Annuity- Salary Reduction Sample Clauses

Annuity- Salary Reduction. The benefits provided to employees by salary reduction, also known as tax deferred annuities, shall be made available to any bargaining unit member requesting such benefits, provided IRS guidelines are met. This plan will be administered by the employer, who will protect both employee and employer from loss, by requiring that all providers comply with IRS regulations, and Board of Education policy. The provider shall agree to accept responsibility for all costs, expenses, fees and any damages incurred by the Board and/or the annuitant in connection with the implementation, administration and total operation of the Plan by reason of a challenge to the maximum exclusion allowance computed for any participant of the Plan. The intent of this language is to hold the District and employee harmless and risk-free by assuring provider compliance of IRS regulations.
Sample 1
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Related to Annuity- Salary Reduction

  • Salary Reduction A reduction in pay from one step to another, which is not below the minimum rate established for the position by the salary plan. A copy of the notice of reduction shall be sent promptly to the City Manager Department for inclusion in the employee's official personnel file.

  • Dependent Care Salary Reduction Plan The Employer agrees to maintain the current dependent care salary reduction plan that allows eligible employees, covered by this Agreement, the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by federal tax law or regulation.

  • Salary on Reduction A. 1. When a probationary employee is reduced to a class not previously occupied by the employee, the employee shall receive the recruiting step for the lower class and shall receive a new merit increase eligibility date as provided in Section 3.C., above, or the employee's salary and merit increase eligibility date may be determined by the Chief Human Resources Officer.

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • Voluntary employee contributions (i) Subject to the governing rules of the relevant superannuation fund, an employee may, in writing, authorise their employer to pay on behalf of the employee a specified amount from the post- taxation wages of the employee into the same superannuation fund as the employer makes the superannuation contributions provided for in Clause 24(b).

  • Lump Sum Compensation Lump sum computation refers to the method of payment under this Agreement for the professional services of the Consultant.

  • Employee Contribution Eligible employees shall contribute one percent (1%) of their salary on a per pay period basis to the HCSP.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • Retroactive Pay All employees shall receive full retroactive pay to May 21, 2021 for all hours worked and/or paid. Retroactive pay shall be paid to all employees within thirty (30) calendar days following the date of Union ratification of this Agreement. Retroactive pay will be issued to each employee in the bargaining unit on paycheques that are separate and apart from the employee's normal earnings.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

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