401(a) Plan. A. Any covered employee hired on or after January 1, 2002, shall not be eligible to earn or receive the retirement service benefit provided by Article 11, but shall instead be eligible to receive COUNTY contributions into an Internal Revenue Code Section 401(a) Plan established by the COUNTY, as described more fully below. Any covered employee who was hired prior to January 1, 2002, may also elect to receive COUNTY contributions into a Section 401(a) Plan under this Article, but only if he or she agrees to waive and relinquish any present or future rights he or she may have to receive the retirement service benefit provided by Article 11.
B. COUNTY shall continue to provide an Internal Revenue Code Section 401(a) Plan consistent with this Article. COUNTY shall continue to contribute into the Section 401(a) Plan an amount on behalf of each covered employee electing to participate under this Article equal to the amount contributed by that employee from his or her own pre-tax salary equal into one of the COUNTY’s Section 457 deferred compensation plans or into the 401(a) Plan directly (if made available to employee contributions) but not to exceed 3% of the employee’s pre-tax salary. Accordingly, if an employee contributed a total of 1-3% of his or her pre-tax salary to a 457 plan, then the dollar amount of the COUNTY’s 401(a) contribution would fully match the employee’s 457contribution; if an employee contributed more than 3% of his or her pre- tax salary to a 457 plan, then the dollar amount of the COUNTY’s 401(a) contribution would only be equal to 3% (and not more) of the employee’s pre- tax salary and would not fully match the employee’s 457 contribution. The employee may direct the investment of said contributions in accordance with the options or limitations provided by the 401(a) Plan. Each such employee shall vest -- that is, earn the right to withdraw – the COUNTY’s contributions into the 401(a) Plan on their behalf based on years of COUNTY service, as set forth more fully below.
C. The 401(a) Plan implementing this Article shall provide the following schedule of vesting requirements for any participating employee to earn and be eligible to withdraw or otherwise receive a portion (or in some cases all) of his or her total account value at the time of termination:
401(a) Plan. The School Corporation shall establish a qualified retirement plan as described in section 401(a) of the Code. The organization (Currently Met Life), administering the 401(a) plan’s terms and conditions for the administration of the 401(a) plan shall be as follows:
401(a) Plan. The School Corporation has established a qualified retirement plan as described in section 401(a) of the Code (the “401(a) Plan”) for administrators employed by the Northern Community Schools prior to December 31, 2003. The total sum of the amount calculated by XxXxxxxx Xxxxx as the present value for the retirement severance benefits contained in the 2003- 2004 previous contract shall then be contributed by the School Corporation to the 401(a)
401(a) Plan. 1. The Board will contribute $625.00 per contract year to a 401(a) account for each teacher who elects Plan A on or before September 1st. The plan will vest upon completion of the 5th year of service to the Brown County School Corporation.
401(a) Plan. The school corporation shall establish a qualified retirement plan as described in section 401(a) of the Code. The amount calculated by Educational Services Corporation as the present value of those benefits as calculated in Section 2.
3. c. 1 and 2 (Non-excess sick day benefit amount and Excess sick day benefit amount) above shall be deposited in said 401(a) account. The single investment vendor for the 401(a) plan shall be a vendor mutually agreed upon by both parties. The 401(a) plan's terms and conditions for the administration of the 401(a) plan shall be as follows:
a. The amount calculated for each teacher will be invested in a separate account. There will be no commingling of accounts and each teacher may determine how his/her account shall be invested among the investment options made available by the investment vendor for the 401(a) plan.
b. Until such time that a teacher has retired and satisfied the eligibility requirements set forth in this Section, the employee shall have no access to the assets held in his/her separate 401(a) plan account. A certified staff member shall also be fully vested and eligible to access this severance annuity benefit when the certified staff member has been receiving the LTD benefit provided in this collective bargaining agreement for twelve (12)
401(a) Plan. Any covered employee hired on or after January 1, 2017, shall not be eligible to earn or receive the County contribution to retiree medical benefit as described in Article 11.5.A, but shall receive only the County’s minimum contribution amounts required under Government Code section 22892 if they elect to enroll in retiree health benefits after retirement as provided in Article 11.5.
401(a) Plan. 37 38 The School Board will provide the 401A plan described in Appendix I of this Agreement to enable employees to 39 shelter accumulated sick and/or vacation days in a pre-tax fashion upon retirement. All retiring employees with 40 at least $2,500 value of accumulated sick and/or vacation time will participate in this plan. 41 42
401(a) Plan. Any covered employee hired on or after January 1, 2018, shall not be eligible to earn or receive the County contribution to retiree medical benefit as described in Article 10.4.B.2, but shall receive only the County’s minimum contribution amounts required under Government Code section 22892 if they elect to continue CalPERS healthcare after retirement.
401(a) Plan. The School Corporation shall establish a qualified retirement plan as described in section 401(a) of the Code (the “401(a) Plan”). The total sum of the amount calculated by ESC as the present value for the Retirement Pay, exclusive of amounts contributed to the VEBA, shall then be contributed by the School Corporation to the 401(a) Plan. A committee of the Board and the Association shall select the single investment vendor for the 401(a)Plan. The 401(a) Plan’s terms and conditions for the administration of the VEBA will be determined by the School Corporation, except that the following shall apply:
401(a) Plan
