Common use of Annuities and Deferred Compensation Clause in Contracts

Annuities and Deferred Compensation. From the annual salary stated in Paragraph 5 of this Contract, the Superintendent 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 Superintendent 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 Superintendent confirms that any such deferrals and reductions are within Internal Revenue Code limitations.

Annuities and Deferred Compensation. From the annual salary stated in Paragraph 5 paragraph A.1 of this Contract, the Superintendent 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 Governing Boards, and/or (2) authorize a salary reduction in order that the Board Boards may purchase a 403(b) eligible product for the Superintendent as described in Section 403(b) of the Internal Revenue Code, in accordance with the Board's District’s 403(b) Plan, Plan if offered, and provided that the Superintendent confirms that any such deferrals and and/or reductions are within Internal Revenue Code limitations.

Annuities and Deferred Compensation. From the annual salary stated in Paragraph 5 paragraph A.1 of this Contract, the Superintendent Chief Officer 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 Board, and/or (2) authorize a salary reduction in order that the Board may purchase a 403(b) eligible product for the Superintendent Chief Officer as described in Section 403(b) of the Internal Revenue Code, in accordance with the Board's ’s 403(b) Plan, Plan if offered, and provided that the Superintendent Chief Officer confirms that any such deferrals and and/or reductions are within Internal Revenue Code limitations.