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)
Appears in 4 contracts
Samples: Master Agreement, Master Agreement, Master Agreement
