PAYMENT AND DEFERRAL OF SEVERANCE PAY/EARLY NOTIFICATION PAYMENT. The parties agree that favorable tax treatment of employee severance and/or early notification payments is a desired result. In that regard, the Board shall adopt an Employer 403(b) Severance Pay Deferral Plan for the payment and deferral of severance and/or early notification payments for participating EASPC members. Should additional vehicles/options for beneficial tax treatment become available to the District for severance and/or early notification payments during the term of this agreement, the parties further agree to discuss the feasibility of implementing such vehicles/options.
