Common use of 403(b) Clause in Contracts

403(b). In accordance with applicable provisions of the New York State Education Law, the Superintendent shall be permitted to reduce his annual salary as otherwise payable under the terms of this Agreement for the purpose of purchasing an annuity or investing in a custodial account as permitted under Section 403(b) of the United States Internal Revenue Code, as amended. The Superintendent may select a company of his choice from which the annuity may be purchased or the investment shall be made. The District shall make an annual $5,000 contribution to the Assistant Superintendent's account on or about January 1 of each school year. It is understood between the Board and the Assistant Superintendent that this benefit shall impose no additional expense upon the District beyond the contribution specified in this paragraph.

403(b). In accordance with applicable provisions of the New York State Education Law, the Assistant Superintendent shall be permitted to reduce his annual salary as otherwise payable under the terms of this Agreement for the purpose of purchasing an annuity or investing in a custodial account as permitted under Section 403(b) of the United States Internal Revenue Code, as amended. The Assistant Superintendent may select a company of his choice from which the annuity may be purchased or the investment shall be made. The District shall make an annual $5,000 contribution to the Assistant Superintendent's account on or about January 1 of each school year. It is understood between the Board and the Assistant Superintendent that this benefit shall impose no additional expense upon the District beyond the contribution specified in this paragraph.