Common use of Special Pay Plan Clause in Contracts

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. 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 tax-sheltered annuity under Section 403 (b403(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 (b403(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.