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.
Appears in 6 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
