Salary Reduction Agreement Form: Plan 15-year Catch-Up Election Form - Virginia

Salary Reduction Agreement Form: Plan 15-year Catch-Up Election Form is a legal document that was released by the Virginia Department of Accounts - a government authority operating within Virginia.

FAQ

Q: What is a Salary Reduction Agreement?
A: A Salary Reduction Agreement is a written agreement between an employee and their employer to reduce the employee's salary for a specific period of time.

Q: What is a Catch-Up Election Form?
A: A Catch-Up Election Form is a form that allows employees who are at least 50 years old to make additional contributions to their retirement plan.

Q: What is a Plan 15-year Catch-Up Election Form?
A: A Plan 15-year Catch-Up Election Form is a specific type of Catch-Up Election Form that allows employees who have completed 15 years of service with their employer to make even higher contributions to their retirement plan.

Q: Is the Plan 15-year Catch-Up Election Form applicable only in Virginia?
A: No, the Plan 15-year Catch-Up Election Form can be used by employees across the United States, not just in Virginia.

Q: Who can use the Plan 15-year Catch-Up Election Form?
A: Employees who have completed 15 years of service with their employer and are at least 50 years old can use the Plan 15-year Catch-Up Election Form.