Common use of Tax Sheltered Annuity Program Clause in Contracts

Tax Sheltered Annuity Program. 1. When the Employee wishes to obtain the benefits of Section 403(b) of the Internal Revenue Code (IRC) of 1986, as amended, by participating in an annuity purchase program of the Employer; the annual rate of salary otherwise payable to the Employee shall be reduced and will be applied to the purchase of a nonforfeitable annuity contract for the Employee. It is understood and agreed that such annuity is to be purchased at the request of the Employee under a program adopted by the Employer and that the Employee hereby accepts the provisions of that program, and that the Employer does not guarantee such annuity.