Common use of Tax Sheltered Annuities Clause in Contracts

Tax Sheltered Annuities. The Employer agrees that, pursuant to Internal Revenue Code (IRC) Section 403 (b), and subject to the restrictions and limitations outlined below, a member may enter into a salary reduction agreement pursuant to which the member will agree to have a reduction in the member’s salary and the Employer will forward the amount equal to the reduction in the member’s salary to an annuity contract or custodial account that is qualified under IRC Section 403 (b) (a “tax sheltered annuity” or “TSA”). The following restrictions and limitations apply with respect to such matters: a. The Employer may restrict the timing of the member’s salary reduction elections to comply with the requirements of federal tax laws. Each member must enter into a written salary reduction agreement which is provided by the Employer. b. Members are responsible for limiting the amount of their contributions to the maximum amount that, under the federal tax laws, may be tax-deferred in any year. The Employer may, but is not required to, restrict or limit contributions on behalf of the members to the extent that it believes that the total contributions for a member will exceed the maximum tax-deferral limits in effect for any year. c. In accordance with ORC Section 9.91, the Employer may require all tax sheltered annuity providers or brokers to execute a reasonable hold harmless agreement protecting the Employer from liability. The Employer will make reports to the Internal Revenue Service (e.g., Form W-2’s) and withhold federal, state school district and local income taxes and employment taxes as it believes it is required to do by law.

Tax Sheltered Annuities. The Employer agrees that, pursuant to Internal Revenue Code (IRC) Section 403 (b), and subject to the restrictions and limitations outlined below, a member may enter into a salary reduction agreement pursuant to which the member will agree to have a reduction in the member’s salary and the Employer will forward the amount equal to the reduction in the member’s salary to an annuity contract or custodial account that is qualified under IRC Section 403 (b) (a “tax sheltered annuity” or “TSA”). The following restrictions and limitations apply with respect to such matters: a. A. The Employer may restrict the timing of the member’s salary reduction elections to comply with the requirements of federal tax laws. Each member must enter into a written salary reduction agreement which is provided by the Employer. b. B. Members are responsible for limiting the amount of their contributions to the maximum amount that, under the federal tax laws, may be tax-tax- deferred in any year. The Employer may, but is not required to, restrict or limit contributions on behalf of the members to the extent that it believes that the total contributions for a member will exceed the maximum tax-tax- deferral limits in effect for any year. c. C. In accordance with ORC Section 9.91, the Employer may require all tax sheltered annuity providers or brokers to execute a reasonable hold harmless agreement protecting the Employer from liability. The Employer will make reports to the Internal Revenue Service (e.g., Form W-2’s) and withhold federal, state school district and local income taxes and employment taxes as it believes it is required to do by law.

Tax Sheltered Annuities. The Employer agrees that, pursuant to Internal Revenue Code (IRC) Section 403 (b), and subject to the restrictions and limitations outlined below, a member may enter into a salary reduction agreement pursuant to which the member will agree to have a reduction in the member’s salary and the Employer will forward the amount equal to the reduction in the member’s salary to an annuity contract or custodial account that is qualified under IRC Section 403 (b) (a “tax sheltered annuity” or “TSA”). The following restrictions and limitations apply with respect to such matters: a. The Employer may restrict the timing of the member’s salary reduction elections to comply with the requirements of federal tax laws. Each member must enter into a written salary reduction agreement which is provided by the Employer. b. Members are responsible for limiting the amount of their contributions to the maximum amount that, under the federal tax laws, may be tax-deferred in any year. The Employer may, but is not required to, restrict or limit contributions on behalf of the members to the extent that it believes that the total contributions for a member will exceed the maximum tax-deferral limits in effect for any year. c. In accordance with ORC Ohio Revised Code (ORC) Section 9.91, the Employer may require all tax sheltered that a minimum of ten (10) salary reduction agreements be established with and maintained by an annuity providers or brokers to execute a reasonable hold harmless agreement protecting custodial account provider or broker in order for the Employer from liability. The Employer will to make reports contributions to the Internal Revenue Service (e.g., Form W-2’s) and withhold federal, state school district and local income taxes and employment taxes as it believes it is required to do by lawor through such entity.

Tax Sheltered Annuities. The Employer agrees that, pursuant to Internal Revenue Code (IRC) Section 403 (b), and subject to the restrictions and limitations outlined below, a member may enter into a salary reduction agreement pursuant to which the member will agree to have a reduction in the member’s salary and the Employer will forward the amount equal to the reduction in the member’s salary to an annuity contract or custodial account that is qualified under IRC Section 403 (b) (a “tax sheltered annuity” or “TSA”). The following restrictions and limitations apply with respect to such matters: a. A. The Employer may restrict the timing of the member’s salary reduction elections to comply with the requirements of federal tax laws. Each member must enter into a written salary reduction agreement which is provided by the Employer. b. B. Members are responsible for limiting the amount of their contributions to the maximum amount that, under the federal tax laws, may be tax-deferred in any year. The Employer may, but is not required to, restrict or limit contributions on behalf of the members to the extent that it believes that the total contributions for a member will exceed the maximum tax-deferral limits in effect for any year. c. C. In accordance with ORC Section 9.91, the Employer may require all tax sheltered annuity providers or brokers to execute a reasonable hold harmless agreement protecting the Employer from liability. The Employer will make reports to the Internal Revenue Service (e.g., Form W-2’s) and withhold federal, state school district and local income taxes and employment taxes as it believes it is required to do by law.