Common use of Payroll Deduction Service Clause in Contracts

Payroll Deduction Service. A. The Board agrees to provide monthly (10) payroll deduction service for MESSA insurance protection and for the deferred annuity plan. B. It is hereby mutually understood and agreed: 1. That for a number of years, the Board has established and maintained a tax sheltered deferred retirement program. Recently, the Internal Revenue Service has issued significantly new regulations impacting such programs. These new regulations took effect January 1, 2009. 2. In response to the promulgation of these IRS regulations, the Negaunee Public Schools has joined a consortium known as the Michigan Retirement Investment Consortium. That Consortium undertook a Request for Proposal process and selected TSA Consulting Group as the third party administrator for the Consortium. 3. The Board and Association recognize the importance of each employee pursuing an active retirement savings program and providing sound investment alternatives to assist them in achieving their retirement savings goals. All bargaining unit members are eligible to participate in the Plan. 4. Investment providers presently offered to Association members include: Ameriprise Financial, American Funds, Fidelity Retirement Services, Xxxxxxx National Life Insurance Company, The Legend Group, MEA- FS/Paridigm/Prudential, Thrivent Financial, and AIG/Valic and the 403(b) asp option. All of these providers will be included in the list offered to Association members provided they meet the Internal Revenue Service regulations. 5. The Plan Document will allow employees the ability to make changes in their investment portfolio. Provisions for emergency or hardship withdrawals will be included within the Plan. Employees shall also be permitted to take loans from their investments as permitted in the Plan Document. Prompt remittance of contributions as defined by the Internal Revenue Code from participants will be made to the third party administrator.

Payroll Deduction Service. A. The Board agrees to provide monthly (10) payroll deduction service for MESSA insurance protection and for the deferred annuity plan. B. It is hereby mutually understood and agreed: 1. That for a number of years, the Board has established and maintained a tax sheltered deferred retirement program. Recently, the Internal Revenue Service has issued significantly new regulations impacting such programs. These new regulations took effect January 1, 2009. 2. In response to the promulgation of these IRS regulations, the Negaunee Public Schools has joined a consortium known know as the Michigan Retirement Investment Consortium. That Consortium undertook a Request for Proposal process and selected TSA Consulting Group as the third party administrator for the Consortium. 3. The Board and Association recognize the importance of each employee pursuing an active retirement savings program and providing sound investment alternatives to assist them in achieving their retirement savings goals. All bargaining unit members are eligible to participate in the Plan. 4. Investment providers presently offered to Association members include: Ameriprise Financial, American Funds, Fidelity Retirement Services, Xxxxxxx National Life Insurance Company, The Legend Group, MEA- FS/Paridigm/Prudential, Thrivent Financial, and AIG/Valic and the 403(b) asp option. All of these providers will be included in the list offered to Association members provided they meet the Internal Revenue Service regulations. 5. The Plan Document will allow employees the ability to make changes in their investment portfolio. Provisions for emergency or hardship withdrawals will be included within the Plan. Employees shall also be permitted to take loans from their investments as permitted in the Plan Document. Prompt remittance of contributions as defined by the Internal Revenue Code from participants will be made to the third party administrator.