Annuity Deductions. a. Monthly annuity deductions in accordance with Section 403(b) of the Internal Revenue Code (IRC) shall be made for all those bargaining unit members presently enrolled, and new companies shall be added if seven (7) or more bargaining unit members wish to enroll. The maximum number of annuity companies for which deductions are required shall be ten (10). b. Each member of the unit shall have the responsibility to determine that their payroll deductions for tax sheltered annuities do not exceed the maximum amount provided in Section 403(b) of the IRC and regulations applicable to that section, and shall not seek any payroll deduction in excess of that amount. Each member of the unit shall, upon request of the Treasurer, provide to the Board or obtain for the Board, any information which the Board may request to permit it to independently determine the qualified nature of the selected program and the applicable limitations on the amount of deferral. In the event the Treasurer and/or Board are assessed any taxes, charges, penalties or interest as a result of deductions by a member which exceed the IRC maximum limit, those amounts shall be reimbursed by the member to the Treasurer or Board.
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Sources: Collective Bargaining Agreement, Collective Bargaining Agreement