Annuity Plan Sample Clauses
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 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 Corporation shall establish a qualified retirement plan as described in section 401(a) of the Code.
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. 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. 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 for 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 in 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. OTHER IMPORTANT INFORMATION - - ------------------------------------------------------------------------------SENDING NOTICE TO US Whenever written notice is required, send it to our Customer Service Center. The address of our Customer Service Center is shown on the cover page. Please include your Contract number in all correspondence. REPORTS TO OWNER We will send you a report at least once during each Contract Year. The report will show the Accumulation Value and the Cash Surrender Value as of the end of the Contract 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 information that may be currently required by the insurance supervisory official of the jurisdiction in which the Contract is delivered. We will also send you copies of any shareholder reports of the portfolios in which the Divisions of the Variable Separate Account invest, as well as any other reports, notices or documents required by law to be furnished to Owners. ASSIGNMENT - USING THIS CONTRACT AS COLLATERAL SECURITY You can assign this Contract as collateral security for a loan or other obligation. This does not change the ownership. Your rights and any Beneficiary's right are subject to the terms of the assignment. To make or release an assignment, we must receive written notice satisfactory to us, at our Customer Service Center. We are not responsible for the validity of any assignment. CHANGING THIS CONTRACT This Contract or any additional benefit riders may be changed to another annuity plan according to our rules at the time o...
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. For Bargaining Unit Members Eligible for the Plan for Buyout of Retirement Benefits in the Previous Article: