Common use of ANNUITY PAYMENT OPTION Clause in Contracts

ANNUITY PAYMENT OPTION. Employees who waive health benefits may opt to invest in a 403(B) Tax Sheltered Annuity. This option shall be terminated at any time the Board contributions to annuities on behalf of the Board do not satisfy the non-discrimination requirements of section 403(B) or section 89 of the Internal Revenue Code and alternatives to this option will be mutually agreed to. This annuity plan must be on the Board’s adopted list for authorized payroll deductions.

ANNUITY PAYMENT OPTION. Employees who waive health benefits may opt to invest in a 403(B) Tax Sheltered Annuitytax sheltered annuity. This option shall be terminated at any time the Board board contributions to annuities on behalf of the Board do not satisfy the non-discrimination requirements of section Section 403(B) or section Section 89 of the Internal Revenue Code and alternatives to this option will be mutually agreed to. This annuity plan must be on the Board’s 's adopted list for authorized payroll deductions.