Annuity Programs. Members may participate in tax sheltered annuity programs offered by the Variable Annuity Life Insurance Company (VALIC) or the Supplemental Annuity Collective Trust of the Division of Pensions of the State of New Jersey or a combination of the Two programs or any other program to be selected by the Association, provided that the payroll system will permit such a deduction. Each member desiring to participate in a tax sheltered annuity program will complete the necessary salary reduction agreement for the plan or plans desired. The total salary reduction shall not exceed the statutorily permitted maximum. Any salary reduction agreement for the plan offered by the Variable Annuity Life Insurance Company or to the Supplemental Annuity Collective Trust.
Appears in 2 contracts
Sources: Employment Agreement, Employment Agreement