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). 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) 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). All Employees may participate in a 403(b) program. The District will inform all Employees 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 Assistant 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 Assistant 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). 8.1 Each full-time, certificated teacher of the MSD of New Durham Township shall have the option of investing in a 403(8) plan administered by American Fidelity up to the maximum allowable under federal law. The Employer shall contribute 0.5% of each employee's regularly scheduled salary (including extra-curricular or other pay) annually into a separate 403(B) annuity retirement account for each employee.
A. The Employer shall deposit employer contributions for each employee into an individual account for the employee into the tax deferred annuity program. Such deposits shall be made on a monthly basis.
B. The American Fidelity agents shall be the sole administrator of employer contributions to the tax deferred annuity program.
C. School employees will have the option of continuing to invest their dollars in tax- deferred annuities, which money is already being deducted from the employee's salary, if any, or another tax deferred annuity offered by American Fidelity.
D. Once contributions are made by the Employer on behalf of the employee, all assets of the account become the property of the employee, except that the employee may not withdraw the annuity prior to retirement age or termination of employment, and, in the event of death, his or her designated beneficiaries or lacking same estate.
403(b). 8.1 Each full-time, certificated teacher of the MSD of New Durham Township shall have the option of investing in a 403(B) plan administered by American Fidelity up to the maximum allowable under federal law. The Employer shall contribute 0.5% of each employee's contracted base pay salary annually into a separate 403(B) annuity retirement account for each employee.
A. The Employer shall deposit employer contributions for each employee into an individual account for the employee into the tax deferred annuity program. Such deposits shall be made on a monthly basis.
B. The American Fidelity agents shall be the sole administrator of employer contributions to the tax deferred annuity program.
C. School employees will have the option of continuing to invest their dollars in tax- deferred annuities, which money is already being deducted from the employee's salary, if any, or another tax deferred annuity offered by American Fidelity.
D. Once contributions are made by the Employer on behalf of the employee, all assets of the account become the property of the employee, except that the employee may not withdraw the annuity prior to retirement age or termination of employment, and, in the event of death, his or her designated beneficiaries or lacking same estate.
