403(b) Matching Contribution Sample Clauses

403(b) Matching Contribution. If a tax-exempt Employer elects in the 401(k) Adoption Agreement to make a Matching Contribution based on the Employee’s Elective Deferral or Xxxx Elective Deferral contributions under the Code Section 403(b) Plan, the Employer shall make a Matching Contribution to the Matching Contribution Account of those Participants who make Elective Deferrals or Xxxx Elective Deferrals (while an Employee and a Participant in the Plan) and who are eligible under the Adoption Agreement to receive the Matching Contribution. Any such Matching Contribution made to the Plan will be allocated under the formula elected in the Adoption Agreement. In the event the rate of Matching Contribution is determined to be discriminatory in favor of one or more Highly Compensated Employees, that part of the Matching Contribution as is necessary to make such rate nondiscriminatory shall be forfeited. Any such amount forfeited shall be disregarded under the Plan’s provisions relating to Code Sections 401(k)(3) and 401(m)(2).
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403(b) Matching Contribution. Section 1. Eligibility: To be eligible for contribution under this Article, an employee must have completed one (1) year of employment in the District to be eligible for contribution in the employee’s second year of service. The first year of employment shall be defined as any days of employment prior to the last student day of the regular school calendar in the first employment agreement. The next regular school calendar becomes the second year of employment. Further, to be eligible for this contribution an employee must be regularly employed at least 1110 hours during the contract year, and such benefits shall not apply to substitute employees. For employees employed less than 1110 hours, but at least 550 hours per year, the school district shall make a contribution according to Section 2 below.
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403(b) Matching Contribution. The Board of Education shall implement a 403b Plan effective July 1, 2002 and amended July 1, 2007. The 403b Plan will be only for those members who commence employment after March 1, 1989. Participants in the Plan shall receive matching contributions, monthly from the District, according to the following schedule. Commencing July 1, 2007 the District shall deduct from any participating member’s Severance Pay (see Article XIII, Section 5), matching amounts in excess of $100 but not exceeding $300 monthly. Those members who are less than 1.0 FTE (full-time equivalent) will be paid matching funds at the percent of their FTE. Members are eligible for this benefit upon receiving tenure. Eligibility Member Monthly Contribution District Matching Contribution Tenured teachers $1-100 $1-100* Tenured teachers $101-300 $101-300** • Matching amounts of $100 or less are not deducted from member’s Severance Pay. ** Matching amounts greater than $100 shall be deducted from member’s Severance Pay. Subd.1. Approved 403b vendors; The parties agree that the following vendors will be allowed to provide 403b plans/services for teachers: Xxxxxxxxxxx Funds, VALIC, New York Life Insurance Company, Xxxxxx Xxxxx 403b ASP, Great West Life and Annuity, Great American (GALIC), Xxxxxxxx Xxxxxxxxx Investors Services, ESI Education Minnesota, Ameriprise Financial Services, Inc., Thrivent Financial. The parties agree that at no time shall the number of vendors be less than five (5) nor exceed twelve (12). To add a new vendor, there must be at least five (5) teachers who wish to use the vendor. Once a vendor is established, if the number of active participants is three or less, no new participants will be added.
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403(b) Matching Contribution. Employees who meet the following criteria are eligible for a matching contribution to a tax-sheltered annuity: 1. employed the minimum number of years and experience as noted 2. authorized a contribution to a qualified tax-sheltered annuity that will continue from year to year at the specified amount unless the employee notifies the Cooperative to the contrary no later than September 1; and 3. all employee contributions will be made by payroll deduction, and all contributions must be the same for each pay period. After 3 years $250 After 10 years $500 $250 After 15 years $750 $375 Classified staff are paid according to the classification in Article I of this agreement. Each year, staff advance to the next step unless it is determined through negotiations that staff will freeze steps. Administration may, as part of a disciplinary plan, retain an individual on a step. At any point during an individual’s first year of employment, an administrator may conduct a performance review and advance individuals one to two steps based on their attendance and performance. The change of step would take place during the next school year. 1 $ 15.90 $ 17.64 $ 21.13 2 $ 16.08 $ 18.03 $ 21.75 3 $ 16.34 $ 18.38 $ 22.36 4 $ 16.71 $ 18.76 $ 22.96 5 $ 16.92 $ 19.12 $ 23.57 6 $ 17.11 $ 19.50 $ 24.18 7 $ 17.40 $ 19.87 $ 24.76 8 $ 17.72 $ 20.25 $ 25.37 9 $ 18.02 $ 20.60 $ 25.97 10 $ 18.30 $ 20.98 $ 26.58 11 $ 19.12 $ 21.34 $ 27.20 1 $ 16.30 $ 18.04 $ 21.53 2 $ 16.48 $ 18.43 $ 22.15 3 $ 16.74 $ 18.78 $ 22.76 4 $ 17.11 $ 19.16 $ 23.36 5 $ 17.32 $ 19.52 $ 23.97 6 $ 17.51 $ 19.90 $ 24.58 7 $ 17.80 $ 20.27 $ 25.16 8 $ 18.12 $ 20.65 $ 25.77 9 $ 18.42 $ 21.00 $ 26.37 10 $ 18.70 $ 21.38 $ 26.98 11 $ 19.52 $ 21.74 $ 27.60
Sample 1
403(b) Matching Contribution. Section 1. Eligibility: To be eligible for contribution under this Article, an employee must have completed three years of continuous employment in the District and thus will be eligible for contribution in the employee’s fourth year of service in the District. Further, to be eligible for this contribution, an employee must be regularly employed at least 940 hours during the fiscal
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403(b) Matching Contribution 
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Related to 403(b) Matching Contribution

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement. 8.2 Contributions shall be recorded on a remittance form and remitted to the designated recipient of such contributions on or before the fifteenth (15) day of the month following the month for which contributions are to be made. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds, as liquidated damages and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter, interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 8.3 The amounts to be designated as wages and/or Employer contributions to the above funds may be varied from time to time by agreement between the Association and the Union. 8.4 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Funds, including provisions for audit security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. 8.5 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 8.6 All employer contributions due and payable to the above funds, except industry promotion funds, shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds and industry promotion funds are not wages or benefits due to an employee and industry promotion funds are dues for services rendered by the Association. 8.7 The Business Representative of the Local Union may inspect, during regular business hours, the Company's record of time worked by employees and contributions to the plan. 8.8 The Employer shall be responsible for the payment of any government sales taxes applicable to any trust fund contributions payable by the Employer.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Company Contributions The Company shall continue to make a Company Contribution for Plan Years 2017, 2018 and 2019, on the same terms and conditions set forth in the Participant Agreement, with the performance metrics and targets in connection with such Company Contributions for such Plan Years to be established in the sole discretion of the Committee, following consultation with the Chief Executive Officer of the Company.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

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