Common use of Annuities and Deferred Compensation Clause in Contracts

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

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