Common use of Additional Plan Terms Clause in Contracts

Additional Plan Terms. a. Employer and Employee Paid Contributions and growth thereon will be considered taxable income upon distribution from the plan. Further, a penalty may apply for distributions made prior to the age allowed by State and Federal laws and regulations. Qualified Rollover options may allow a terminated employee to defer taxation until a later date. b. A Cooperative Retirement Plan Oversight Committee will be established. It will be composed of three Board of Directors appointees, three special Services NEA appointees, and a representative of a third party administrator as an ex officio member. It will be the intention of the oversight committee to meet at least once throughout the contract year. It will be the Association’s responsibility to schedule and to provide minutes of the meeting which will be accessed electronically on the Cooperative’s website. c. The Cooperative Retirement Plan Oversight Committee will choose a third party administrator, who will also provide annual training to the oversight committee. d. The Cooperative Retirement Plan Oversight Committee, made up of representatives from the Board of Directors appointees, Special Services NEA and the third party administrator, will select and maintain a group of investment options, including Conservative, Moderate and Aggressive investment tracks. Certified/licensed employees must select from these options for all investments into their Retirement Plan Portfolio at the time of enrollment. Separate investment options may be made for an employee’s Employer Paid Account and his/her Employee Paid Account. Employer Paid Contributions for certified/licensed employees who do not make investment elections will be placed in the Moderate investment track at the time of enrollment. NOTE: This plan in no way limits additional voluntary contributions into separate qualified retirement accounts with qualified providers up to the amount(s) allowed by State and Federal laws and regulations. e. A certified/licensed employee may access the vested portion of his/her Employer Paid Account value upon termination of an employment contract with the Cooperative. f. Any abandoned funds will revert back to the retirement fund. A certified/licensed employee that leaves employment with the Cooperative and then returns at a later time reverts back to year one on the vesting schedule. A certified/licensed employee who terminates employment with the Cooperative after being vested, may leave the vested amount in the Retirement Plan Portfolio, thereby retaining continuous vesting status upon returning to a certified/licensed position with the Cooperative at a future date. Upon death of the employee, any remaining vested amounts will go to the named beneficiary. g. Should the Cooperative Retirement Plan be determined to be in violation of federal or state laws or regulations, the Board and Special Services-NEA will begin negotiations to revise the Retirement Plan to meet Federal and State laws and regulations.

Additional Plan Terms. a. Employer and Employee Paid Contributions and growth thereon will be considered taxable income upon distribution from the plan. Further, a penalty may apply for distributions made prior to the age allowed by State and Federal laws and regulations. Qualified Rollover options may allow a terminated employee to defer taxation until a later date. b. A Cooperative Retirement Plan Oversight Committee will be established. It will be composed of three Board of Directors appointees, three special Services NEA appointees, and a representative of a third party administrator as an ex officio member. It will be the intention of the oversight committee to meet at least once throughout the contract year. It will be the Association’s responsibility to schedule and to provide minutes of the meeting which will be accessed electronically on the Cooperative’s website. c. The Cooperative Retirement Plan Oversight Committee will choose a third party administrator, who will also provide annual training to the oversight committee. d. The Cooperative Retirement Plan Oversight Committee, made up of representatives from the Board of Directors appointees, Special Services NEA and the third party administrator, will select and maintain a group of investment options, including Conservative, Moderate and Aggressive investment tracks. Certified/licensed employees must select from these options for all investments into their Retirement Plan Portfolio at the time of enrollment. Separate investment options may be made for an employee’s Employer Paid Account and his/her Employee Paid Account. Employer Paid Contributions for certified/licensed employees who do not make investment elections will be placed in the Moderate investment track at the time of enrollment. NOTE: This plan in no way limits additional voluntary contributions into separate qualified retirement accounts with qualified providers up to the amount(s) allowed by State and Federal laws and regulations. e. A certified/licensed employee may access the vested portion of his/her Employer Paid Account value upon termination of an employment contract with the Cooperative. f. Any abandoned funds will revert back to the retirement fund. A certified/licensed employee that leaves employment with the Cooperative and then returns at a later time reverts back to year one on the vesting schedule. A certified/licensed employee who terminates employment with the Cooperative after being vested, may leave the vested amount in the Retirement Plan Portfolio, thereby retaining continuous vesting status upon returning to a certified/licensed position with the Cooperative at a future date. Upon death of the employee, any remaining vested amounts will go to the named beneficiary. g. Should the Cooperative Retirement Plan be determined to be in violation of federal or state laws or regulations, the Board and Special Services-NEA will begin negotiations to revise the Retirement Plan to meet Federal and State laws and regulations. h. Retired certified/licensed employees may retain membership in the Cooperative’s group health insurance program until he/she turns age 65 providing such membership is approved by the insurance carrier. Membership is contingent upon the employee paying the monthly premium. The retired certified/licensed employee’s spouse may purchase a single policy until he/she turns age 65 providing such membership is approved by the insurance carrier.