Payment Option. Eligible members may choose the payment option subject to the provisions noted. (a) The execution of this Agreement is consistent with the Section 403(b) Plan established by the Board with agreement of the Association and shall be referred to as “403(b) Plan Amended January 2003.” See Attachments 1 and 2. 15.31(b) Employees shall not have the option to receive cash. (c) By April 30, in the year of resignation/retirement, each person who resigns or retires shall submit to the Board’s business office appropriate paperwork designating the company and 403(b) plan where the employer’s contribution is to be deposited. Should no 403(b) plan be designated by April 30, the designation shall default to the employee’s existing 403(b) plan on file with the Board. (d) The Board will make the first payment, plus all accrued leave payments earned under Section 9.11 (a) if the employee is eligible for accrued leave payout, no later than August 1, in the year of resignation/retirement. The Board shall pay the second and third contributions on or before February 1 of the two calendar years following the year in which the resignations/retirements occurred. The payment schedule shall be as indicated below.
Appears in 5 contracts
Samples: Public Employee Relations Contract, Public Employee Relations Contract, Public Employee Relations Contract
