Common use of Method of Pay-out Clause in Contracts

Method of Pay-out. a. Subject to the limitations listed below, the school district will contribute an amount equal to the value of the employee’s severance pay directly into the School Board approved 403b vendor account. The retiree will not receive any direct payment from the school district for the severance pay. b. The school district’s annual contribution into the School Board approved 403b vendor account must not exceed the IRS contribution limit. If the amount calculated in A exceeds the available limits in the year of separation, the excess amount will be paid out in cash and not be tax sheltered. c. The school district contribution(s) (into the approved 403b vendor account) will be made according to the same timeline as was provided for the direct payment of the severance pay. d. The school district will make the severance pay contributions to the School Board approved 403b vendor. For purposes of calculating the maximum IRS contribution limit, the school district will provide the retiree or approved vendor with contribution information for the previous twelve (12) months of employment. The vendor agrees to calculate the maximum IRS contribution limit.

Method of Pay-out. a. a) Subject to the limitations listed below, the school district School District will contribute an amount equal to the value of the employeehealth associate’s severance pay directly into the School Board approved 403b vendor account. The retiree will not receive any direct payment from the school district School District for the severance pay. b. b) The school districtSchool District’s annual contribution into the School Board approved 403b vendor account must not exceed the IRS contribution limit. If the amount calculated in A exceeds the available limits in the year of separation, the excess amount will be paid out in cash and not be tax sheltered. c. c) The school district School District contribution(s) (into the approved 403b vendor account) will be made according to the same timeline as was provided for the direct payment of the severance pay. d. d) The school district School District will make the severance pay contributions to the School Board approved 403b vendor. For purposes of calculating the maximum IRS contribution deferral limit, the school district School District will provide the retiree or approved vendor with contribution information for the previous twelve (12) months of employment. The vendor agrees to shall calculate the maximum IRS contribution deferral limit.

Method of Pay-out. a. a) Subject to the limitations listed below, the school district will contribute an amount equal to the value of the employee’s severance pay directly into the School Board approved 403b vendor account. The retiree will not receive any direct payment from the school district for the severance pay. b. b) The school district’s annual contribution into the School Board approved 403b vendor account must not exceed the IRS contribution limit. If the amount calculated in A exceeds the available limits in the year of separation, the excess amount will be paid out in cash and not be tax sheltered. c. c) The school district contribution(s) (into the approved 403b vendor account) will be made according to the same timeline as was provided for the direct payment of the severance pay. d. d) The school district will make the severance pay contributions to the School Board approved 403b vendor. For purposes of calculating the maximum IRS contribution deferral limit, the school district will provide the retiree or approved vendor with contribution information for the previous twelve (12) months of employment. The vendor agrees to calculate the maximum IRS contribution deferral limit.

Method of Pay-out. a. a) Subject to the limitations listed below, the school district School District will contribute an amount equal to the value of the employee’s severance pay directly into the School Board approved 403b 403(b) vendor account. The retiree will not receive any direct payment from the school district for the severance pay. b. b) The school districtSchool District’s annual contribution into the School Board approved 403b vendor account must not exceed the IRS contribution limit. If the amount calculated in A a. exceeds the available limits in the year of separation, the excess amount will be paid out in cash and not be tax sheltered. c. c) The school district contribution(s) (into the approved 403b vendor account) will be made according to the same timeline as was provided for the direct payment of the severance pay. d. d) The school district will make the severance pay contributions to the School Board approved 403b vendor. For purposes of calculating the maximum IRS contribution deferral limit, the school district School District will provide the retiree or approved vendor with contribution information for the previous twelve (12) months of employment. The vendor agrees has agreed to calculate the maximum IRS contribution deferral limit.

Method of Pay-out. a. Subject to the limitations listed below, the school district School District will contribute an amount equal to the value of the employee’s severance pay directly into the School Board approved 403b 403(b) vendor account. The retiree will not receive any direct payment from the school district for the severance pay. b. The school districtSchool District’s annual contribution into the School Board approved 403b vendor account must not exceed the IRS contribution limit. If the amount calculated in A a. exceeds the available limits in the year of separation, the excess amount will be paid out in cash and not be tax sheltered. c. The school district contribution(s) (into the approved 403b vendor account) will be made according to the same timeline as was provided for the direct payment of the severance pay. d. The school district will make the severance pay contributions to the School Board approved 403b vendor. For purposes of calculating the maximum IRS contribution deferral limit, the school district School District will provide the retiree or approved vendor with contribution information for the previous twelve (12) months of employment. The vendor agrees to calculate the maximum IRS contribution limit.twelve

Method of Pay-out. a. A. Subject to the limitations listed below, the school district School District will contribute an amount equal to the value of the employee’s severance pay directly into the School Board approved 403b vendor account. The retiree will not receive any direct payment from the school district School District for the severance pay. b. B. The school districtSchool District’s annual contribution into the School Board approved 403b vendor account must not exceed the IRS contribution limit. If the amount calculated in A exceeds the available limits in the year of separation, the excess amount will be paid out in cash and not be tax sheltered. c. C. The school district School District contribution(s) (into the approved 403b vendor account) will be made according to the same timeline as was provided for the direct payment of the severance pay. d. D. The school district School District will make the severance pay contributions to the School Board approved 403b vendor. For purposes of calculating the maximum IRS contribution deferral limit, the school district School District will provide the retiree or approved vendor with contribution information for the previous twelve (12) months of employment. The vendor agrees to shall calculate the maximum IRS contribution deferral limit.

Method of Pay-out. a. Subject to the limitations listed below, the school district will contribute an amount equal to the value of the employee’s severance pay directly into the School Board approved 403b vendor account. The retiree will not receive any direct payment from the school district for the severance pay. b. The school district’s annual contribution into the School Board approved 403b vendor account must not exceed the IRS contribution limit. If the amount calculated in A exceeds the available limits in the year of separation, the excess amount will be paid out in cash and not be tax sheltered. c. The school district contribution(s) (into the approved 403b vendor account) will be made according to the same timeline as was provided for the direct payment of the severance pay. d. The school district will make the severance pay contributions to the School Board approved 403b vendor. For purposes of calculating the maximum IRS contribution limit, the school district will provide the retiree or approved vendor with contribution information for the previous twelve (12) months of employment. The vendor agrees to calculate the maximum IRS contribution limit.

Method of Pay-out. a. A. Subject to the limitations listed below, the school district will contribute an amount equal to the value of the employee’s severance pay directly into the School Board approved 403b vendor account. The retiree will not receive any direct payment from the school district for the severance pay. b. B. The school district’s annual contribution into the School Board approved 403b vendor account must not exceed the IRS contribution limit. If the amount calculated in A exceeds the available limits in the year of separation, the excess amount will be paid out in cash and not be tax sheltered. c. C. The school district contribution(s) (into the approved 403b vendor account) will be made according to the same timeline as was provided for the direct payment of the severance pay. d. D. The school district will make the severance pay contributions to the School Board approved 403b vendor. For purposes of calculating the maximum IRS contribution deferral limit, the school district will provide the retiree or approved vendor with contribution information for the previous twelve (12) months of employment. The vendor agrees to calculate the maximum IRS contribution limit.twelve