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Current as of October 02, 2022 | Updated by FindLaw Staff
(a) Salary reduction agreement defined. For purposes of section 3121(a)(5)(D), the term salary reduction agreement means a plan or arrangement (whether evidenced by a written instrument or otherwise) whereby payment will be made by an employer, on behalf of an employee or his or her beneficiary, under or to an annuity contract described in section 403(b)—
(1) If the employee elects to reduce his or her compensation pursuant to a cash or deferred election as defined at § 1.401(k)–1(a)(3) of this chapter;
(2) If the employee elects to reduce his or her compensation pursuant to a one-time irrevocable election made at or before the time of initial eligibility to participate in such plan or arrangement (or pursuant to a similar arrangement involving a one-time irrevocable election); or
(3) If the employee agrees as a condition of employment (whether such condition is set by statute, contract, or otherwise) to make a contribution that reduces his or her compensation.
(b) Effective/applicability date. This section is applicable on November 15, 2007.
Cite this article: FindLaw.com - Code of Federal Regulations Title 26. Internal Revenue § 26.31.3121(a)(5)–2 Payments under or to an annuity contract described in section 403(b) - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-26-internal-revenue/cfr-sect-26-31-3121-a-5-2/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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