Tax Sheltered Accounts. This describes the current system of fringe benefits but is subject to change with notice. The cost of required deductions and choice/cost of health, dental, life, disability, or other insurance may change from year to year. Management will notify the Union when changes in benefit coverage, costs or availability are contemplated or pending. It is agreed that the parties will meet to bargain about the impact if any, of the contemplated changes as early as April. Due to the mutual concerns and mutual need to finalize and accomplish any such contemplated changes normally in a limited period of time, any such meetings will not exceed six (6) meetings within a maximum of sixty (60) day limited time period.
Tax Sheltered Accounts. Upon written request of the employee, and in accordance with applicable law, salary deductions shall be made for tax sheltered accounts. The employee is responsible for determining that the total annual salary reduction amount does not exceed the maximum amount which may be sheltered under the applicable law. Furthermore, the employee agrees to indemnify and hold the Board harmless against any and all action, claims and demands that may arise from the purchase of annuities and/or custodial accounts for employees. Salary reduction amounts shall be contributed on the employee’s behalf into the annuity and/or custodial account selected by the employee within five (5) working days following each pay period with a written record of the amount provided to the employee.
Tax Sheltered Accounts. 1. The School District adopts plans for tax sheltered accounts for its employees. The President of the Board and the business manager are appointed and authorized to carry out such plans and to enter into such agreements as may be necessary for such purpose. Provided, however, that by the adoption of said plan the Board makes no warranty to employees participating therein and assumes no responsibility to employees that the amounts contributed or paid for any account for said employee shall be excluded from the gross income of the employee for federal income tax purposes.
2. It is the intention of the Board that such plan and program qualify for such exclusion as authorized under the provisions of the Internal Revenue Code and that in all matters respecting the purchase of an account for an employee, the Board assumes no financial responsibility regarding said account. The District assumes no liability for assisting in the calculation of any plan contribution limits. The administration shall establish the necessary rules and regulations in order to facilitate this policy.
a. If completed paperwork is received by the Payroll Department by the tenth of the month, the first withholding by the District will be the same month. Otherwise the first withholding will be the following month. Companies or organizations must submit a single billing form with all their tax-sheltered accounts listed on the billing form not later than the fifth of the month.
b. The employee, not the employer, has the responsibility to initiate a change or determination of the purchase of tax sheltered accounts in accordance with established Board policies. The District reserves the right to make unilateral changes for accounts violating Internal Revenue Service codes.
c. Employees are permitted to revise the amount authorized for purchase of a tax sheltered account at any time. Revisions received by the Payroll Department after the tenth of the month will be effective for the following month’s payroll.
d. Employees electing the retirement incentive will be eligible to revise the amount authorized for purchase of tax sheltered accounts by filing a revised authorization request with the Business Office by May 31 of each year a retirement payment is due.
Tax Sheltered Accounts. Employees covered by this Agreement shall be eligible for any tax-sheltered dependent care, health care, or other tax sheltered accounts for employees' payroll deduction use that are provided by the Employer.
Tax Sheltered Accounts. 1. The Employer will make deductions for tax sheltered accounts (TSA) as heretofore, but the Employer may require that no more than four plans be available for this purpose.
2. The Carlisle Area School District will appoint two administrators and the CAEA will appoint two members of the bargaining unit to a joint committee. If the district needs to replace a vendor, this committee will first determine the criteria for eligibility of the 403(b) qualified products. On Agreement of criteria the committee will then determine the specific vendor to provide the 403(b) qualified investments.
Tax Sheltered Accounts. The Board shall transmit tax sheltered account funds on behalf of its employees pursuant to current state and federal laws and regulations. Employees may request separate salary reduction agreement for the purpose of contributing to a tax sheltered account. The employees may sign up for a tax-sheltered account at any time through out the year. Once established employees will only be allowed to adjust their contributions each school year by giving notice to the Clerk of the Board before October 1.
