Tax Deferral of Lump Sum Leave Cash Out Upon Separation. A. To the extent permitted by federal and state law, effective January 1, 2002 (or no later than four (4) months following ratification of this agreement by both parties) employees who separate from State service who are otherwise eligible to cash out their vacation and/or annual leave balance, may ask the State to tax defer and transfer a designated monthly amount from their cash payment into their existing 457 and/or 401k plan offered through the State’s Savings Plus Program (SPP).
Appears in 5 contracts
Tax Deferral of Lump Sum Leave Cash Out Upon Separation. A. To the extent permitted by federal and state law, effective January 1, 2002 (or no later than four (4) months following ratification of this agreement by both parties) employees who separate from State service who are otherwise eligible to cash out their vacation and/or annual leave balance, may ask the State to tax defer and transfer a designated monthly amount from their cash payment into their existing 457 and/or 401k plan offered through the State’s Savings Plus Program (SPP).
Appears in 4 contracts
Samples: Entire Agreement, Entire Agreement, Entire Agreement
Tax Deferral of Lump Sum Leave Cash Out Upon Separation. A. To the extent permitted by federal and state law, effective January 1, 2002 (or no later than four (4) months following ratification of this agreement Contract by both parties) employees who separate from State service who are otherwise eligible to cash out their vacation and/or annual leave balance, may ask the State to tax defer and transfer a designated monthly amount from their cash payment into their existing 457 and/or 401k plan offered through the State’s Savings Plus Program (SPP).
Appears in 1 contract
Samples: Agreement
