RETIREMENT LIQUIDATION. Section A. (Removed) Section B. (Removed) Section C. TERMS AND CONDITIONS FOR ADMINISTRATION OF THE SECTION 401(a) and VEBA. The single source provider’s administration of the Section 401(a) and of the VEBA generated by the liquidation of retirement assets shall be governed by the following terms and conditions. 1. For the Section 401(a) and for the VEBA, the following shall govern each, separately: a. Funds of each certificated school employee shall be maintained and accounted for separately, and there shall not be any co-mingling of accounts as per Section D. An employee’s Section 401(a) account under this section shall be accounted for separately from any other Section 401(a) and Section 403(b) account provided for now or in the future. b. The School Corporation shall not be paid for any administrative costs it may incur to facilitate the accounts, neither shall any account costs be assessed to the School Corporation. c. All costs for the administration of the programs and the individual accounts shall be paid from the respective account’s assets, including investment charges. 2. In addition to the above, the VEBA shall not at any time allow loans or cash withdrawals for the certificated school employee, the spouse or dependent(s). 3. Investment and vesting issues are governed by Section E.
Appears in 8 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
