Payment Options. Upon retirement, teachers may choose one of four options for payment of their compensation for unused sick leave, subject to provisions of the IRS code: Single sum payment; Payment in equal thirds over a three year consecutive period beginning with the first year of retirement; Deferring the unused sick leave payout into a 403(b) plan, 401(k) plan or other approved plan; Placement of the unused sick leave amount into a 503(c)(9) trust to subsidize future health insurance costs for the employee.
Appears in 7 contracts
Samples: Agreement and Partnership, Agreement and Partnership, Agreement and Partnership
Payment Options. Upon retirement, teachers may choose one of four options for payment of their compensation for unused sick leave, subject to provisions of the IRS code: • Single sum payment; • Payment in equal thirds over a three year consecutive period beginning with the first year of retirement; • Deferring the unused sick leave payout into a 403(b) plan, 401(k) plan or other approved plan; • Placement of the unused sick leave amount into a 503(c)(9) trust to subsidize future health insurance costs for the employee.
Appears in 5 contracts
Samples: Agreement and Partnership, Agreement and Partnership, Agreement and Partnership
Payment Options. Upon retirement, teachers educators may choose one of four options for payment of their compensation for unused sick leave, subject to provisions of the IRS code: ● Single sum payment; ● Payment in equal thirds over a three year consecutive period beginning with the first year of retirement; ● Deferring the unused sick leave payout into a 403(b) plan, 401(k) plan or other approved plan; ● Placement of the unused sick leave amount into a 503(c)(9) trust to subsidize future health insurance costs for the employee.
Appears in 3 contracts
Samples: Agreement and Partnership, Agreement and Partnership, Agreement and Partnership
Payment Options. Upon retirement, teachers may choose one of four options for payment of their compensation for unused sick leave, subject to provisions of the IRS code: x Single sum payment; x Payment in equal thirds over a three year consecutive period beginning with the first year of retirement; x Deferring the unused sick leave payout into a 403(b) plan, 401(k) plan or other approved plan; x Placement of the unused sick leave amount into a 503(c)(9) trust to subsidize future health insurance costs for the employee.
Appears in 1 contract
Samples: www.nctq.org
