Common use of Special Pay Plan Clause in Contracts

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.

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.

Special Pay Plan. The payment for accumulated leave days or vacation days if applicable 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 their money. If the dollar value for accumulated leave days and/or vacation days days, if applicable 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.

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 employees 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 their 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.