403(b) Plan Sample Clauses

403(b) Plan. The district will offer a 403(b) Plan, which abides by the current IRS guidelines.

403(b) Plan. The Committee agrees to contribute to a 403B Plan for all bargaining unit members. A bargaining unit member who wishes to participate in the program must notify the Superintendent in writing no later than the April15th preceding the first year of participation. The Committee will match the first three hundred fifty dollars ($350.00) contributed by each employee. The School Committee will not be responsible for any administrative costs relating to this program and the only legal responsibility related to the 403B Plan will be to transmit the contribution to the appropriate vendor or vendors.

403(b) Plan. 1) The University shall continue The University of Maine System Basic Retirement Plan for Classified Employees for unit members. Beginning as soon as practicable after ratification of the 2021-2023 collective bargaining agreement, contribution rates shall be as follows: a) University share 10% of unit member’s annual base salary b) Unit member’s share 4% of unit member’s annual base salary TOTAL 14% of unit member’s annual base salary 2) Participating unit members shall make contributions in specific dollar amounts or whole number percentages. Basic Plan Providers shall administer payroll deducted funds which shall be remitted by the University once monthly. 3) The University of Maine System Retirement Plan for Classified Employees shall consist of a single record keeper whose rules of participations have been mutually agreed upon by the parties. 4) Unit members participating in the University of Maine System Basic Retirement Plan for Classified Employees as of December 31, 2009 upon separation from University service, shall, at any age, have the option to withdraw one hundred percent (100%) of their defined contribution retirement plan accumulation, subject to vendor and Internal Revenue Service regulations. 5) Unit members initially employed on or after January 1, 2010 shall have a four (4) year period from the date of eligibility to participate in the University of Maine System Basic Retirement Plan for Classified Employees for the purpose of vesting the University of Maine System’s retirement contribution. Unit members employed on or after January 1, 2010 who leave University service, unless the vesting period is satisfied, have no right to ownership of any funds contributed by the University of Maine System or any right to otherwise use those funds in any fashion. Upon separation of the unit member prior to completion of four (4) years of continuous, regular service from the date of eligibility to participate in the retirement plan, University contributions shall revert to the University. 6) Unit members initially employed on or after January 1, 2013 shall have a five (5) year period from the date of eligibility to participate in the University of Maine System Basic Retirement Plan for Classified Employees for the purpose of vesting the University of Maine System’s retirement contribution. Unit members employed on or after January 1, 2013 who leave University service, unless the vesting period is satisfied, have no right to ownership of any funds cont...

403(b) Plan. The Board shall provide the administrator the opportunity to participate in a voluntary tax sheltered 403(b) program, subject to Internal Revenue Service regulations. Except for changes required by the IRS or other regulatory entity, changes to the plan document or to the adoption agreement shall be made only upon the recommendation of a committee comprised of three (3) members appointed by the Board and three (3) teachers appointed by the association; all members of the committee must be current plan participants.

403(b) Plan. The Executive Secretary to the Superintendent can elect to participate in the District offered 403(b).

403(b) Plan. The Board shall provide the Elementary School Principal the opportunity to participate in a voluntary tax sheltered 403(b) program, subject to Internal Revenue Service regulations. Except for changes required by the IRS or other regulatory entity, changes to the plan document or to the adoption agreement shall be made only upon the recommendation of a committee comprised of three (3) members appointed by the Board and three (3) teachers appointed by the association; all members of the committee must be current plan participants.

403(b) Plan. The School Board shall allow the Educational Consultant to participate in a voluntary tax-sheltered 403(b) program, subject to Internal Revenue Service regulations.

403(b) Plan. The Committee agrees to implement the use of a 403B plan in accordance with IRS regulations so that all members of the unit would make a one-time transfer of sick leave buyback monies at the time of retirement to a 403B plan to reduce tax liability in accordance with IRS regulations.

403(b) Plan. Any employee who upon retirement shall be eligible to receive a severance benefit pursuant to Article 16, Section F, may elect to have the gross lump sum of the benefit paid pre-tax to their designated contributory 403B account.