Special Pay Plan. Retirement pay (as described above in Section A.) and sick day payout shall be granted upon retirement. As allowed by the IRS, the retirement pay and payoff for unused sick days for all retirees who are age 55 and over at the time of retirement will be paid into a tax sheltered annuity under Section 403 (b) of the Internal Revenue Code. The School District will contribute this money within 30 days of the employee’s retirement. Retiring employee’s who are under age 55 will have their retirement pay, unused sick day payout paid in a check with applicable deductions. If laws change or the 403 (b) carrier’s policy changes and the changes will have a significant impact on the provisions of this paragraph, either party may, at its option, reopen this paragraph for negotiations.
Special Pay Plan. Teachers shall participate in the Special Pay Plan upon retirement, 19 participation in the Florida Retirement System DROP program or upon termination from District 20 employment. Teachers who have $1,000.00 or more of terminal pay for unused accumulated sick 21 leave and/or payments for unused annual leave shall have all eligible funds placed in the Special 22 Pay Plan subject to the specific provisions of the plan.
Special Pay Plan. Plymouth-Canton Community Schools, the employer, has adopted a 403(b) special pay plan. Therefore, the following items currently in PCCS/PCEA Master Agreement, voluntary retirement compensations, retirement allowance, and any other “special pays” (tax qualified and retirement severance pays) will be paid through Plymouth-Canton Community Schools 403(b) Special Pay Plan. For those employees participating in the 403(b) plan, who are less than 55 years of age in the year of separation of service, will have 60 days from the day of 403(b) special pay payment to be held harmless. The 403(b) special pay plan allows for a “hold harmless” provision for those under 55 years of age who liquidate their account. The plan sponsor, Plymouth-Canton Community Schools, will make the individual whole with regard to the IRS penalty of 10% on the special pay plan distribution amount.
Special Pay Plan. Benefits payable at the time of retirement (accumulated vacation and sick time) will be paid through a tax-deferred account that has been established by the Board.
Special Pay Plan a. The payment for accumulated leave days or vacation days, if applicable, will be placed in a Special Pay Plan 403(b) account if the dollar value of the payment is $500.00 or more. The account is subject to IRS contribution amount limits. The plan will be under the employee’s name and social security number. The employee may request from the authorized company a distribution in cash or self-direct the investment of his/her money.
Special Pay Plan. Plymouth-Canton Community Schools has adopted a 403(b) Special Pay Plan. Therefore, the following items currently in PCCS/PCCM Master Agreement: Voluntary Retirement Compensations, Retirement Allowance, and any other “special pays” (tax qualified and retirement severance pays) will be paid through the Plymouth-Canton Community Schools 403(b) special pay plan.
Special Pay Plan. When a Unit IV employee retires, or resigns after fifteen (15) years of service to the Board, the employee’s separation pay becomes eligible for the Special Pay Plan, a qualified 403(b) Plan. Separation pay shall be issued as follows:
Special Pay Plan. Retirement pay (as described above in Section A.), sick day and vacation pay shall be granted upon retirement. As allowed by the IRS, the retirement pay and payoff for unused sick days and vacation days for all retirees who are age 55 and over at the time of retirement will be paid into a tax sheltered annuity under Section 403 (b) of the Internal Revenue Code. The School District will contribute this money within 30 days of the employee’s retirement. Retiring employees who are under age 55 will have their retirement pay, unused sick day and vacation day payout paid in a check with applicable deductions. If laws change or the 403
Special Pay Plan. Terminal leave pay shall be granted upon retirement. As allowed by the I.R.S., the terminal leave pay and payoff for unused sick days for all retirees who are age 55 and over at the time of retirement will be paid into a tax sheltered annuity under Section 403 (b) of the Internal Revenue Code. The School District will contribute this money within 30 days of the administrator’s retirement. Retiring administrators who are under age 55 will have their terminal leave pay and unused sick day payout paid in a check with applicable deductions. If laws change or the 403 (b) carrier’s policy changes and the changes have a significant impact on the provisions of this paragraph, either party may, at its’ option, reopen this paragraph for negotiations.
Special Pay Plan. The payment for accumulated leave days or vacation days if applicable will be placed in a Special Pay Plan 403(b) account if the dollar value of the payment is $500.00 or more. The account is subject to IRS contribution amount limits. The plan will be under the employee’s name and social security number. The employee may request from the authorized company a distribution in cash or self-direct the investment of his/her money If the dollar value for accumulated leave days and/or vacation days if applicable is less than $499.99, the employee shall receive the payment via the normal payroll process and subject to a withholding of all applicable taxes. For employees who are under age 55, and who, prior to their retirement, notify payroll in writing that they will be withdrawing their funds in cash and have received the cash distribution from the Special Pay Plan 403(b) account within 90 days of their retirement, the District will provide on a payroll check an additional amount equal to the difference between the tax penalty and the FICA savings.
