Annuities. (In order for a particular annuity to be deducted from employees’ paychecks at least ten (10) employees must request payroll deduction for that annuity. Annuities for which payroll deductions were being made as of April 17, 1995 need not meet the ten (10) employee floor. However, if any grandfathered annuities cease receiving payroll deductions from employees of Adena Local Schools, they must meet the ten (10) employee minimum to resume payroll deduction status.) In the event the Treasurer and/or Board are assessed any taxes, charges, penalties or interest as a result of deductions by an employee which exceed the Internal Revenue Code maximum limit, those amounts shall be reimbursed by the employee to the Treasurer or Board.
Appears in 6 contracts
Samples: Master Agreement, Master Agreement, Master Agreement
