403(b) Accounts. Employer contributions shall be deposited into the 403(b) account 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 the Employer’s contributions, or if the account designated will not accept Employer’s Non-elective Contributions for any reason, then the 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 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. Employer contributions will be deposited into the 403(b) account selected by employee to receive Employer contributions, provided that the account will accept Employer Non-elective Contributions and completes the appropriate hold harmless agreement provided by the Employer. 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 will deposit contributions, in the name of the employee into the endorsed 403(b) program.
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. 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 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. Upon the request of the District, ING agrees to provide the Employer with their standard hold harmless agreement.
403(b) Accounts. Employer contributions shall be deposited into the 403(b) account selected by the Employee. If the Employee does not designate a 403(b) account to receive Employer’s contributions then the Employer shall deposit contributions, in the name of the employee, into any approved vendor under the District’s written plan.
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. OCM BOCES, Mid-Level Administrators Association, 2022-25 Page 16 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. Upon receipt from the Employer of information detailing the amount of each eligible employee’s includible compensation and each eligible employee’s 403(b) elective contribution, ING Life Insurance and Annuity Company (“ING” or “ILIAC”) the annuity company selected by the Association and its membership for such purposes, will provide the calculation of the amount of the Employer Non-elective contribution under this MOA for each such employee in order that the Contribution Limits under Section 415(c) of the Code are exceeded. The Employer Non-Elective contributions shall be deposited, in the name of the employee, with ING as the 403(b) Provider, without any charge, fee or expense being assessed by ING upon the Employer. Each affected employee shall then choose to either keep the Employer Non-Elective Contribution with ING or to transfer it to the employee’s designated 403(b) Provider. However, nothing set forth in this paragraph shall constitute a representation by the District to the effect that the New York State Teachers’ Retirement System and/or the Employees Retirement System shall deem the aforesaid contribution as eligible to be included in the calculation of final average salary for retirement purposes. The District further makes no representation that the contributions referred to herein are in accordance with Federal or State law or the rules and regulations of the Internal Revenue Service. As a condition precedent to any contribution of the funds referred to in this MOA, ING must submit an executed hold harmless agreement indemnifying the District against liability for any and all claims.
