Common use of Tax Sheltered Annuities And Other Tax Deferred Compensation Plans Clause in Contracts

Tax Sheltered Annuities And Other Tax Deferred Compensation Plans. 1. The District will establish and maintain a tax sheltered annuity plan (otherwise known as a "Section 403(b) plan") for the benefit of District employees and in accordance with applicable Federal and state law. The District may also institute other qualified tax deferred compensation plans for the benefit of employees. Such other plans will be reviewed with the Association prior to implementation through the Labor Relations Committee Mechanism described in Article 20. 2. The current list of Section 403(b) plan vendors is set out in Appendix C. This vendor list may change during the life of this contract due to the requirements of applicable Federal or State law governing such accounts. In addition, the District may elect to drop any vendors which have no contributing employees. The parties will review and mutually agree to any proposed changes to the District's Section 403(b) or other deferred compensation plan with teachers through the Labor Relations Committee mechanism described in Article 20, however, notwithstanding this provision, any changes required by Federal or state law will be made in a timely manner in accordance with such provisions. The District will notify teachers and the Southern Oregon Bargaining Council in writing within one month of the effective date of such changes.

Tax Sheltered Annuities And Other Tax Deferred Compensation Plans. 1. The District will establish and maintain a tax tax-sheltered annuity plan (otherwise known as a "Section 403(b) plan") for the benefit of District employees and in accordance with applicable Federal and state law. The District may also institute other qualified tax deferred compensation plans for the benefit of employees. Such other plans will be reviewed with the Association prior to implementation through the Labor Relations Committee Mechanism described in Article 2019. 2. The current list of Section 403(b) plan vendors is set out in Appendix C. This vendor list may change during the life of this contract due to the requirements of applicable Federal or State law governing such accounts. In addition, the District may elect to drop any vendors which have no contributing employees. The parties will review and mutually agree to any proposed changes to the District's Section 403(b) or other deferred compensation plan with teachers members through the Labor Relations Committee mechanism described in Article 2019, however, notwithstanding this provision, any changes required by Federal or state law will be made in a timely manner in accordance with such provisions. The District will notify teachers members and the Southern Oregon Bargaining Council in writing within one month of the effective date of such changes.