Common use of Salary Reduction Elections Clause in Contracts

Salary Reduction Elections. Each teacher may elect to make tax deferred contributions, i.e., salary reduction contributions, to a plan described in Code Section 403(b) to maximum limits allowed by the Code. The School Corporation shall maintain a list of approved investment vendors for the salary reduction contributions made to the 403(b) Plan. However, such vendors must satisfy the requirements of Article V, Section G, and the School Corporation may require vendors to sign hold harmless agreements, service agreements, and other agreements outlining the obligations of the vendors to the School Corporation and teachers.