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 403 (b) 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 403 (b) 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 403 (b) 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 403 (b) vendor. For purposes of calculating the maximum deferral limit, the school district will provide the retiree of approved vendors with contribution information for the previous twelve (12) months of employment. The vendor had agreed to calculate the maximum deferral limit. (e) If an employee eligible for this benefit dies before terminating employment, the benefit will be paid to the estate of the deceased.

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 board approved 403 (b) 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 403 (b) 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 403 (b) 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 403 (b) vendor. For purposes of calculating the maximum deferral limit, the school district will provide the retiree of approved vendors with contribution information for the previous twelve (12) months of employment. The vendor had agreed to calculate the maximum deferral limit. (e) If an employee eligible for this benefit dies before terminating employment, the benefit will be paid to the estate of the deceased.

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 board approved 403 (b) 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 403 (b) 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 403 (b) 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 403 (b) vendor. For purposes of calculating the maximum deferral limit, the school district will provide the retiree of approved vendors vendor with contribution information for the previous twelve (12) months of employment. The vendor had agreed to calculate the maximum deferral limit. (e) If an employee eligible for this benefit dies before terminating employment, the benefit will be paid to the estate of the deceased.

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 board approved 403 (b) 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 403 (b) 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 403 (b) 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 403 (b) vendor. For purposes of calculating the maximum deferral limit, the school district will provide the retiree of approved vendors vendor with contribution information for the previous twelve (12) months of employment. The vendor had agreed to calculate the maximum deferral limit. (e) If an employee eligible for this benefit dies before terminating employment, the benefit will be paid to the estate of the deceased.