Payment and Deferral of Severance Pay. Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall adopt a Tax Deferred 403(b) Severance Special Pay Plan.
1. The terms of the 403(b) Special Pay Plan shall include the following:
a. Participation in the 403(b) Special Pay Plan shall be mandatory for any teacher actively employed on or after September 1, 2017, who would be entitled to severance pay under Article X Section 5 and/or retirement incentive pay under Article X Sections 7 and 8, and who is or will be age 50 years or older in the calendar year in which the teacher retires, or, in the case of a retired/rehired teacher, resigns.
b. If a retiring teacher is a required participant in the 403(b) Special Pay Plan, an employer contribution shall be made on his/her behalf under the 403(b) Special Pay Plan in an amount equal to the total amount of the Participant’s severance pay in accordance with Article X Section 5 and any retirement incentive pay in accordance with Article X Sections 7 and 8. Payment of such amounts under the Special Pay Plan shall be in lieu of payment of severance and incentive pay directly to the retiring Employee; and no required participant shall have the option of receiving payment of such severance and incentive pay directly in cash.
c. The required contribution to the 403(b) Special Pay Plan shall be made within the timeframe described in Article X Section 5 regarding the payment of severance pay and shall be made within the timeframe described in Article X Sections 7 and 8 regarding the payment of retirement incentive pay; provided, however, that if the amount payable to the 403(b) Special Pay Plan in the calendar year of retirement would exceed the maximum amount that is permitted under the applicable federal income tax law for that year, the remaining amount shall be contributed to the 403(b) Special Pay Plan after the first payroll date in January of the next calendar year; and if there is any remaining amount of severance and incentive pay, the excess amount shall be paid to the participant in cash.
d. A teacher who is a participant in the 403(b) Special Pay Plan shall complete a sponsor enrollment package prior to retirement; and unless and until a teacher does so, no contribution of severance pay and/or retirement incentive pay shall be made to the 403(b) Special Pay Plan on behalf of the teacher, nor will teacher be paid directly in cash for severance and/or incentive pay.
e. If a teacher is entitled to have a contribution paid to...
Payment and Deferral of Severance Pay. A. Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall adopt a single source “403(b) Annuity Plan for Government Employees, Special Pay Plan” Document with terms that comply with the requirements of this Article. The provisions of this agreement shall be subject to the provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) of the Internal Revenue Code (the IRC).
B. The terms of the aforementioned 403(b) Plan shall include the following:
1. Participation in the Plan shall be mandatory for any teacher actively employed on or after September 1, 2005, who would be entitled to severance pay under Article 9.4, who is or will be age 55 years or older in the calendar year in which the teacher retires, or, in the case of a retired/ rehired teacher, resigns.
2. If a retiring teacher is a participant in the 403(b) Plan, an employer contribution shall be made on his/her behalf under the 403(b) Plan in an amount equal to the total amount of the Participant’s severance pay in accordance with Article 9.4 provided that such is payable no later than the last day of the fifth calendar year following the calendar year of the teacher’s termination of employment.
3. The required contribution to the 403(b) Plan shall be made within the timeframe described in Article 9.4 regarding the payment of severance pay.
4. To the extent that the contribution of severance pay under the 403(b) Plan in any calendar year exceeds the maximum amount that is permitted under the applicable federal income tax law for that year, the remaining amount shall be contributed to the 403(b) Plan in January in subsequent calendar years up to the maximum amount allowable under the federal income tax law for such years (e.g. under IRC Section 415(c)), for up to a maximum of five (5) calendar years after the calendar year of the teacher’s retirement; and if there is any remaining amount of severance pay, the excess amount shall be paid to the retired teacher in cash.
5. A teacher who is a participant in the 403(b) Plan shall complete a 403(b) Plan sponsor enrollment package prior to retirement; and unless and until a teacher does so, no contribution of severance pay and/or retirement incentive pay shall be made to the 403(b) Plan on behalf of the teacher.
6. If a teacher is entitled to have a contribution paid to the 403(b) Plan and dies prior to such contribution being paid to them, the contribution shall be paid to the est...
Payment and Deferral of Severance Pay. Each eligible employee shall receive his/her severance pay in one (1) payment to be paid at the time of retirement. The parties agree to form a subcommittee of equal representation (Board and Association members) for the purpose of studying the issue of Deferral of Severance Pay through a Special Pay Plan. Any agreement shall be ratified by both parties.
Payment and Deferral of Severance Pay a. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with the terms of this Agreement and any related provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) of the Internal Revenue Code (the “IRC”), certain retiring employees shall have the total amount that otherwise would be payable to the Participant as severance pay under this Section, mandatorily paid into an annuity contract or custodial account that is designed to meet the tax-qualification requirements of IRC Section 403(b) (a “TSA”). For purposes of this Agreement, this arrangement is referred to as the “403(b)
Payment and Deferral of Severance Pay. A. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with terms of this subsection and any related provisions of a plan document adopted by the Board to comply with requirements of Section 403(b) of the IRC, retiring bargaining unit members shall have the total amount that otherwise would be payable to them as severance pay under the above subsections of this Section 7.05 mandatorily paid into an annuity contract or custodial account that is designed to meet the tax-qualification requirements of IRC Section 403(b) (a “TSA”). For the purpose of this subsection, this arrangement is referred to as the “403(b) Plan”. The provisions of this subsection are effective for all retiring bargaining unit members:
(1) whose termination of employment is on or after June 30, 2006;
(2) who retire and are thereby entitled to severance pay pursuant to the provisions of this Article; and
(3) who is or will be age 55 or older in the calendar year in which the teacher retires. A “retiring bargaining unit member” is defined for this purpose as a bargaining unit member who is eligible for service retirement under ORC Chapter 3307 (or the provisions of some other Ohio public employee retirement system) and who actually service retires under that Chapter (or such other Ohio public employee retirement system) upon termination of employment with the Board.
B. The terms of the 403(b) Plan shall include the following:
1. Participation in the 403(b) Plan shall be mandatory for any retiring bargaining unit member who is entitled to severance pay as set forth above in (A).
2. An employer contribution shall be made on behalf of the retiring bargaining unit member under the 403(b) Plan in an amount equal to the lesser of:
a. The total amount of the bargaining unit member’s severance pay under this Section 7.05.
b. The maximum contribution amount allowable under the terms of the 403(b) Plan.
3. The required contribution to the 403(b) Plan shall be made within the timeframe described in subsection 7.057 regarding the payment of severance pay.
4. In the calendar year of retirement, or in any other calendar year, the total amount of severance pay that may be paid to a TSA under the 403(b) Plan shall not exceed the maximum contribution amount allowable under the federal income tax law for TSAs that are intended to be tax qualified under IRC Section 403(b). If the amount payable to the 403(b) Plan in any calendar year would exceed the maximum amount that i...
Payment and Deferral of Severance Pay. Notwithstanding anything in Board policy to the contrary, in accordance with the terms of Section 3.4(a) of the of the Polaris Career Center Section 403(b) Plan (the “403(b) Plan”), retiring teachers shall have the total amount that otherwise would be payable to them as “Severance Pay” (as defined therein) split and paid 60% into an HRA and 40% into an annuity contract or custodial account that is a “Plan Contract” under the 403(b) Plan. Payment of such amounts under Section 3.4(a) shall be in lieu of payment of such amounts directly to the retiring Employee; and no retiring Employee shall have the option of receiving payment of such amounts directly in cash. This arrangement shall be referred to herein as the PEA Severance Pay Deferral Program.
Payment and Deferral of Severance Pay. 1. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with the terms of this Section and any related provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) of the Internal Revenue Code (the “IRC”), certain retiring employees shall have their “Severance Pay” (as defined below) mandatorily paid into an annuity contract or custodial account that is designed to meet the tax-qualification requirements of IRC Section 403(b) (a “TSA”). Such payment shall be in lieu of the payment being made directly to the retired teacher; and such payment shall eliminate all sick leave credit of the retired teacher. For purposes of this Section, this arrangement is referred to as the 403(b) Plan.
2. For purposes of the 403(b) Plan, the term “Severance Pay” shall include:
a. any Severance Pay that a member is entitled to on account of “retirement,” pursuant to Article 17F of this Agreement, and/or
a. is employed on or after September 1, 2004, b. is entitled to Severance Pay, and c. is, or will be, age 55 years or older in the calendar year in which he/she retires, or, in the case of a retired/rehired teacher, resigns.
Payment and Deferral of Severance Pay. 1. Notwithstanding anything in this Agreement or Board policy to the contrary, the Board shall adopt the "VALIC Tax Deferred 403(b) Annuity Plan for Government Employees" Document (the "VALIC 403(b) Plan") with terms that comply with the requirements of this Paragraph 2.
2. The terms of the 403(b) Plan shall include the following:
a. Participation in the VALIC 403(b) Plan shall be mandatory for any teacher actively employed, who is or will be age fifty-five
Payment and Deferral of Severance Pay. The Board shall adopt a tax deferred 403(b) annuity plan consistent with Appendix I. Participation in the 403(b) plan shall be mandatory for any member who retires on or after July 1, 2007, who would be entitled to severance pay under Section 15 of this Agreement and who is or will be age 55 or older in the calendar year in which the member retires. The specific provisions are more fully set forth in Appendix I.
Payment and Deferral of Severance Pay. 1. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with the terms of this Section and any related provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) yees shall have or custodial account that is designed to meet the tax-qualification requirements of nt being made directly to the retired teacher; and such payment shall eliminate all sick leave credit of the retired teacher. For purposes of this Section, this arrangement is referred to as the 403(b) Plan.
a. pursuant to Article 17F of this Agreement, and/or
a. is employed on or after September 1, 2004,
b. is entitled to Severance Pay, and
c. is, or will be, age 55 years or older in the calendar year in which he/she retires, or, in the case of a retired/rehired teacher, resigns.
