403(b). Subd. 1. All full-time teachers and part-time teachers who are eligible for insurance as set forth in Article XI, Section 1, Subd. 5, are eligible for this benefit.
403(b). 16 Early Release Days · 7
403(b) a. The District agrees to make a non-elective employer contribution for those bargaining unit employees represented by the Association and avail themselves of the District’s payment for sick days at retirement.
b. The contribution will be placed into an OCS approved vendor 403(b) account through a non-elective employer contribution. The contribution amount will be equal to the unused sick day payout.
c. The District will remit the contribution within one month following the effective date of the employee’s resignation for retirement purposes.
d. The contribution shall be subject to the contribution limit as outlined in the Internal Revenue Code.
e. For purposes of Tier 1 members with membership dates prior to June 17, 1971, the employer contribution will be reported as a non-regular compensation to the New York State Teachers’ Retirement System (“NYSTRS”).
f. In the event that the contribution exceeds acceptable contribution limits, the employer agrees to pay any excess over the limits as regular compensation to the employee in the year of retirement at the same time the 403(b) non-elective contribution amount is remitted.
g. The District makes no representations or warranties concerning the accuracy of any interpretation of law or applicable regulations as advanced to the District or described by the Association, its agents, representatives or other parties. The parties mutually agree to revisit this agreement should the related IRS regulations change.
403(b). Effective July 1, 2019, the District shall contribute up to $1,750 per year toward a matching 403(b) tax sheltered annuity for all benefit eligible full time paraeducators with one year’s seniority as of July 1. The maximum individual lifetime matching contributions by the District shall be $50,000. For paraeducators hired prior to July 1, 2011, each dollar contributed by the School District toward the matching 403(b) shall reduce the retirement severance payment, as set forth in Section 1 of this article, based on unused sick leave by the same dollar amount.
403(b). The Board will provide a 100% match on employees’ deferral up to a maximum of 5% of their salary.
403(b). All Bargaining Unit Members may participate in a 403(b) program. The District will inform all Bargaining Unit Members of which companies have been approved and what programs are available.
403(b). In accordance with applicable provisions of the New York State Education Law, the Superintendent shall be permitted to reduce his annual salary as otherwise payable under the terms of this Agreement for the purpose of purchasing an annuity or investing in a custodial account as permitted under Section 403(b) of the United States Internal Revenue Code, as amended. The Superintendent may select a company of his choice from which the annuity may be purchased or the investment shall be made. The District shall make an annual $5,000 contribution to the Assistant Superintendent's account on or about January 1 of each school year. It is understood between the Board and the Assistant Superintendent that this benefit shall impose no additional expense upon the District beyond the contribution specified in this paragraph.
403(b). Subd. 1 Overview: The Consortium will provide two different Tax-Sheltered Annuities (TSA) for the licensed professionals to choose from. Enrollment in a TSA will be available on September 1 and January 1. The Consortium will match based on the following schedule: x Years of Participation Maximum Yearly Match x 1 – 5 $1,000.00 x 6 + $2,000.00
Subd. 2 Exiting: A TSA may be exited at any time of the year with a two-week written notice to the Consortium office, if the TSA company’s regulations permit such transactions.
403(b). Subd. 1 All School Office Supervisors who are eligible for insurance as set forth in Article IX are eligible for this benefit.
Subd. 2 The District shall establish a matching contribution of up to $2,500.00 in a 403(b) matching program for all School Office Supervisors. Effective July 1, 2024, the District shall establish a matching contribution of up to $2,860.00 in a 403(b) matching program on a per paycheck basis over 26 pay periods (20 pay periods for 10 month employees). Employees who begin contributions after the start of the year will receive a prorated amount of the full annual district match.
