Agreement for Salary Reduction

Agreement for Salary Reduction TIAA-CREF

Under Section 403(b)

Teachers Insurance and Annuity Assc

SCHREINER UNIVERSITY College Retirement Equities Fund

CMB 6206, Human Resources/Benefits Administration 5215 North O’Connor Blvd, Suite 350

Kerrville, TX 78028 830/792-7375 Las Colinas, TX 78039-3790 1-800/842-2372

This is an: Original Authorization Amended Authorization

BY THIS AGREEMENT, made between Schreiner University, (the ‘Employer’) and ______, (the ‘Employee’) the parties hereto agree as follows:

Effective with respect to amounts earned on or after ______, 20 ______, which date subsequent to the execution of this Agreement, the Employee’s salary will be reduced by the amount indicated below. At the same time, Schreiner University will contribute an amount as indicated in their retirement plan, to the Employee’s annuity contracts (or custodial accounts), which the Employee will allocate among the funding vehicles approved by Schreiner University

This Agreement shall be legally binding and irrevocable for both Schreiner University and the Employee while employment continues. However, either party may terminate or otherwise modify this Agreement as to the end of any month (or pay period, if applicable) by giving at least (30) thirty days written notice so that this Agreement will not apply to salary subsequently paid.

THE AMOUNT OF THE SALARY REDUCTION SHALL BE:

______% of the monthly salary amount per month

Deduction to begin: ___/___/___

University to begin vesting on; ___/___/___, at ___%

The amount(s) indicated above will produce a total of Schreiner University’s contribution that does not exceed the Employee’s statutory exclusion allowance under IRC Section 403(b) or the limitations of the IRC Section 415 or Section 402(g), whichever is less. The Employee is responsible for determining that their salary reduction does not exceed the ‘exclusion amount’.

THE AMOUNT THAT IS REQUIRED, AS THE EMPLOYEES’ CONTRIBUTION WILL BE CONTRIBUTED BY THE SCHREINER UNIVERSITY TO THE FOLLOWING AUTHORIZED FUNDING VEHICLES IN THE PERCENTAGE AMOUNTS SHOWN:

TIAA-CREF (Group) RA 4%

SRA (any % above the 4%) %

Date______

______SCHREINER UNIVERSITY

Employee’s Signature Employer

______

Employee’s Social Security Number Human Resources Representative

Original: Employee Personnel File

cc: Employee

prsnnl/benefits/retirement/Reduction form TIAA.doc 10/03/08