, employers may permit employees to make pretax salary reduction contributions for accident or health benefits under a cafeteria plan for qualifying adult children effective March 30, 2010.
IRS explains extended health coverage for adult children by Journal of Accountancy
The Internal Revenue Code generally prohibits withdrawals of 403(b) salary reduction contributions and earnings on such contributions prior to death, disability, age 59-1/2, severance of employment, or financial hardship (The amount available for hardship is limited to the lesser of the amount necessary to relieve the hardship, or the account value as of 12/31/1988 plus the amount of any salary reduction contributions made after 12/31/1988 (exclusive of any earnings)).
ING Introduces 'Direct' 403(b) Program to Delaware Educators by PR Newswire
Salary reduction contributions are subject to Social Security, Medicare, and unemployment (FUTA) taxes.
Retirement savings plans: better than ever for your employees and ... by The Business Owner
 
 
 
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