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Salary Reduction Agreement - University of Maine System

Salary Reduction Agreement - University of Maine System 2025

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The document is a Salary Reduction Agreement for faculty and professional employees at the University, detailing the participation in a 403(b) retirement plan. It outlines the mandatory employee contribution of 4% of base salary, matched by a 10% contribution from the University. The agreement includes options for additional voluntary contributions to both 403(b) and 457(b) plans, with instructions on how to designate vendors for these contributions. Employees must acknowledge their understanding of the terms and conditions, including their responsibility for investment outcomes.

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Click ‘Get Form’ to open the Salary Reduction Agreement in the editor.
Begin by entering your legal name and Employee ID in the designated fields. Ensure accuracy as this information is crucial for processing.
Fill in your date of birth and the effective date of this agreement. This establishes when your salary reduction will take effect.
Select the type of change you are making by checking one of the options: Begin or Resume Contributions, Change Future Contributions, or Terminate Participation.
In Part I, indicate your contribution preferences. Enter the percentage allocations next to each vendor ensuring they total 100%. Choose between BEFORE-TAX or AFTER-TAX deductions.
For Parts II and III, specify any additional voluntary contributions you wish to make. Again, ensure that you have established contracts with chosen vendors prior to submission.
Finally, review all entries for accuracy, sign and date the form in Part IV, then submit it via fax or mail as instructed.

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What is a salary reduction agreement?

Retirement Plan - UMS offers a retirement plan administered by TIAA, where both the employee and the employer contribute. Employee and employer basic contributions are made to the 403(b) Defined Contribution Pension Plan. The unit member contribution is 4% and University share 10% for an annual total of 14%.

What is the University of Maine system retirement plan?

The average employee salary for the University of Southern Maine (USM) in 2023 was $65,687. This is 8.4 percent lower than the national average for government employees and 12.1 percent lower than other universities and colleges. There are 1,884 employee records for the University of Southern Maine (USM).

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