Common use of Annuities and Deferred Compensation Clause in Contracts

Annuities and Deferred Compensation. From the annual salary stated in paragraph A.1. of this Contract, the Athletic Director may (1) annually defer compensation pursuant to and in accordance with the terms of an eligible deferred compensation plan, as described in Section 457(b) of the Internal Revenue Code if adopted by the Board, and/or (2) authorize a salary reduction in order that the Board may purchase a 403(b) eligible product for the Athletic Director as described in Section 403(b) of the Internal Revenue Code, in accordance with the Board’s 403(b) Plan if offered, and provided that the Athletic Director confirms that any such deferrals and/or reductions are within Internal Revenue Code limitations.

Annuities and Deferred Compensation. From the annual salary stated in paragraph A.1. A.1 of this Contract, the Athletic Director may (1) annually defer compensation pursuant to and in accordance with the terms of an eligible deferred compensation plan, plan as described in Section 457(b) of the Internal Revenue Code if adopted by the Board, and/or (2) authorize a salary reduction in order that the Board may purchase a 403(b) eligible product for the Athletic Director as described in Section 403(b) of the Internal Revenue Code, in accordance with the Board’s 403(b) Plan if offered, and provided that the Athletic Director confirms that any such deferrals and/or reductions are within Internal Revenue Code limitations.