Section 457 Plan Clause Samples
A Section 457 Plan clause defines the terms and conditions under which an employer offers a deferred compensation plan to eligible employees, typically in the public sector or for certain tax-exempt organizations. This clause outlines how employees can defer a portion of their salary, the rules for contributions, and the timing and manner of distributions, often specifying eligibility requirements and tax implications. Its core function is to provide a tax-advantaged way for employees to save for retirement, while ensuring compliance with IRS regulations and clarifying the rights and obligations of both the employer and participants.
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Section 457 Plan. The Town will provide a payroll deduction program for the police officer's benefit and for the police officer's participation in an Internal Revenue Code § 457 Plan. The Town and the Club agree that the Town's only expense in establishing and participating in the Plan will be the cost of the payroll deduction. Any additional cost or expense, in the establishment of the I.RC. § 457 Plan, will be the cost and expense of the Club.
Section 457 Plan. The Board will offer an approved Section 457 Plan to all employees.
Section 457 Plan. Effective July 1, 2003 teachers retiring or terminating employment with compensation due in connection with unused personal leave, sick leave or other separation payments will be paid in the form of deferred compensation through a defined 401(A) special pay plan with a third party administrator. Employees are immediately 100% vested in all contributions to the plan.
Section 457 Plan. The City agrees to contribute to a qualified Section 457 Plan maintained on a matching contribution rate of one-to-one with a maximum City contribution of Ten Thousand Dollars ($10,000.00) annually. Amounts contributed under this section shall be to the benefit of ▇▇▇▇▇▇ in accordance with the deferred compensation plan participation agreement.
Section 457 Plan. Employees of the City shall be afforded the option of participating in an IRS qualified retirement program governed by the Internal Revenue Code 457 offered to other City employees, which shall include the IAFF Financial Corporation 457 Plan, provided it is and remains IRS qualified. Employees will be entitled to transfer 457 Plan assets to the plan of choice without penalty by the City. Any additional cost of this IAFF 457 Plan over and above the cost of the current plans shall be borne by the Union. Unless otherwise provided by applicable law, the City shall have no obligation under this IAFF 457 Plan other than to make employee contributions to the Plan from the employee’s City earnings as allowed by law and as directed in writing by the employee.
Section 457 Plan. The Board will establish and maintain an IRS Section 457 plan for teachers, provided that any administrative costs of such plan shall be borne by the participants.
Section 457 Plan. The District will offer a Section 457 I.R.C. Deferred Compensation Program to each administrator and supervisor as of the 2011-2012 benefit year. The bargaining unit employees shall not incur any costs associated with their participation in the I.R.C. 457 plan.
Section 457 Plan. District shall pay into an employee 457 deferred compensation fund 12% of the employee’s base hourly rate. Additionally, the District will match up to 2.5%, in total, of any employee contribution. The investments available under the deferred compensation fund shall be designated by the employees and the District from time to time by majority vote of the employees, reasonably approved by the District. The terms of the Deferred Compensation Plan shall be consistent with the requirements of law.