Common use of Accumulated Leave Plan Clause in Contracts

Accumulated Leave Plan. The Treasurer maintains the Adoption Agreements defining the eligible employee groups included in the Ada Exempted Village School District Accumulated Leave Plan. All retiring employees within these designated groups must participate in the Accumulated Leave Plan. Once the payroll department has determined the payout amount, the total amount of payout will be designated on the Accumulated Leave Plan Payout Form and signed by the Treasurer (or designee). The VOYA Investment Advisor will meet with the employee to determine the maximum that can be sheltered, to insure compliance with IRS regulations and to establish the employees Accumulated Leave Plan accounts. The maximum contributions as defined by the IRS code will override the Ada Exempted Village School District policy of paying the money out in the year of retirement, if necessary. Following completion of the Accumulated Leave Plan Payout Form and obtaining signatures from both the VOYA Investment Advisor and the retiring employee, the completed form will be returned to the Treasurer’s office for payment by the Accounts Payable department.

Accumulated Leave Plan. The Treasurer maintains the Adoption Agreements defining the eligible employee groups included in the Ada Exempted Village School District Accumulated Leave Plan. All retiring employees within these designated groups must participate in the Accumulated Leave Plan. Once the payroll department has determined the payout amount, the total amount of payout will be designated on the Accumulated Leave Plan Payout Form and signed by the Treasurer (or designee). The VOYA ING Investment Advisor will meet with the employee to determine the maximum that can be sheltered, to insure compliance with IRS regulations and to establish the employees Accumulated Leave Plan accounts. The maximum contributions as defined by the IRS code will override the Ada Exempted Village School District policy of paying the money out in the year of retirement, if necessary. Following completion of the Accumulated Leave Plan Payout Form and obtaining signatures from both the VOYA ING Investment Advisor and the retiring employee, the completed form will be returned to the Treasurer’s office for payment by the Accounts Payable department.