Common use of Tax Deferred Compensation Plans Clause in Contracts

Tax Deferred Compensation Plans. During January of each year commencing January of 2018, if the Chancellor receives a satisfactory evaluation or better, the District shall contribute to Chancellor's Supplemental Retirement Plan (the "Plan") under section 403b of the Internal Revenue Code ("Code") an amount equal to percent (6%) of the Chancellor's then annual base salary ("Plan Contribution"). (See Evaluation, section 12). The Plan shall be an employer paid plan with non-discretionary contributions by the District. The Chancellor shall have no right to receive such contributions in cash. The Plan documents must meet the requirements of the Code. Funds for the Plan shall be invested in such investment vehicles as are allowable under the Code and state law. The Chancellor shall direct the investment of his accounts under the Plan among the options provided for under the Plan to the extent permitted under law. The District shall have no liability for any investment decisions made by the Chancellor. The contributions to the Plan and earnings thereon shall at all times be vested with the Chancellor. The Plan Contribution made during each calendar year shall not exceed the maximum amount permitted by law. If the Chancellor's employment terminates for any reason, he shall nonetheless be entitled to receive all Plan Contributions made prior to the effective date of his termination. In addition to the above, the Chancellor shall be entitled to use the District's IRC Section 125 plan and the District's Section 403b plan in any manner allowed by law on the same terms and conditions that such plans are made available to other management employees. All contributions to such plans by the Chancellor shall conform to all requirements of law.

Tax Deferred Compensation Plans. During January of each year commencing January of 20182022, if the Chancellor receives a satisfactory evaluation or better, the District shall contribute to Chancellor's Supplemental Retirement Plan (the "“Plan"”) under section Section 403b of the Internal Revenue Code ("“Code"”) an amount equal to percent (6%) of the Chancellor's ’s then annual base salary ("“Plan Contribution"”). (See Evaluation, section 12). The Plan shall be an employer paid plan with non-discretionary contributions by the District. The Chancellor shall have no right to receive such contributions in cash. The Plan documents must meet the requirements of the Code. Funds for the Plan shall be invested in such investment vehicles as are allowable under the Code and state law. The Chancellor shall direct the investment of his her accounts under the Plan among the options provided for under the Plan to the extent permitted under law. The District shall have no liability for any investment decisions made by the Chancellor. The contributions to the Plan and earnings thereon shall at all times be vested with the Chancellor. The Plan Contribution made during each calendar year shall not exceed the maximum amount permitted by law. If the District is not permitted by law to make all required contributions in any given calendar year, the District shall pay the balance in the subsequent calendar year. If the Chancellor's employment terminates for any reason, he she shall nonetheless be entitled to receive all Plan Contributions made prior to the effective date of his her termination. In addition to the above, the Chancellor shall be entitled to use the District's ’s IRC Section 125 plan and the District's ’s Section 403b plan in any manner allowed by law on the same terms and conditions that such plans are made available to other management employees. All contributions to such plans by the Chancellor shall conform to all requirements of law.