Common use of ANNUITY PROGRAM Clause in Contracts

ANNUITY PROGRAM. The Board shall provide an opportunity for employees to enroll in a tax-sheltered annuity program administered by the School District. A committee consisting of the Superintendent and two teachers designated by the Association will oversee the selection of which financial investment vendors will be permitted to participate in the School District’s tax-sheltered annuity program will be permitted to do so by notifying the District’s Business Office prior to the 20th day of the calendar month so that their enrollment or alteration will become effective beginning with the first payroll period in the following month. Participation in such program is voluntary and the district has no financial obligations related to an employee’s participation in the program. Employees will only be able to enroll with financial investment vendors approved by the School District, as selected by the committee established by this provision.