Severance Pay Deferral Plan. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with the terms of this Agreement, and any related provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) of the Internal Revenue Code (the "IRC") Covered Employees (as defined below) shall have their "Severance Pay" (as defined below) mandatorily paid into an annuity contract or custodial account that is designed to meet the tax-qualification requirements of IRC Section 403(b} (a "TSA"). This arrangement shall be referred to herein as the "403(b} Plan". The terms of the 403(b) Plan shall include the following:
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Severance Pay Deferral Plan. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with the terms of this Agreementagreement, and any related provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) of the Internal Revenue Code (the "“IRC"”) Covered Employees (as defined below) shall have their "“Severance Pay" ” (as defined below) mandatorily paid into an annuity contract or custodial account that is designed to meet the tax-qualification requirements of IRC Section 403(b} ) (a "“TSA"”). This arrangement shall be referred to herein as the "“403(b} ) Plan"”. The terms of the 403(b) Plan shall include the following:
Appears in 1 contract
Samples: serb.ohio.gov
