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).
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.
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.
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
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
403(b) Matching Contribution
