VOLUNTARY & SUPPLEMENTAL RETIREMENT PLAN OPTIONS Sample Clauses

VOLUNTARY & SUPPLEMENTAL RETIREMENT PLAN OPTIONS. Eligible employees may elect to participate in several tax deferred annuity and deferred compensation plans offered through Xxxxxxx State University under Internal Revenue Code provisions 403(b) and 457(b), respectively. Up to the IRS mandated maximum amount, these plans permit participants to tax shelter income into a number of investment vehicles (i.e. mutual funds). Taxes are deferred until the funds are withdrawn (usually upon retirement). Employees may participate in both the 403(b) and 457(b) plans. Xxxxxxx State does not contribute to either plan. Tax Sheltered Annuity Plan 403(b): In a 403(b) plan, interest and earnings accrue on a tax-deferred basis. Participants’ accounts grow tax-free until the funds are withdrawn. Penalties may incur if withdrawals are made prior to retirement. A list of approved vendors may be requested from the Department of Human Resources. Deferred Compensation Plan 457(b): Income may be invested in different investment options on a tax-deferred basis. Unlike the 403(b) plan, non- retirement withdrawals do not carry an early withdrawal penalty.
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Related to VOLUNTARY & SUPPLEMENTAL RETIREMENT PLAN OPTIONS

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Supplemental Compensation Pursuant to Section 7 of the Agreement, Supplemental Compensation will be paid as follows:

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Supplemental Benefits The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Article 17.03.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

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