Annuity Deductions. Employees may select the company they wish to make voluntary annuity payments through payroll deductions. A minimum of three (3) teachers must be enrolled with each company for that company to be available for payroll deductions. A thirty (30) day notice is required for changes in annuity deductions.
Annuity Deductions. Teachers will be given a two week (14 day) period of time after a contract is settled to change payroll deduction amounts for annuities. The teacher should notify the Superintendent in writing.
Annuity Deductions. The School District will deduct from the salaries of teachers premium payments for the purchase of tax-sheltered annuities for its employees in any instance where the District had entered into a contract for such purpose in accordance with Massachusetts General Laws, Chapter 71, Section 37B.
Annuity Deductions a. Monthly annuity deductions in accordance with Section 403(b) of the Internal Revenue Code (IRC) shall be made for all those bargaining unit members presently enrolled, and new companies shall be added if seven (7) or more bargaining unit members wish to enroll. The maximum number of annuity companies for which deductions are required shall be ten (10).
b. Each member of the unit shall have the responsibility to determine that their payroll deductions for tax sheltered annuities do not exceed the maximum amount provided in Section 403(b) of the IRC and regulations applicable to that section, and shall not seek any payroll deduction in excess of that amount. Each member of the unit shall, upon request of the Treasurer, provide to the Board or obtain for the Board, any information which the Board may request to permit it to independently determine the qualified nature of the selected program and the applicable limitations on the amount of deferral. In the event the Treasurer and/or Board are assessed any taxes, charges, penalties or interest as a result of deductions by a member which exceed the IRC maximum limit, those amounts shall be reimbursed by the member to the Treasurer or Board.
Annuity Deductions. Monthly annuity deductions in accordance with Section 403(b) of the Internal Revenue Code shall be made for all those bargaining unit members presently enrolled, and new companies shall be added if seven (7) or more bargaining unit members wish to enroll. The maximum number of annuity companies for which deductions are required shall be ten (10). Each member of the unit shall have the responsibility to determine that his/her payroll deductions for tax sheltered annuities does not exceed the maximum amount provided in Section 403(b) of the Internal Revenue Code and regulations applicable to that section, and shall not seek any payroll deduction in excess of that amount. Each member of the unit shall, upon request of the Treasurer, provide to the Board or obtain for the Board, any information which the Board may request to permit it to independently determine the qualified nature of the selected program and the applicable limitations on the amount of deferral. In the event the Treasurer and/or Board are assessed any taxes, charges, penalties or interest as a result of deductions by a member which exceed the IRC maximum limit, those amounts shall be reimbursed by the member to the Treasurer or Board. All 403(b) providers must cooperate with the information and automation requirements of the district’s plan administrator and common remitter. Further- more, the provider must execute a reasonable hold-harmless agreement protecting the school district from any liability related to the 403(b) contract into which an employee enters and an information sharing agreement agreeing to all required communication regarding our employees’ accounts in order that the district can administer its 403(b) plan as required by the Internal Revenue Service.
Annuity Deductions. Annuity deductions for the payment of AFSA dues will be made from the annuity of retired Foreign Service members if authorized by the annuitant by completing Standard Form 1187A. The Agency will apprise retiring Foreign Service members of this option as part of the Agency’s ongoing retirement education and counseling efforts.
Annuity Deductions. Monthly annuity deductions shall be made for all those bargaining unit members presently enrolled, and new companies shall be added if five (5) or more bargaining unit members wish to enroll.
Annuity Deductions. The District shall payroll deduct annuity contributions, if five (5) or more employees or at least one percent (1%) of all employees, whichever is greater, are enrolled; and the product vendor has agreed and signed an “Information Sharing Agreement.” No teacher who was making annuity contributions through payroll deduction on July 1, 2005, will be disqualified from continuing such contributions based upon thresholds unless the product vendor will not agree and sign an “Information Sharing Agreement”.
Annuity Deductions. 1. The District will, upon written request of an employee, enter into an agreement with said employee to reduce the amount of his/her salary to the extent permitted by Section 403b of the Internal Revenue Code, as amended, and to apply the amount of said deduction in salary to the purchase of a tax-sheltered annuity plan for said employee(s).
2. Deductions will be made in equal amounts by the District from the employee's paycheck per the District’s approved plan.
3. On a day mutually agreed to by the District and the Association, within the month of September, each school year, employees may file enrollment applications for an annuity through the District Treasurer's office.
4. Changes (i.e., additions to or reductions from the annuity amount) may be made during the months of September 1 to be effective October 1; January 1 to be effective February 1; and April to be effective May 1.
5. The District Treasurer shall submit payments so deducted to the issuing insurer, or selling company or corporation within fourteen (14) days of the deduction.
Annuity Deductions. The Committee will, upon written request of a professional employee, enter into an agreement with said employee to reduce the amount of his/her salary to the extent permitted by Section 403 of the Internal Revenue Code, as amended, and to apply the amount of said deduction in salary to the purchase of a tax sheltered annuity plan for said employee(s).
