457 Plan Clause Samples
A 457 Plan clause defines the terms under which an employer offers a tax-advantaged deferred compensation retirement plan to eligible employees, typically in the public sector or certain non-profit organizations. This clause outlines eligibility requirements, contribution limits, and the process for deferring a portion of an employee’s salary into the plan, often specifying how and when funds can be accessed, such as upon retirement or separation from service. Its core function is to provide employees with a structured way to save for retirement on a tax-deferred basis, thereby encouraging long-term financial planning and security.
457 Plan. Participants will need to complete a salary deferral election to begin making voluntary contributions to the 457 Plan. The annual maximum amount of voluntary contributions under the 457 Plan will be set forth in the plan documents and consistent with limitations under the Internal Revenue Code. The Employer will make matching contributions to the DC Plan based on the participants’ voluntary contributions under the 457 Plan, up to the maximum set forth in the table above in paragraph (b).
457 Plan. The School Corporation agrees to establish a 457(b) plan for voluntary employee contributions.
457 Plan. Carmel Clay Schools shall provide a salary reduction 457(b) deferred compensation plan for all interested teachers.
457 Plan. A 457 Plan will be made available to full-time employees commencing with the start of their employment.
457 Plan. The Board will establish a 457 Plan for, teachers who satisfy the requirement of Article 17, Section E. ARTICLE 42
457 Plan. The Alternate Payee will receive the following amount of the Member’s account in an account in the Alternate Payee’s name.
(a) The Alternate Payee is awarded $ from the Member's account balance as of _ , [insert date] combined with any pro rata earnings or losses on said amount from said date through the date of distribution to the Alternate Payee’s Account.
(b) The Alternate Payee is awarded _ % of the Member's account balance as of , [insert date] combined with any pro rata earnings or losses on the calculated amount from said date through the date of distribution to the Alternate Payee’s Account.
457 Plan. The City will offer to all its full-time employees the option of participating in the 457 Retirement Plan. The employee has the option to have the City contribute its 5% of his/her gross wages and/or the employee can contribute an additional amount as allowed by federal regulations. Enrollment requirements, employee contribution (for the Maine State Retirement System only), city contribution and benefit provisions shall be determined by state statute and/or City Council action.
457 Plan. The City provides ▇▇▇▇▇▇▇▇ the opportunity to contribute to an IRS Section 457 deferred compensation plan. ▇▇▇▇▇▇▇▇ may contribute up to the maximum allowed by law. Contributions may come from ▇▇▇▇▇▇▇▇’▇ regular earnings through payroll deductions, or from any unused portion of his Benefits Allowance. The City will match ▇▇▇▇▇▇▇▇’▇ contributions to a deferred compensation account up to a maximum of $200 per month.
457 Plan. Subject to any limitations imposed by law and by the terms of the District’s plan, Employee can participate in the District’s 457 plan. Employee is responsible to ensure that Employee’s contribution and the City’s contribution meet Internal Revenue Code Section 457 deferred compensation program requirements.
457 Plan. Beginning July 1, 2004 The Ferndale Public Schools will establish an eligible IRC 457(b) Plan to which employees of the district defer compensation on a pre-tax basis and invest the deferred compensation for the purposes of providing retirement income.