Common use of Deferred Compensation Program for All Professional Employees Clause in Contracts

Deferred Compensation Program for All Professional Employees. 1. A non-transferable, tax-sheltered program is available to all Professional Employees of the district. 2. The contributions for such a plan shall be made solely by the employee under a salary reduction plan. The selection of the carrier or carriers shall ultimately rest with the Board. 3. Employees new to the District must utilize those companies which have been approved by the Board, but such employees, when permitted to do so under the law, may be allowed to roll-over any funds which were in a tax-sheltered plan of a former employer. 4. Approved companies must enter into formal agreements developed by the District. 5. Professional Employees who wish to enter into agreements with approved companies must properly complete a "Salary Reduction Agreement" which has been approved by the Board of Education. 6. Professional Employees wishing to participate shall complete all forms necessary to implement the contribution or deduction. Such forms must be completed and received by the Payroll Office on or before the 15th day of the month prior to the month of actual deduction or contribution. No changes will be allowed for the summer months (June, July and August) after May 15. The District will not make a September deduction or contribution on behalf of a new employee or an employee wishing to make a change unless all of the aforementioned forms are received by the Payroll Office on or before the last workday in August. 7. The Board of Education may withhold such amounts of a Professional Employee's compensation hereunder as may be necessary, in the opinion of the Board, to comply with state and federal laws; i.e., social security and retirement.

Deferred Compensation Program for All Professional Employees. 1. A non-transferable, tax-sheltered program is available to all Professional Employees professional employees of the district. 2. The contributions for such a plan shall be made solely by the employee under a salary reduction plan. The selection of the carrier or carriers shall ultimately rest with the Board. 3. Employees new to the District must utilize those companies which have been approved by the Board, but such employees, when permitted to do so under the law, may be allowed to roll-over any funds which were in a tax-sheltered plan of a former employer. 4. Approved companies must enter into formal agreements developed by the District. 5. Professional Employees employees who wish to enter into agreements with approved companies must properly complete a "Salary Reduction Agreement" which has been approved by the Board of Education. 6. Professional Employees employees wishing to participate shall complete all forms necessary to implement the contribution or deduction. Such forms must be completed and received by the Payroll Office on or before the 15th day of the month prior to the month of actual deduction or contribution. No changes will be allowed for the summer months (June, July and August) after May 15. The District will not make a September deduction or contribution on behalf of a new employee or an employee wishing to make a change unless all of the aforementioned forms are received by the Payroll Office on or before the last workday in August. 7. The Board of Education may withhold such amounts of a Professional Employeeprofessional employee's compensation hereunder as may be necessary, in the opinion of the Board, to comply with state and federal laws; i.e., social security and retirement.

Deferred Compensation Program for All Professional Employees. 1. A non-transferable, tax-sheltered program is available to all Professional Employees professional employees of the district. 2. The contributions for such a plan shall be made solely by the employee under a salary reduction plan. The selection of the carrier or carriers shall ultimately rest with the Board. 3. Employees new to the District must utilize those companies which have been approved by the Board, but such employees, when permitted to do so under the law, may be allowed to roll-over any funds which were in a tax-tax- sheltered plan of a former employer. 4. Approved companies must enter into formal form agreements developed by the District. 5. Professional Employees employees who wish to enter into agreements with approved companies must properly complete a "Salary Reduction Agreement" which has been approved by the Board of Education. 6. Professional Employees employees wishing to participate shall complete all forms necessary to implement the contribution or deduction. Such forms must be completed and received by the Payroll Office on or before the 15th day of the month prior to the month of actual deduction or contribution. No changes will be allowed for the summer months (June, July and August) after May 15. The District will not make a September deduction or contribution on behalf of a new employee or an employee wishing to make a change unless all of the aforementioned forms are received by the Payroll Office on or before the last workday in August. 7. The Board of Education may withhold such amounts of a Professional Employeeprofessional employee's compensation hereunder as may be necessary, in the opinion of the Board, to comply with state and federal laws; i.e., social security and retirement.