Annuity Plan. The Company and the Union agree to establish an Annuity fund for deferred income payment for its employees covered under this Agreement. This money shall not be subject to Federal, State or City income taxes until maturity. The funds shall come from employer contributions to the Pension, Health Plan and/or cost of living allowances.
Annuity Plan. The School Committee agrees to enter into a written agreement with any of the members of the employee unit to purchase an individual or group annuity contract for such employee or employees, said transaction to be handled by the Town Treasurer in accordance with the terms and provisions of Massachusetts General Laws, Chapter 71, Section 37B. Annuity additions or changes must be made by November 1st each year, except for new hires after September 1st.
Annuity Plan. Teachers will be eligible to participate in a "tax sheltered " Annuity Plan established pursuant to United States Public Law No. 87-370. Annuity deductions shall be made on a semi-monthly basis.
Annuity Plan. This Agreement shall not affect a Teacher’s right to make a salary reduction election and make tax deferred contributions to a plan described in section 403(b) of the Internal Revenue Code (the “Code”) to the maximum limits allowed by the Code, and in accordance with the provisions of the Professional Agreement.
Annuity Plan. The school corporation agrees to establish and maintain a qualified 403(b) annuity plan (the "Plan") for all certified employees covered under this collective bargaining agreement. The Plan will include provisions for salary reduction contributions and matching employer contributions. The School Corporation’s matching employee contribution will be one percent (1%) of a teacher’s base salary. The employer’s one percent (1%) match will be made each pay date in which a teacher makes an employee contribution (either to a tax-deferred or a Xxxx 403(b))of at least one percent (1%) of his/her base salary pay for that pay period. In the event an employee does not contribute the minimum required salary reduction amount (one percent (1%) of the teacher’s base salary), the corporation contribution will be zero. It is the employee’s responsibility to increase the salary reduction amount to the minimum requirement. The Plan is subject to Internal Revenue Code non-discrimination tests. If an employee is prohibited from making a full contribution to the Plan due to the non-discrimination tests, the school corporation's matching amount shall be paid to the employee. The 403(b) annuity plan vendor(s) shall be selected by mutual agreement. The School District’s contribution will be deposited in the teacher’s account only with the VALIC vendor. The Board’s Matching Annuity Program will be a continuing obligation after the termination of this agreement unless modified by future negotiations. It is recognized that this contribution was provided in lieu of an equivalent raise on the teacher's regular salary schedule and is a recurring cost.
Annuity Plan. The School Corporation shall establish a qualified retirement plan as described in section 401(a) of the Code.
Annuity Plan. During the 1999-2000 contract year the Board established and agreed to maintain a 403(b) Annuity Plan for all teachers. The maximum contribution that will be made to a 403(b) Annuity Plan by the Board shall be 2.5% of the teacher's annual base salary. The contribution made by the Board shall be an amount which reflects the appropriate percent of the teacher’s salary as set forth on Paragraph 4 of the teacher’s “Regular Teacher Contract”. All teachers hired prior to June 30, 1999 are 100% vested in the 403(b) Annuity Plan. Teachers will be eligible for Board contributions beginning with the employee’s first pay of the contract year. If a retiree dies during the time he/she is participating in the 403(b) Annuity Plan, assets in this 403(b) account shall flow to the beneficiary as stipulated in the individual’s 403(b) contract.
Annuity Plan. An amount can be used to buy any single premium immediate annuity we offer on the option's effective date. The minimum rates for Option 1 are based on 3% interest, compounded annually. The minimum rates for Options 2 and 3 are based on 3% interest, compounded annually, and the Annuity 2000 Mortality Table. We may pay a higher rate at our discretion. PAYMENT WHEN NAMED PERSON DIES When the person named to receive payment dies, we will pay any amounts still due as provided by the option agreement. The amounts still due are determined as follows:
(1) For Option 1 or for any remaining guaranteed payments under Option 2, payments will be continued.
(2) For Option 3, no amounts are payable after both named persons have died.
(3) For Option 4, the annuity agreement will state the amount due, if any. GA-MA-1082 <PAGE> General Provisions -------------------------------------------------------------------------------- ENTIRE CONTRACT This Contract, including any attached Rider, Endorsement, amendment and the application of the contractholder, constitute the entire Contract between the contractholder and us. All statements made by the contractholder, any certificate Owner or any annuitant will be deemed representations and not warranties. No such statement will be used in any contest unless it is hxxxx://xxx.xxx.xxx/Xxxxxxxx/exxxx/data/836687/000083727601500024/ex4amaster.txt 10/31/2017 contained in the application signed by the contractholder or in a written instrument signed by the certificate Owner, a copy of which has been furnished to the certificate Owner, the beneficiary or to the contractholder. SENDING NOTICE TO US Any written notices or requests should be sent to our Customer Service Center. REPORTS TO CERTIFICATE OWNER We will send the Certificate Owner a report, at least once during each Certificate year, showing the accumulation value and the cash surrender value of each Certificate as of the end of the certificate processing period. The report will also show the allocation of the accumulation value as of such date and the amounts deducted from or added to the accumulation value since the last report. The report will also include any other information that may be currently required by the insurance supervisory official of the jurisdiction in which the Certificate is delivered. We will also send copies of any shareholder reports of the portfolios in which the Divisions of the Variable Separate Accounts invest, as well as any other reports, notices or docu...
Annuity Plan. The District shall participate in the West Michigan Benefits Consortium Section 403 (b) Tax-Sheltered Annuity Plan. The Board agrees that the following annuity vendors will be included in this Plan: AIG/Valic Ameriprise Fidelity Xxxxxxx National Life The Legend Group Life Insurance of SW Michigan MEA-Financial Services Midwest Capital Advisors Plan Member Xxxxxxx & Xxxx/Nationwide
Annuity Plan. All employees subject to this agreement shall be entitled to participate in a tax shelter annuity plan. On receipt of a written authorization by an employee, the District shall make the requisite withholding adjustments, and deductions, from the employee’s salary.
