Tax Sheltered Annuity Plan. Payroll deductions for tax sheltered annuities will be made for each Teacher desiring to participate in the district’s tax sheltered annuity program. Said participation is voluntary and will require compliance with all applicable IRS regulations. The district will maintain a list of approved tax shelter annuity companies. Companies that agree to comply with the district’s plan requirements may be added to the list provided there are a minimum of 5 participants. Any fees applicable to the 3rd party independent administration of the district’s tax sheltered annuity program will be assumed by the district for plan participants on record as of 11/1/2007. Any plan participants after this date, or changes by “grandfathered” participants that generate an administrative fee, will be the responsibility of the participant.
Tax Sheltered Annuity Plan. The System provides a single-employer tax-deferred annuity program for all eligible employees who elect to participate in the program. The annuity program is administered by the Sysxxx. The Lee Memorial Hospital Tax Sheltered Annuity Plan (the Annuity Plan) purchases annuity contracts for participating employees through salary reduction, thereby deferring taxability of these amounts. For employees with one year or more of eligible service, the System participates in the Annuity Plan by matching approximately 5% of the participating employees salaries. The Board of Directors of the System has the sole discretion to amend the Annuity Plan and change the contribution amount. Contribution expense incurred by the System in connection with the Annuity Plan was $28.6 million and $25.0 million for the years ended September 30, 2023 and 2022, respectively.
Tax Sheltered Annuity Plan. 14.1 Tax sheltered annuities shall be provided as allowed by law; provided, however, that the District shall not be required to process applications for participation in tax sheltered annuities to more than twenty (20) carriers.
Tax Sheltered Annuity Plan. Safety employees will be eligible to participate in a "tax-sheltered" annuity plan established pursuant to United States Public Law # 87-370 subject to the rules and regulations administered for such plans for all eligible employees.
Tax Sheltered Annuity Plan. Teachers shall be entitled upon request made reasonably in advance and in accordance with the rules and regulations adopted by the Board of Education to participate through a payroll deduction plan in a district tax sheltered annuities program.
Tax Sheltered Annuity Plan. A Tax Sheltered Annuity Plan is available to all employees who file a written request to participate in such a plan in accordance with the provisions of N.J.S.A. 18A:66-127, 128 and 26 U.S.C. § 403(b). An employee’s salary shall be reduced by the amount of his/her elected contribution. The employee’s contribution shall not exceed the limits set forth in 26 U.S.C. § 403(b). Participation in the Tax Sheltered Annuity Plan may be terminated upon written notice by either party. The Association agrees to indemnify, defend and save the Board harmless against any and all claims, demands, suits or other forms of liability, involving reasonable attorneys' fees which may arise out of or by class of action taken by the Board in complying with the provisions of this Article.
Tax Sheltered Annuity Plan. Personnel covered by this Agreement shall be entitled, upon request made reasonably in advance and in accordance with the rules and regulations adopted by the Board of Education, to participate through a payroll deduction plan in a district tax sheltered annuities program. The implementation of this plan shall be dependent upon the operational status of new payroll equipment as determined by the Assistant Superintendent for Business.
Tax Sheltered Annuity Plan. A Tax Sheltered Annuity Plan is available to all employees who file a written request to participate in such a plan in accordance with provisions of R.S. 18A:66-127, 128. The Association holds the Board harmless from any claims resulting from the failure of the Tax Sheltered Annuity Plan to properly transfer or invest these funds.
Tax Sheltered Annuity Plan. The SYSTEM, through pre-tax payroll, allows for matched contributions to a 403B Tax Sheltered Annuity Plan.
Tax Sheltered Annuity Plan a. All members of the Association are eligible to participate in the District’s tax sheltered annuities plan. Payroll deduction arrangements shall be afforded in accordance with the employee’s selection. It is expressly understood and agreed that the District makes no warranty or representation, express or implied as to the income, payroll, or other income tax ramifications of such payment to any teacher including, but not limited to, whether such payment will not be includable in the teacher’s gross income for income tax purposes, whether such payment will exceed the limitations on elective or non-elective contributions to a teacher’s Section 403(b) account and whether such payment will adversely or otherwise affect a teacher’s New York State Retirement System eligibility or benefits.
