Amounts Payable at Time of Retirement Sample Clauses

Amounts Payable at Time of Retirement. Amounts payable to a employee at a time of retirement shall be deposited by the District in the form of a non-elective employer contribution to the MEA 403(b) plan. No contribution shall cause an employee to exceed the limitations of Section 415(c) of the Internal Revenue Code. Contributions that exceed the Section 415 (c) limitations shall be paid to the teacher at the time of retirement and be subject to applicable taxes. With the exception of excess contributions, the employees shall have no cash option to this employer 403(b) contribution. Employees who are under age 55 at the time of retirement and take a cash distribution before age 59½ are subject to a 10% IRS penalty. The District will “make these employees whole” by paying the difference between the amount of the penalty and current FICA/MED rate of 7.65%. To be eligible to be “made whole” the employee must take the cash distribution within 30 days of payment by the District to MEA Financial Services and must notify the District at the time of distribution. The District will not “make whole” anyone after the 30-day period is past. Upon retirement: Any payments which an employee is eligible to receive under Sections N and O of this Article shall be deposited by the employer into a 403(b) plan sponsored by MEA Financial Services. The District’s obligation shall be limited to notifying MEA Financial Services of the retirees and payment amounts. MEA Financial Services will contact the retirees and execute the applicable documentation.
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Amounts Payable at Time of Retirement. ‌ Amounts payable to a member at a time of retirement shall be deposited by the District in the form of a non- elective employer contribution to the MEA 403(b) plan. No contribution shall cause an employee to exceed the limitations of Section 415(c) of the Internal Revenue Code. Contributions that exceed the Section 415
Sample 1

Related to Amounts Payable at Time of Retirement

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  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

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  • Other Retirement Gratuities A Teacher is not eligible to receive any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012. APPENDIX B – ABILITIES FORM Employee Group: Requested By: WSIB Claim: Yes No WSIB Claim Number: To the Employee: The purpose for this form is to provide the Board with information to assess whether you are able to perform the essential duties of your position, and understand your restrictions and/or limitations to assess workplace accommodation if necessary.

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