Common use of Miscellaneous Payroll Deductions Clause in Contracts

Miscellaneous Payroll Deductions. Upon appropriate written authorization from the employee, the Board shall deduct from the salary of any employee and make appropriate remittances for insurance, qualified 403-B plans, savings programs, and other options which qualify under current IRS code. Specific plans and programs may be instituted if jointly approved by the Association and the Board, as outlined below. It is expressly understood and agreed that while the Board will offer each employee the opportunity to participate in a Tax Deferred Investment, Annuity, or Savings Program which complies with Section 403(b) of the Internal Revenue Code, as amended, the Board shall limit the number of carriers, or other entities providing such programs, not to exceed a total of nine (9), and the list of secured providers may be obtained from the Human Resources Department. The Board shall not accept responsibility for assuring any employee that any such plan qualifies as per the aforementioned Section 403 (b) nor does the Board guarantee or in any way act in a fiduciary capacity with said program, its investments or return.