Common use of Employer 403b Plans Clause in Contracts

Employer 403b Plans. Due to the fact that IRS rules and guidelines surrounding employer 403(b) plans have changed, the parties agree: a. The Board and the Association recognize the importance of providing investment alternatives to assist employees in achieving their retirement savings goal. Although the district intends to utilize TSA Consulting Group as a Third Party Administrator of district 403(b) plans, there will be no agreement between the district and the MRIC (Consortium) that is contrary to any provision contained in the Master Agreement. Vendors utilized and available to employees of the district shall be named as appropriate under IRS regulations and the Master Agreement. b. As the regulations regarding the administration of 403(b) plans continue to evolve, the parties also agree that: i. A plan document, consistent with all legal requirements shall be adopted on or before December 31, 2008. Furthermore no changes, except for those changes required by the IRS, shall be made to the Plan Document without mutual written agreement between the Board and the Association. ii. All bargaining unit members are eligible to participate in the plan at no cost whatsoever to bargaining unit members. If fees are changed to participants by the TPA, the Board and Association will reconvene to discuss these fees. iii. The Adoption Agreement attached as Exhibit A shall be approved by the Board on or before December 31, 2008. iv. Exhibit A, the list of vendors as of 12-12-08, will remain the same unless a particular vendor opts out of participating. Any deletions to the vendor list (Exhibit A) shall be only by written mutual agreement between the Board and the Association or automatically upon notification if a vendor chooses not to participate. v. The parties have named TSA Consulting Group as the third party administrator (TPA) for the School District’s (403(b) Tax Sheltered Deferred Retirement Plan. vi. The Board agrees to ‘hold harmless’ and defend, inclusive of reasonable attorney fees, affected bargaining unit members for any and all liability resulting from negligent error(s), omission(s), actual mishandling of the plan by the TPA, the Board, and/or the Administration and/or failure to comply with the terms of the plan, and/or failure to comply with applicable laws and/or regulations. vii. The Board shall provide the Association and bargaining unit members who participate in the Plan with regular communications, important dates, mandated changes, and any legal limitations placed on the plan and/or its’ administration. c. Either Party may demand to bargain the 403(b) tax-sheltered annuity plan or anything related to its administration.

Employer 403b Plans. Due to the fact that IRS rules and guidelines surrounding employer 403(b) plans have changed, the parties agree: a. 1. The Board and the Association recognize the importance of providing investment alternatives to assist employees Employees in achieving their retirement savings goal. Although the district intends to utilize TSA Consulting Group as a Third Party Administrator of district 403(b) plans, there will be no agreement between the district and the MRIC (Consortium) that is contrary to any provision contained in the Master Agreement. Vendors utilized and available to employees Employees of the district shall be named as appropriate under IRS regulations and the Master Agreement. b. 2. As the regulations regarding the administration of 403(b) plans continue to evolve, the parties also agree that: i. a. A plan document, consistent with all legal requirements shall be adopted on or before December 31, 2008. Furthermore no changes, except for those changes required by the IRS, shall be made to the Plan Document without mutual written agreement between the Board and the Association. ii. b. All bargaining unit members are eligible to participate in the plan at no cost whatsoever to bargaining unit members. If fees are changed to participants by the TPA, the Board and Association will reconvene to discuss these fees. iii. c. The Adoption Agreement attached as Exhibit A shall be approved by the Board on or before December 31, 2008. iv. d. Exhibit A, the list of vendors as of 12-12-08, will remain the same unless a particular vendor opts out of participating. Any deletions to the vendor list (Exhibit A) shall be only by written mutual agreement between the Board and the Association or automatically upon notification if a vendor chooses not to participate. v. e. The parties have named TSA Consulting Group as the third party administrator (TPA) for the School District’s (403(b) Tax Sheltered Deferred Retirement Plan. vi. f. The Board agrees to ‘hold harmless’ and defend, inclusive of reasonable attorney fees, affected bargaining unit members for any and all liability resulting from negligent error(s), omission(s), actual mishandling of the plan by the TPA, the Board, and/or the Administration and/or failure to comply with the terms of the plan, and/or failure to comply with applicable laws and/or regulations. vii. g. The Board shall provide the Association and bargaining unit members who participate in the Plan with regular communications, important dates, mandated changes, and any legal limitations placed on the plan and/or its’ administration. c. 3. Either Party may demand to bargain the 403(b) tax-sheltered annuity plan or anything related to its administration.

Employer 403b Plans. Due to the fact that IRS rules and guidelines surrounding employer 403(b) plans have changed, the parties agree: a. The Board and the Association recognize the importance of providing investment alternatives to assist employees Employees in achieving their retirement savings goal. Although the district intends to utilize TSA Consulting Group as a Third Party Administrator of district 403(b) plans, there will be no agreement between the district and the MRIC (Consortium) that is contrary to any provision contained in the Master Agreement. Vendors utilized and available to employees Employees of the district shall be named as appropriate under IRS regulations and the Master Agreement. b. As the regulations regarding the administration of 403(b) plans continue to evolve, the parties also agree that: i. A plan document, consistent with all legal requirements shall be adopted on or before December 31, 2008. Furthermore no changes, except for those changes required by the IRS, shall be made to the Plan Document without mutual written agreement between the Board and the Association. ii. All bargaining unit members are eligible to participate in the plan at no cost whatsoever to bargaining unit members. If fees are changed to participants by the TPA, the Board and Association will reconvene to discuss these fees. iii. The Adoption Agreement attached as Exhibit A shall be approved by the Board on or before December 31, 2008. iv. Exhibit A, the list of vendors as of 12-12-08, will remain the same unless a particular vendor opts out of participating. Any deletions to the vendor list (Exhibit A) shall be only by written mutual agreement between the Board and the Association or automatically upon notification if a vendor chooses not to participate. v. The parties have named TSA Consulting Group as the third party administrator (TPA) for the School District’s (403(b) Tax Sheltered Deferred Retirement Plan. vi. The Board agrees to ‘hold harmless’ and defend, inclusive of reasonable attorney fees, affected bargaining unit members for any and all liability resulting from negligent error(s), omission(s), actual mishandling of the plan by the TPA, the Board, and/or the Administration and/or failure to comply with the terms of the plan, and/or failure to comply with applicable laws and/or regulations. vii. The Board shall provide the Association and bargaining unit members who participate in the Plan with regular communications, important dates, mandated changes, and any legal limitations placed on the plan and/or its’ administration. c. Either Party may demand to bargain the 403(b) tax-sheltered annuity plan or anything related to its administration.