Revised 11/2020
DAEMEN COLLEGE RETIREMENT PLAN
SALARY REDUCTION AGREEMENT
________________________ ("the “Employee”) and Daemen College (the “College”) agree as follows with respect
to contributions to be made under the Daemen College Retirement Plan (the “Plan”) – TIAA.
1. Contribution Election.
Tax Deferral (Salary Reduction Contribution). The Employee agrees to have the College reduce his or her basic pay
(including base salary and any overload pay, but excluding overtime pay, summer/intersession contract pay, and
supplemental pay) to the Funding Vehicle specified below: (minimum annual contribution is $200)
(*) Defined Contribution Plan – w/match, Plan #500525:
Pre-Tax ________% ______ Match
After-Tax (Roth) ________% ______ Match
Only one of the above contribution types can be matched by the College. In order to receive the matching
contribution, the employee must contribute a minimum of 5% to at least one of the contribution types. If you
are contributing to both, please indicate by checking the box next to the type you want your match to apply to.
Tax Deferred Annuity – no match, Plan #500526:
Pre-Tax ________%
After-Tax (Roth) ________%
Total Percent of Salary Reduction ________%
□ Maximum IRS Contribution $19,500 (2021 limit)
□ IRS Catchup for age 50 or older participants $ 6,500 (2021 limit)
□ IRS Increase for Long Service** $ 3,000 (2021 limit)
*eligible after 1 year of service; includes one year of full time service at another college or university in the twelve
months prior to hire; Daemen contributes 8% when benefit eligible employee contributes a minimum of 5%. **
Applicable to participants with at least 15 yrs. of benefit eligible employment
2. College’s Agreement.
The College agrees to make or pay over, on behalf of the Employee, the contributions elected above. The College
will make matching contributions for the Employee only if and to the extent the Employee is eligible for matching
contributions under the Plan.
3. Terms. The elections made under this agreement, and the contributions and investments to be made pursuant
to these elections, are subject to all the terms, conditions, and limitations of the Plan as it may be amended from
time to time. The Employee may change his or her contribution election up to four times each calendar year, and
may cancel it at any time, by signing a new agreement. The initial agreement or new agreement that changes or
cancels a contribution election will take effect with respect to pay periods beginning after the College accepts the
Employee’s signed agreement.
4. Employee’s Acknowledgment. The Employee acknowledges a copy of the summary plan description for the Plan
and of information regarding the investment options are available on online and in the Human Resources Office.
IN WITNESS WHEREOF, the Employee has signed this Agreement and the College accepts and has caused this
Agreement to be signed on the date indicated.
______________
Employee Signature Date
______________
Office of Employee Engagement Date
