Common use of 403(b) Clause in Contracts

403(b). a. The District agrees to make a non-elective employer contribution for those bargaining unit employees represented by the Association and avail themselves of the District’s payment for sick days at retirement. b. The contribution will be placed into an OCS approved vendor 403(b) account through a non-elective employer contribution. The contribution amount will be equal to the unused sick day payout. c. The District will remit the contribution within one month following the effective date of the employee’s resignation for retirement purposes. d. The contribution shall be subject to the contribution limit as outlined in the Internal Revenue Code. e. For purposes of Tier 1 members with membership dates prior to June 17, 1971, the employer contribution will be reported as a non-regular compensation to the New York State Teachers’ Retirement System (“NYSTRS”). f. In the event that the contribution exceeds acceptable contribution limits, the employer agrees to pay any excess over the limits as regular compensation to the employee in the year of retirement at the same time the 403(b) non-elective contribution amount is remitted. g. The District makes no representations or warranties concerning the accuracy of any interpretation of law or applicable regulations as advanced to the District or described by the Association, its agents, representatives or other parties. The parties mutually agree to revisit this agreement should the related IRS regulations change.