403(b) Deferred Compensation Plan Sample Clauses

403(b) Deferred Compensation Plan. All members of this unit are eligible to participate in the district’s deferred compensation plan. An employee who has completed at least three (3) years of service at a calculated .5 FTE or higher as calculated in Skyward with the school district shall be eligible to receive a matching contribution to the employee’s deferred compensation plan. If an employee receives a matching contribution to the employee’s Deferred Compensation Plan of more than $50.00, that employee is no longer eligible for the severance benefit in Subd. 1. above. An employee who has completed at least three years of service and who is enrolled in the plan as of January 15, 2020 shall be eligible to receive a matching contribution even if the employee’s FTE is less than .5 FTE.
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403(b) Deferred Compensation Plan. Benefit eligible teachers as described in Article XVI, Section 1, are eligible to participate in the District’s 403(b) / Deferred Compensation Plan. Teachers who have completed at least three (3) years of full-time service with the school district shall be eligible for the School District’s matching contribution to such a plan pursuant to M.S. 356.24. Once participation in the Deferred Compensation District Matching Contribution Plan has been elected, that teacher is no longer eligible for severance benefit per Article X Sections 1-4 of this Master Agreement.
Sample 1
403(b) Deferred Compensation Plan. The District shall establish a tax deferred plan under section 403(b) of the Internal Revenue Code. The Superintendent will be given a choice of the financial/investment organization that offers the 403(b) plan, the selection of investment options within the plan and the right to manage the funds within the plan. The District's contribution shall be eight percent (8%) of the annual Base Salary for each year of this Agreement. In July of each year, commencing July 2015 and ending June 30, 2018, the District shall pay the scheduled contribution for each year the Superintendent is employed by the District. The District may at its option make contributions on an accelerated basis. The District shall not be obligated to make the next scheduled contribution if either party has given notice of termination or intended termination of this Agreement. If this Agreement is terminated prior to July 1, 2018, the Superintendent's right to funds paid into the 403(b) plan shall be forfeited and all amounts paid into the 403(b) plan by the District shall become payable to the District. If on July 1, 2018, this Agreement has not been terminated by either party, the Superintendent shall be entitled to receive the sums payable under the 403(b) plan at such date as is provided in the 403(b) plan, and the District shall continue to make further scheduled contributions during the term of future contracts with the Superintendent. The District/School Board shall administer this provision in good faith and shall not terminate this Agreement with the Superintendent based in any way on a desire to avoid the Superintendent's receipt of this benefit.
Sample 1

Related to 403(b) Deferred Compensation Plan

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Deferred Compensation Program ‌ Unit members shall continue to be eligible to join the County’s Deferred Compensation Plan. Said employees will be bound by the same Plan, rules and participation agreements as are generally applicable to other County employees. DSA acknowledges that County retains the right to alter, amend, or repeal the current plan, rules, and participation agreements, at any time. The County shall not charge an administrative fee to participating employees.

  • Deferred Compensation Upon the consummation of the Initial Business Combination, the Company will cause the Trustee to pay to the Representative, on behalf of the Underwriters, the Deferred Discount. Payment of the Deferred Discount will be made out of the proceeds of the Offering held in the Trust Account. The Underwriters shall have no claim to payment of any interest earned on the portion of the proceeds held in the Trust Account representing the Deferred Discount. If the Company fails to consummate its Initial Business Combination within the time period prescribed in the Amended and Restated Certificate of Incorporation, the Deferred Discount will not be paid to the Representative and will, instead, be included in the liquidation distribution of the proceeds held in the Trust Account made to the Public Stockholders. In connection with any such liquidation distribution, the Underwriters will forfeit any rights or claims to the Deferred Discount.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Deferred Salary Leave Plan 1. The Board shall administer a Deferred Salary Leave Plan as determined by a separate agreement.

  • 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.

  • Deferral Plan The deferral portion of the plan shall involve an employee spreading four (4) years' salary over a five (5) year period, or such other schedule as may be mutually agreed between the employee and the Hospital. In the case of the four (4) years' salary over a five (5) year schedule, during the four (4) years of salary deferral, 20% of the employee's gross annual earnings will be deducted and held for the employee. Such deferred salary will not be accessible to the employee until the year of the leave or upon the collapse of the plan. In the case of another mutually agreed upon deferral schedule, the percentage of salary deferred shall be adjusted appropriately.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Health Benefit Plan Par. 1. The Health Benefit Plan covering life insurance, sickness and accident benefits, and hospitalization insurance, or any changes thereto that are in accordance with the National Elevator Industry Health Benefit Plan and Declaration of Trust, shall be a part of this Agreement and adopted by all parties signatory thereto.

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