Regular Retirement Program Contributions Sample Clauses

Regular Retirement Program Contributions. The PRESIDENT has opted to have the BOARD direct contributions to his regular retirement program to the Valencia College 401(a) Qualified Retirement Plan (“401(a) Plan”), a defined contribution plan meeting the requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), rather than the Florida Retirement System (a defined benefit plan). Pursuant to this Agreement the BOARD has determined that it is appropriate to set a rate of contribution to the 401(a) Plan that exceeds the current contribution rate for the Florida Retirement System. For each contract year during the Employment Period, the contribution rate is set at such percentage calculated to ensure that the amount of the contributions made by the COLLEGE to the 401(a) Plan for the PRESIDENT for the contract year shall at least equal the maximum contribution allowed under Code Section 415(c) and the Treasury Regulations and other guidance issued thereunder for such contract year; such contributions shall made by the COLLEGE to the 401(a) Plan in twenty-six equal bi-weekly installments. In no event shall the contributions made to the 401(a) Plan for the PRESIDENT under this Paragraph (5)G. for a contract year exceed the dollar limit on contributions and other additions to defined contribution plans for that contract year stated in the Code, as increased or indexed under applicable law. In the event the PRESIDENT opts to direct contributions to the Florida Retirement System, the BOARD shall cease directing contributions to the 401(a) Plan as set forth in this Paragraph and shall instead direct contributions to the Florida Retirement System at the then current contribution rate applicable to PRESIDENT for the Florida Retirement System as set by Florida law, subject to the applicable Code limitations.
Sample 1
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Related to Regular Retirement Program Contributions

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Beneficiary Rollovers from Employer-Sponsored Retirement Plans If you are a spouse Beneficiary, nonspouse Beneficiary, or the trustee of an eligible type of trust named as Beneficiary of a deceased employer plan participant, you may directly roll over inherited assets from a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, or 457(b) governmental deferred compensation plan to an inherited IRA. The IRA must be maintained as an inherited IRA, subject to the beneficiary distribution requirements.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Non-Retirement Savings Accounts An account maintained in the Cayman Islands (other than an insurance or Annuity Contract) that satisfies the following requirements under the laws of the Cayman Islands.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

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