Common use of Deferred Compensation Plan/Annuity Policy Clause in Contracts

Deferred Compensation Plan/Annuity Policy. From the annual salary stated in paragraph A.1 of this Agreement, the Specialist may: (1) annually defer compensation pursuant to and in accordance with the terms of an eligible state deferred compensation plan as described in Section 457 of the Internal Revenue Code, if adopted by the Board; or (2) authorize a salary reduction in order that the Board may purchase an annuity policy for the Specialist as described in Section 403(b) of the Internal Revenue Code, provided that any amounts deferred under a Section 457 eligible deferred compensation plan will serve to reduce the maximum amount which can be tax sheltered through a Section 403(b) annuity.

Deferred Compensation Plan/Annuity Policy. From the annual salary stated in paragraph A.1 of this Agreement, the Specialist Director may: (1) annually defer compensation pursuant to and in accordance with the terms of an eligible state deferred compensation plan as described in Section 457 of the Internal Revenue Code, if adopted by the Board; or (2) authorize a salary reduction in order that the Board may purchase an annuity policy for the Specialist Director as described in Section 403(b) of the Internal Revenue Code, provided that any amounts deferred under a Section 457 eligible deferred compensation plan will serve to reduce the maximum amount which can be tax sheltered through a Section 403(b) annuity.

Deferred Compensation Plan/Annuity Policy. From the annual salary stated in paragraph A.1 of this Agreement, the Specialist Administrator may: (1) annually defer compensation pursuant to and in accordance with the terms of an eligible state deferred compensation plan as described in Section 457 of the Internal Revenue Code, if adopted by the Board; or (2) authorize a salary reduction in order that the Board may purchase an annuity policy for the Specialist Administrator as described in Section 403(b) of the Internal Revenue Code, provided that any amounts deferred under a Section 457 eligible deferred compensation plan will serve to reduce the maximum amount which can be tax sheltered through a Section 403(b) annuity.