Common use of 403(b) Clause in Contracts

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). Effective July 1, 20192011, the School District shall will contribute up to $1,750 1,500 per year toward a matching 403(b) tax tax-sheltered annuity for all benefit eligible full full-time paraeducators with one one-year’s seniority as of July 1. The maximum individual lifetime matching contributions by the District shall be $50,00030,000. 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). Effective July 1, 2011, t The School District will contribute up to $1,500 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. 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 $50,00040,000 $30,000. 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.