Payroll Deduction for Purchase of Retirement Credit Sample Clauses

Payroll Deduction for Purchase of Retirement Credit. 1. Any bargaining unit member who elects to purchase eligible retirement credit pursuant to ORC 3307.32 or 3307.33, shall notify the Treasurer in writing and provide approval of the purchase from the State Employee Retirement System (SERS), the amount to be deducted from his pay each month, the length of time such deduction shall be made and whether the deduction is pre or post tax. Such deduction shall be made each month and remitted to the SERS by the District Treasurer. 2. The bargaining unit member may elect to have the deduction from his income after the withholding of federal and state income taxes, or subject to the limitations of subsection C of this section, prior to the withholding of federal and state income taxes. 3. It is understood that, once begun, pretax deductions are irrevocable and may not be terminated or modified until the purchase is complete or the member is no longer employed by the Xxxx City School District, except as permitted by federal regulations due to unforeseen circumstances or financial hardship. A deduction requested to be on a pretax basis will remain as pretax so long as this is permitted by federal and state law so that income will be deferred upon the amount of the deduction.
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Payroll Deduction for Purchase of Retirement Credit. 1. Any bargaining unit member who elects to purchase eligible retirement credit pursuant to ORC 3307.32 or 3307.33, shall notify the Treasurer in writing and provide approval of the purchase from the State Employee Retirement System (SERS), the amount to be deducted from his pay each month, the length of time such deduction shall be made. Such deduction shall be made each month and remitted to the SERS by the District Treasurer. 2. It is understood that, once begun, pretax deductions are irrevocable and may not be terminated or modified until the purchase is complete or the member is no longer employed by the Xxxx City School District, except as permitted by federal regulations due to unforeseen circumstances or financial hardship. A deduction requested to be on a pretax basis will remain as pretax so long as this is permitted by federal and state law so that income will be deferred upon the amount of the deduction.
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Related to Payroll Deduction for Purchase of Retirement Credit

  • Payroll Deduction A. Membership dues of OCEA members in this Representation Unit and insurance premiums for such OCEA sponsored insurance programs as may be approved by the Board of Supervisors shall be deducted by the County from the pay warrants of such members. The County shall promptly transmit the dues and insurance premiums so deducted to OCEA. B. OCEA shall notify the County, in writing, as to the amount of dues uniformly required of all members of OCEA and also the amount of insurance premiums required of employees who choose to participate in such programs.

  • Payroll Deductions An employee shall be entitled to have deductions from her salary assigned for the purchase of Canada Savings Bonds.

  • Payroll Deduction Schedule The Board will deduct the representation fee in equal installments, as nearly as possible, from the paychecks paid to each employee on the aforesaid list during the remainder of the membership year in question. The deductions will begin with the first paycheck paid:

  • Retirement Credit Retirement credit for such periods of leave without pay shall be governed by the rules and regulations of the Division of Retirement and the provisions of Chapter 121, Florida Statutes.

  • Other Payroll Deductions Upon appropriate written authorization from the employee, the Board shall deduct from the salary of any employee and make appropriate remittance for annuities, credit union, savings bonds, insurance, or any other plans or programs approved by the parties.

  • PAYROLL DEDUCTION OF DUES 12.01 The Company shall deduct from the payroll of employees on each pay period, from wages due and payable to all employees coming within the scope of this agreement, an amount as provided by the Union, subject to the conditions described below. 12.02 The amount to be deducted shall be equivalent to the regular dues payment of the Union and may include initiation fees, fines, or special assessments. The amount to be deducted will only be changed during the term of the agreement to conform to a change in the amount of regular dues of the Union in accordance with its constitutional provisions. 12.03 If the wages of an employee payable on the payroll for the last pay period of any month are insufficient to permit the deduction of the full amount of dues, no such deduction shall be made from the wages of such employee by the Company in such month. The Company shall, because the employee did not have sufficient wages payable to him on the designated payroll, carry forward and deduct from any subsequent wages the dues not deducted in an earlier month. 12.04 Only payroll deductions now or hereafter required by law, as well as benefit and pension deductions, shall be made from wages prior to the deduction of dues. 12.05 The amount of dues so deducted from wages accompanied by a statement of deductions from individuals, shall be remitted by the Company to the Union as may be mutually agreed by the Union and the Company, not later than thirty (30) calendar days following the month in which the deductions were made. 12.06 The Union agrees to indemnify and save the Company harmless against any claim or liability arising out of the application of this article. However, in any instances in which an error occurs in the amount of any deduction of dues from an employee’s wages, the Company shall adjust the amount in a subsequent remittance. 12.07 The Union will provide the Company with a percentage or other amount of basic wages to be applied for the purpose of dues deductions.

  • Xxxx Individual Retirement Custodial Account The following constitutes an agreement establishing a Xxxx XXX (under Section 408A of the Internal Revenue Code) between the depositor and the Custodian.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • Deferral Account Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

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