Tax Deferred Annuities. The Board of Directors for the District shall provide and pay for such tax deferred annuities pursuant to RCW 28A.400.250 as the union shall request and the Board of Directors shall authorize. Payment for said annuities shall be at the option of the employee and deducted from the monthly salary as authorized by the individual employee.
Tax Deferred Annuities. The Board of Higher Education shall continue its policy of permitting the purchase of annuities by members of the bargaining unit pursuant to the provisions of Chapter 15, §18A, of the General Laws.
Tax Deferred Annuities. SALARY REDUCTION PLAN
Tax Deferred Annuities. Section 24.1 The District will purchase for any teacher, upon written request and signed authorization from the teacher, a tax-deferred annuity within the limits provided by law. The annuity will be paid for entirely by the teacher by means of regular payroll deductions. The District will transmit the money so deducted to the appropriate carrier within five (5) days of the pay dates. Any new carrier must be approved by the District. Any tax- deferred annuity program available to other Avondale employee groups will be available to teachers.
Section 24.2 A teacher may change the amount deducted for a tax deferred annuity not more than twice per school year, except for a change in status.
Section 24.3 If the District incurs additional expenses with a 403(b) carrier beyond those required by law, the District and Association will enter into discussions concerning the possibility of eliminating the addition of any future contributors to that carrier’s 403(b) fund.
Tax Deferred Annuities. All teachers employed by the Board, for a minimum of twenty (20) hours per week shall be eligible to request specified reduction in salary and the purchase of non-forfeitable annuities (tax sheltered annuities) by the Board. The Board shall make such purchases as provided for in Section 403 (b) of the Internal Revenue Code of 1954, as amended and in section 457 (b) tax deferred retirement program.
Tax Deferred Annuities. 1. The Board shall provide means for teachers to participate in a tax-deferred annuity plan (403b). To afford teachers some choice, the Board shall designate a minimum of three carriers. The Board shall make every attempt to have at least one plan with open architecture and other plans with local representatives, if available, in order to have maximum participation.
2. The Board and the Association agree that the Board’s only interest in TDA or 403b plans shall be withholding amounts authorized by teachers and forwarding amounts to the carrier(s). The Board shall be compliant with Internal Revenue Service rules on 403b plans.
3. Within ten (10) duty days following pay date, the Board shall forward funds to a third party administrator for the amount of the deductions from the previous pay period.
Tax Deferred Annuities. The Employer agrees to deduct twice each month tax-deferred 403(b) employee contributions and to remit such contributions to a single Employer approved 403(b) vendor or third party administrator within one (1) week following the deduction subject to the following conditions:
1. The Employer-approved 403(b) vendor shall be selected from a list of vendors established by the Michigan Retirement Investment Consortium and the Employer.
2. The third party administrator shall be determined by the Michigan Retirement Investment Consortium.
3. Any failure by the 403(b) vendor to promptly credit employee contributions transmitted pursuant to this Article shall be addressed the employee directly with the 403(b) vendor and/or the third party administrator.
Tax Deferred Annuities. The Board shall continue its policy of permitting the purchase of annuities by administrators pursuant to the provisions of Chapter 15, Section 18A, of the Massachusetts General Laws.
Tax Deferred Annuities. A teacher may participate in a tax-deferred annuity through payroll deduction. The request for initial enrollment and any change in the deduction amount shall be submitted in writing to the Treasurer by October 15 or March 15. Deductions in accordance with such written authorization will begin, respectively, with the first regular pay in November and the first regular pay in April. In all cases, the teacher must work with the District's third-party administrator and common remitter and the deductions must conform to all tax and other legal requirements. Deductions with respect to an annuity provider not currently receiving deductions are permitted only if at least five (5) employees District-wide authorize deductions as to that provider.
Tax Deferred Annuities. Teachers shall have the opportunity to purchase tax-deferred annuities, subject to the rules and regulations developed by the administration and as approved by the Board.
