Common use of Employer Non-Elective Contribution Equal to Termination Pay Clause in Contracts

Employer Non-Elective Contribution Equal to Termination Pay. The Employer agrees to make an Employer Non-Elective Contribution to the 403(b) account of each covered employee who xxxxxx their employment with the Employer and who is eligible to receive the Termination Pay benefit of Article V, Section D, 1 of the Collective Bargaining Agreement. The amount of the Employer Non-Elective Contribution shall equal the accumulated leave days (Termination pay) benefit, which is specified in Article V, Section D, 1 of the Collective Bargaining Agreement. The Employer shall make up to the maximum contribution permitted under Section 415(c) (1) of the Internal Revenue Code of 1986, as amended, for the year in which the employee xxxxxx employment.

Employer Non-Elective Contribution Equal to Termination Pay. The Employer agrees to make an Employer Non-Elective Contribution to the 403(b) account of each covered employee employee, who xxxxxx their employment with the Employer during the contract year and who is eligible to apply for and receive the Termination Pay benefit of Article V, Section D, 1 of the Collective Bargaining Agreementan Employer Non-Elective Contribution. The amount of the Employer Non-Elective Contribution shall equal the accumulated leave days (Termination payPay) benefit, which is specified in Article V, Section D, 1 Articles 5.1.5 and 5.1.6 of the Collective Bargaining Agreement. The Employer shall make up to the maximum contribution permitted under Section 415(c) (1415(c)(1) of the Internal Revenue Code of 1986, as amended, for the year in which the employee employer xxxxxx employment.

Employer Non-Elective Contribution Equal to Termination Pay. The Employer agrees to make an Employer Non-Elective elective Contribution to the 403(b) account of each covered employee employee, who xxxxxx their employment with the Employer during the contract year and who is eligible to receive apply for and who commences their retirement from the Termination Pay benefit of Article V, Section D, 1 of the Collective Bargaining Agreementstate sponsored retirement system. The amount of the Employer Non-Elective Contribution Employer’s contribution for each eligible employee shall equal the value of each such employee’s accumulated leave days up to two hundred sixty- five (Termination pay265) benefit, which is specified in Article V, Section D, 1 of the Collective Bargaining Agreementdays multiplied by fifty dollars ($50). The Employer shall make up to the maximum contribution permitted under Section 415(c) (1415(c)(1) of the Internal Revenue Code of 1986, as amended, for the year in which the employee xxxxxx employment. The Employer shall deposit the contribution no later than July 1st of the year in which the employee’s severance of employment commenced.