Payment and Deferral of Severance Pay. 1. Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall adopt the "VALIC Tax Deferred 403(b) Annuity Plan for Government Employees" Document (the "VALIC 403(b) Plan") with terms that comply with the requirements of this Paragraph 2.
Payment and Deferral of Severance Pay. Each eligible employee shall receive his/her severance pay in one (1) payment to be paid at the time of retirement. The parties agree to form a subcommittee of equal representation (Board and Association members) for the purpose of studying the issue of Deferral of Severance Pay through a Special Pay Plan. Any agreement shall be ratified by both parties.
Payment and Deferral of Severance Pay. Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall adopt a Tax Deferred 403(b) Severance Special Pay Plan.
Payment and Deferral of Severance Pay a. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with the terms of this Agreement and any related provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) of the Internal Revenue Code (the “IRC”), certain retiring employees shall have the total amount that otherwise would be payable to the Participant as severance pay under this Section, mandatorily paid into an annuity contract or custodial account that is designed to meet the tax-qualification requirements of IRC Section 403(b) (a “TSA”). For purposes of this Agreement, this arrangement is referred to as the “403(b)
Payment and Deferral of Severance Pay. Section 1. Notwithstanding anything in Board policy to the contrary, in accordance with the terms of Section 3.4(a) of the of the Polaris Career Center Section 403(b) Plan (the “403(b) Plan”), certain retiring teachers shall have the total amount that otherwise would be payable to them as “Severance Pay” (as defined therein) mandatorily paid into an annuity contract or custodial account that is a “Plan Contract” under the 403(b) Plan Payment of such amounts under Section 3.4(a) shall be in lieu of payment of such amounts directly to the retiring Employee; and no retiring Employee shall have the option of receiving payment of such amounts directly in cash. This arrangement shall be referred to herein as the PEA Severance Pay Deferral Program.
Payment and Deferral of Severance Pay. 1. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with the terms of this Section and any related provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) of the Internal Revenue Code (the “IRC”), certain retiring employees shall have their “Severance Pay” (as defined below) mandatorily paid into an annuity contract or custodial account that is designed to meet the tax-qualification requirements of IRC Section 403(b) (a “TSA”). Such payment shall be in lieu of the payment being made directly to the retired teacher; and such payment shall eliminate all sick leave credit of the retired teacher. For purposes of this Section, this arrangement is referred to as the 403(b) Plan.
Payment and Deferral of Severance Pay. A. Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall adopt a single source “403(b) Annuity Plan for Government Employees, Special Pay Plan” Document with terms that comply with the requirements of this Article. The provisions of this agreement shall be subject to the provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) of the Internal Revenue Code (the IRC).
Payment and Deferral of Severance Pay. The Board shall adopt a tax deferred 403(b) annuity plan and a health reimbursement arrangement (HRA) consistent with Appendix I. Participation in the 403(b) plan and the HRA shall be mandatory for any member who retires and who would be entitled to severance pay under Section 15 of this Agreement and who is or will be age 55 or older in the calendar year in which the member retires. The parties agree that the bargaining unit member’s payment will be split on a 60% HRA and 40% 403(b) basis. The specific provisions of the 403(b) plan and the HRA are more fully set forth in Appendix I.
Payment and Deferral of Severance Pay. A. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with terms of this subsection and any related provisions of a plan document adopted by the Board to comply with requirements of Section 403(b) of the IRC, retiring bargaining unit members shall have the total amount that otherwise would be payable to them as severance pay under the above subsections of this Section 7.05 mandatorily paid into an annuity contract or custodial account that is designed to meet the tax-qualification requirements of IRC Section 403(b) (a “TSA”). For the purpose of this subsection, this arrangement is referred to as the “403(b) Plan”. The provisions of this subsection are effective for all retiring bargaining unit members:
Payment and Deferral of Severance Pay. The Board shall adopt a tax deferred 403(b) annuity plan consistent with Appendix I. Participation in the 403(b) plan shall be mandatory for any member who retires on or after July 1, 2007, who would be entitled to severance pay under Section 15 of this Agreement and who is or will be age 55 or older in the calendar year in which the member retires. The specific provisions are more fully set forth in Appendix I.
