ANNUITY PROGRAM Clause Samples
The Annuity Program clause establishes the terms under which periodic payments are made to a beneficiary over a specified period, typically as part of a financial or insurance agreement. This clause outlines the schedule, amount, and duration of the annuity payments, and may detail conditions such as payment adjustments, beneficiary changes, or early withdrawal penalties. Its core practical function is to provide a predictable stream of income, ensuring financial stability for the recipient and clarifying the obligations of the paying party.
ANNUITY PROGRAM. A. The Board will match a minimum $600 contribution by the member on a dollar-for-dollar basis up to $1200 for all full-time members (persons regularly scheduled to work at least 30 hours per week).
B. The deadline to sign up for the annuity program for a school year in order to receive Board matching amount:
1. An individual already employed: June 15.
2. A new employee: within 30 days of date of hire
C. Requests for changes in the amount of contribution or the company contributed to must be done by:
1. June 15 for a change to commence in July contributions
2. December 15 for a change to commence in January contributions
3. March 15 for a change to commence in April contributions
D. The Board may limit the number of financial companies participating in the program to the extent permitted by law.
E. The Board’s contribution shall be included as earnings for retirement purposes for all bargaining unit members.
ANNUITY PROGRAM. A. For employees hired prior to July 1, 1997, the Board will match a minimum $600 contribution by the bus driver/aide with $300. If the bus driver/aide contributes more than $600, the Board will match the amount over $600 on a dollar-for-dollar basis up to a total Board contribution of $1,200. Employees hired on or after July 1, 1997 may participate in the annuity program but shall not be eligible for a Board match.
B. The deadline to sign up for the annuity program for a school year in order to receive Board matching amount is August 15.
C. Requests for changes in the amount of contribution or the company contributed to must be done by:
1. August 15 for a change to commence in September contributions.
2. December 15 for a change to commence in January contributions.
3. March 15 for a change to commence in April contributions.
D. The Board may limit the number of financial companies participating in the program to the extent permitted by law.
E. The Board’s contribution shall be included as earnings for retirement purposes for all bargaining unit members.
ANNUITY PROGRAM. Full-time and part-time employees of the District may make payroll deductions to District approved tax-deferred annuity programs.
ANNUITY PROGRAM. 12 (a) The Employer shall pay into the Boilermakers
ANNUITY PROGRAM. Upon authorization of an employee in writing, the Board must deduct money from his/her/their pay and remit this money each pay period to a tax‐sheltered annuity program the employee elects. The employee agrees to save and hold harmless the Board from any and all liabilities of the annuity program incurred as a result of this paragraph. It is agreed that any member of the staff who wishes to participate in such a plan shall choose a plan from an approved list submitted to the Board by the Union. The list submitted by the Union shall be limited to five (5) plans which may be expanded to a maximum of eight (8) plans provided a minimum of five (5) employees wish to participate in a plan which is not on the approved list.
ANNUITY PROGRAM. Upon authorization of a staff member in writing, the Board shall deduct money from his/her/their pay and remit this money each pay period to a tax-sheltered annuity program the staff member elects. The staff member agrees to save and hold harmless the Board from any and all liabilities of the annuity program incurred as a result of this Article. It is agreed that any member of the staff who wishes to participate in such a plan, who is not already a participant, shall choose a plan from an approved list submitted to the Board by the Union. The list submitted by the Union shall be limited to five (5) plans which may be expanded to a maximum of eight (8) plans provided a minimum of five (5) staff members wish to participate in a plan which is not on the approved list.
ANNUITY PROGRAM. A. The Board will match a minimum $600 contribution by the teacher on a dollar-for-dollar basis up to $1200. If the teacher separates from Board employment prior to contributing at least $600, the District will withhold the equivalent of the match it has already contributed from the teacher’s last paycheck.
B. The deadline to sign up for the annuity program for a school year in order to receive Board matching amount:
1. An individual already employed or hired on or prior to August 1: August 15.
2. An individual hired after August 1: September 30.
C. Requests for changes in the amount of contribution or the company contributed to must be done by:
1. August 15 for a change to commence in September contributions
2. December 15 for a change to commence in January contributions
3. March 15 for a change to commence in April contributions
D. The Board may limit the number of financial companies participating in the program to the extent permitted by law.
E. The Board’s contribution shall be included as earnings for retirement purposes for all bargaining unit members.
F. Eligibility for the annuity program shall be limited to full-time certified employees (persons working at least 30 hours per week). Part-time certified employees hired prior to March 1, 2007 shall maintain their eligibility. Those part-time employees are eligible for a match prorated based on their hours worked. (For example, an employee who works half time is eligible for a 50 percent match on contributions of at least $600.)
ANNUITY PROGRAM. The Board shall provide an opportunity for employees to enroll in a tax-sheltered annuity program administered by the School District. A committee consisting of the Superintendent and two teachers designated by the Association will oversee the selection of which financial investment vendors will be permitted to participate in the School District’s tax-sheltered annuity program will be permitted to do so by notifying the District’s Business Office prior to the 20th day of the calendar month so that their enrollment or alteration will become effective beginning with the first payroll period in the following month. Participation in such program is voluntary and the district has no financial obligations related to an employee’s participation in the program. Employees will only be able to enroll with financial investment vendors approved by the School District, as selected by the committee established by this provision.
ANNUITY PROGRAM. 4.4.1 The District will provide members with the opportunity, pursuant to Section 3109 of the New York State Education Law, to enter into written agreements for salary reductions for the purpose of purchasing annuities or custodial accounts. Changes may be made at any time with 30 calendar days notice to the District unless otherwise prohibited by law or Internal Revenue Code.
ANNUITY PROGRAM. Full-time and part-time employees of the District may make payroll deductions to District approved tax deferred programs.