403(b) Accounts Sample Clauses

403(b) Accounts. Employer contributions shall be deposited into the 403(b) account selected by employee to receive Employer contributions, provided such account will accept Employer Non-elective Contributions. If the employee does not designate a 403(b) account to receive Employer’s contributions, or if the account designated will not accept Employer’s Non-elective Contributions for any reason, then Employer shall deposit contributions, in the name of the employee, into the endorsed 403(b) program.

403(b) Accounts. The District and the BPA will mutually select a single 403(b) provider for remittal of non- elective employer contributions.

403(b) Accounts. Employer contributions shall be deposited into the 403(b) account selected by employee to receive Employer contributions, provided such account will accept Employer Non-elective Contributions and is currently approved by the District and its Third Party Remitter.

403(b) Accounts. Employer Non-Elective Contributions shall be deposited into the NYSUT endorsed 403(b) provider, offered through ING Life and Annuity Company, in the name of the employee.

403(b) Accounts. The District will provide an IRC/403b plan for the teachers’ salary deferrals. The District shall assume the cost of such plans third party administrator.

403(b) Accounts. Employer contributions from both the Retirement Incentive and unused sick leave as outlined in Article XXI of the Collective Bargaining Agreement shall be deposited into an ING 403(b) account. Each individual for whom an employer contribution is made, will designate the specific ING 403(b) investment accounts, into which the employer contribution shall be made.

403(b) Accounts. Employer contributions shall be deposited into the ING Life Insurance and Annuity Company (“ING”) 403(b) account of each recipient employee. If the employee does not have an ING 403(b) account, the Employer shall deposit the employer contributions in the name of the employee, into an ING account established in the employee’s name. Agents from ING will be allowed reasonable access to the School District’s facilities in order to assist the employees and District’s representatives in fulfilling applicable 403(b) legal requirements. Upon the request of the District, the ING agents will assist District’s representatives in calculating the annual maximum allowable 403(b) contribution under the Internal Revenue Code, based upon salary and payroll information provided to the ING representative by the District.

403(b) Accounts. Employer contributions shall be deposited into the 403(b) account of each recipient employee. If the employee does not have a 403(b) or account, the Employer shall deposit the employer contributions, in the name of the employee, into a 403(b) account established in the employee’s name. Agents from Participating Service Providers in the 403(b) Plan will be allowed reasonable access to the Employer’s facilities in order to assist the employees and Employer’s representatives in fulfilling applicable 403(b) legal requirements. However, as a condition precedent to the Employer having any duty to make a Non-elective Contribution on behalf of an otherwise eligible current or retired Association Member, the following additional requirements must be met: (a) the member must choose a specific Participating Service Provider's 403(b) or the Employer's Participating Service Provider's investment account that will accept Employer's Non-elective Contribution. (b) the member must sign a written 'designation and release form' that identifies such Participating Service Provider's 403(b) investment account into which the Non- elective Contribution shall be made, and (c) the signed 'Designation and Release form' must include the following release language: "'I understand that the 403(b) account that I alone have selected and designated herein is an investment that the Board and District have no control over, and which may lose its entire value through no fault of the Board or District. I therefore release the Board and District from responsibility for any and all damages or financial losses that I may suffer at any point in time after the Non-elective Contribution to which I am entitled has been deposited in the above-designated 403(b) account.' The Employer and Association will jointly create the 'designation and release form' referenced above.

403(b) Accounts. Employer contributions shall be deposited into the 403(b) account initially selected by the employee to receive Employer contributions, provided such account will accept Employer Non-elective Contributions. If the employee does not designate a 403(b) account to receive Explanation for TRS Categories: Under Education law §50 I (l I )(a), the calculation of a pre-June 17. 1971 TRS Tier I member's last five years final average salary (upon which a member's life-time pension is, in part. calculated) includes any non-ordinary income (such as termination pay) which is received as compensation prior to December 31st of the year of retirement. Thus. such a member would benefit from receiving, as compensation, in their final year of employment that portion of the Employer Non-elective contribution. which is in excess of the maximum Contribution Limits of IRC§4 I 5. Employer's contributions, or if the account designated will not accept Employer's Non­ elective Contributions for any reason, then Employer shall deposit contributions, in the name of the employee, into the endorsed 403(b) program account with VOYA Financial.

403(b) Accounts. Unit members will be allowed to participate in the tax sheltered annuity plans now approved by the District upon execution of proper authorization forms. Details are available by calling the Personnel Office. Neither the District nor the Association assumes responsibility or shall be liable for any claims, damages or disputes resulting from the administration of this program.