403 (b) Plans. A. The board and the association recognize the importance of each employee pursuing an active retirement saving program and achieving their retirement savings goal. The parties agree that MEA Financial Services products shall be included in the initial list of vendors, along with any other mutually selected document as appropriate under IRS regulations. In the future should changes/additions/ reductions be made to the list of possible vendors, the parties shall meet to bargain such changes/additions/reductions.
403 (b) Plans. The Xxxxxxxxxxx School Board accepts the institution of a 403 B Plan as one of the medically related options offered by the school district in its insurance package. Current medically related options are health, term life, cancer and dental. If a staff member chooses not to utilize the benefit amount for health insurance, they must present written proof of medical coverage. If medical coverage is not substantiated the benefit amount is forfeited. Staff will only be allowed to participate in 403 B Plans approved by CPI-Common Remitter Services (3rd Party Administrator of 403 B Plans).
403 (b) Plans. The District will cooperate with any certificated staff member who chooses to participate in an investment program under a Internal Revenue Code Section 403(b) provided that the certificated employee executes a “Salary Reduction Agreement” provided by the District, and the vendor of the 403(b) Plan elected by the certificated staff member has entered in to a “Service Provider Agreement” with the District holding the District harmless from any liability that may arise out of such 403(b) Plan, including, but not limited to, tax reporting, notices and income withholding.
