Annuity Agreements Sample Clauses
An Annuity Agreements clause defines the terms under which one party agrees to make a series of regular payments to another party, typically over a specified period or for the lifetime of the recipient. This clause outlines the payment schedule, amount, duration, and any conditions that may affect the continuation or adjustment of payments, such as the death of the recipient or changes in financial circumstances. Its core function is to provide financial security and predictability for the recipient, while clearly establishing the obligations of the paying party, thereby reducing the risk of disputes over payment terms.
Annuity Agreements. The School Board shall purchase a tax sheltered annuity or annuities for education assistants electing to have their salaries reduced according to the salary reduction agreement signed by the employee and according to provisions of the Internal Revenue Service. The School Board shall not assume liability for nor make a contribution greater or less than the sum elected to be reduced. Such reduction agreement shall be signed and submitted to the District Human Resources Office anytime during the year and shall be automatically renewed except by written cancellation by the employee or at termination of employment. Effective date of the agreed to annuity will be specified and approved by the School Board.
Annuity Agreements. The School Board shall purchase a tax sheltered annuity or annuities for teachers electing to have their salaries reduced according to the salary reduction agreement signed by the teacher and according to provisions of the Internal Revenue Service. The School Board shall not assume liability for nor make a contribution greater or less than the sum elected to be reduced. New salary reduction agreements or changes in existing agreements may be made in any month provided that:
1. Authorization forms are received by the Human Resources Department by the first (1st) day of the month preceding the month when the reduction is to take effect.
2. The reduction does not violate state or federal tax laws.
3. Such reduction shall be automatically renewed unless canceled in written form or on termination of employment.
Annuity Agreements. The School Board shall provide a tax deferred/shelter annuity or annuities equal to the amount of the salary reduction for employees who elect to have their salaries reduced according to a salary reduction agreement signed by the employee and in accordance with the provisions of the Internal Revenue Code.
Annuity Agreements. The School Board shall purchase a tax sheltered annuity or annuities for education assistants electing to h ave their salaries reduced according to the salary reduction agreement signed by the employee and according to provisions of the Internal Revenue Service. The School Board shall not