Common use of Tax Deferred Annuities Clause in Contracts

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 Employer agrees to will deduct twice each month tax-deferred 403(b) employee contributions and to remit such those contributions to a single Employer approved 403(b) vendor or third third-party administrator within one (1) week following after the deduction 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 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 to the employee directly with the 403(b) vendor and/or the third third-party administrator. The Union will continue to participate in District level review of insurance program coverages and cost structure during the term of this Agreement.