Payment and Deferral of Severance Pay. 1. Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall adopt the Tax Deferred 403(b) Annuity Plan for Government Employees‖ Document 403(b) with terms that comply with the requirements of this Paragraph.
Payment and Deferral of Severance Pay. Each eligible employee shall receive his/her severance pay in one (1) payment to be paid at the time of retirement. The parties agree to form a subcommittee of equal representation (Board and Association members) for the purpose of studying the issue of Deferral of Severance Pay through a Special Pay Plan. Any agreement shall be ratified by both parties.
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)
Payment and Deferral of Severance Pay. Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall adopt a Tax Deferred 403(b) Severance Special Pay Plan.
Payment and Deferral of Severance Pay. Section 1. Notwithstanding anything in Board policy to the contrary, in accordance with the terms of Section 3.4(a) of the of the Polaris Career Center Section 403(b) Plan (the “403(b) Plan”), certain retiring teachers shall have the total amount that otherwise would be payable to them as “Severance Pay” (as defined therein) mandatorily paid into an annuity contract or custodial account that is a “Plan Contract” under the 403(b) Plan Payment of such amounts under Section 3.4(a) shall be in lieu of payment of such amounts directly to the retiring Employee; and no retiring Employee shall have the option of receiving payment of such amounts directly in cash. This arrangement shall be referred to herein as the PEA Severance Pay Deferral Program.
Payment and Deferral of Severance Pay. A. Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall adopt a single source “403(b) Annuity Plan for Government Employees, Special Pay Plan” Document with terms that comply with the requirements of this Article. The provisions of this agreement shall be subject to the 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).
Payment and Deferral of Severance Pay. 1. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with the terms of this Section 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 their “Severance Pay” (as defined below) 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”). Such payment shall be in lieu of the payment being made directly to the retired teacher; and such payment shall eliminate all sick leave credit of the retired teacher. For purposes of this Section, this arrangement is referred to as the 403(b) Plan.
Payment and Deferral of Severance Pay. The Board shall adopt a tax deferred 403(b) annuity plan consistent with Appendix I. Participation in the 403(b) plan shall be mandatory for any member who retires on or after July 1, 2007, who would be entitled to severance pay under Section 15 of this Agreement and who is or will be age 55 or older in the calendar year in which the member retires. The specific provisions are more fully set forth in Appendix I.
Payment and Deferral of Severance Pay. A. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with terms of this subsection and any related provisions of a plan document adopted by the Board to comply with requirements of Section 403(b) of the IRC, retiring bargaining unit members shall have the total amount that otherwise would be payable to them as severance pay under the above subsections of this Section 7.05 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 the purpose of this subsection, this arrangement is referred to as the “403(b) Plan”. The provisions of this subsection are effective for all retiring bargaining unit members:
Payment and Deferral of Severance Pay. Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall adopt a 403(b) Plan (“The Plan”) for District employees with terms that comply with the requirements of this Paragraph. Employees shall access “The Plan” by choosing from a list of District-approved plan providers. The terms of The Plan shall include the following: Participation in The Plan shall be mandatory for any teacher actively employed, who is or will be age fifty-five (55) years or older in the calendar year in which the teacher retires, or, in the case of a retired/rehired teacher who did not retire from the District/collect severance from the District, resigns. An employer contribution shall be made on his/her behalf under The Plan in an amount equal to the total amount of the participant’s severance. The required contribution to The Plan shall be made within the timeframe described under this provision regarding the payment of severance pay; however, if the amount payable to The Plan in the calendar year of retirement would exceed the maximum amount that is permitted under the applicable federal income tax law for that year, the remaining amount shall be contributed to The Plan after the first payroll date in January of the next calendar year. A teacher who is participant in The Plan shall complete The Plan sponsor enrollment package prior to retirement; and unless and until a teacher does so, no contribution of severance pay shall be made to The Plan on behalf of the teacher. If a teacher is entitled to have a contribution paid The Plan and dies prior to such contribution being paid to The Plan, the contribution shall be paid to a Beneficiary of the teacher in accordance with the terms of The Plan. In the vent no beneficiary was designated by the employee, the Severance Pay will be paid to the deceased’s estate. After adoption of The Plan, any administrative fees shall be borne by The Plan Participants. Any teacher who is entitled to severance pay who is not an eligible participant in The Plan (i.e., under the age of 55) will continue to be eligible for any and all severance payments and/or retirement incentive payments. The teacher may elect to defer such payments to a tax-sheltered annuity that is tax qualified under Internal Revenue Code Section 403(b) (a “TSA”) as permitted by law and Board policy. All contributions to The Plan, all deferrals to a TSA, and all check payments to teachers, shall be subject to reduction for any tax withholding or other ...
