Common use of Additional Plan Terms Clause in Contracts

Additional Plan Terms. a. Employer and Employee Paid Contributions and growth thereon will be considered taxable income upon distribution from the plan. Further, a penalty may apply for distributions made prior to the age allowed by State and Federal laws and regulations. Qualified Rollover options may allow a terminated employee to defer taxation until a later date. b. A Cooperative Retirement Plan Oversight Committee will be established. It will be composed of three Board of Directors appointees, three special Services NEA appointees, and a representative of a third party administrator as an ex officio member. It will be the intention of the oversight committee to meet at least once throughout the contract year. It will be the Association’s responsibility to schedule and to provide minutes of the meeting which will be accessed electronically on the Cooperative’s website.

Additional Plan Terms. a. Employer and Employee Paid Contributions and growth thereon will be considered taxable income upon distribution from the plan. Further, a penalty may apply for distributions made prior to the age allowed by State and Federal laws and regulations. Qualified Rollover options may allow a terminated employee to defer taxation until a later date. b. A Cooperative Retirement Plan Oversight Committee will be established. It will be composed of three Board of Directors Directors’ appointees, three special Services NEA appointees, and a representative of a third party administrator as an ex officio member. It will be the intention of the oversight committee to meet at least once throughout the contract year. It will be the Association’s responsibility to schedule and to provide minutes of the meeting which will be accessed electronically on the Cooperative’s website.