BCSC RETIREMENT PLAN Sample Clauses

BCSC RETIREMENT PLAN. A. Each teacher shall have the option of contributing to the 403(b) plan up to the maximum allowable under Federal law. The Board shall match such teacher contributions on a dollar for dollar basis up to 3% of the teacher’s salary for the duration of this contract. B. The BCSC shall deposit the employer contributions on behalf of each teacher into the 401(a) plan. Such contribution will be made within reasonable amount of time following each payroll period. C. All teachers shall be able to elect to participate in or make changes in contributions to the retirement plan(s) on a quarterly basis, i.e. January 1, April 1, July 1 and October 1 (or before the start of a new contract year). All elections or changes shall be made pursuant to the terms and conditions of said plan(s). Requests may be sent in at any time; however, changes will be effective on January 1, April 1, July 1, and October 1 or on the last work day prior to that date if any of these dates fall on a non-work day. Requests must be received by BCSC business office at least fifteen (15) days prior to any of the above dates to be effective on that date. D. Any contributions made by the teacher and all earnings derived there from are 100% vested. Any contributions made by the School Corporation on behalf of the teacher and all earnings derived there from become vested after a five (5) year service period following the date contributions began. Should the teacher leave the School Corporation prior to the five (5) year vesting period, then all contributions made by the School Corporation on behalf of that teacher and all earnings derived there from are forfeited. To the extent allowed by IRS regulations, any funds forfeited by a teacher as a result of the teacher separating from employment, will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s administrative expenses, and/or offset future contributions.
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BCSC RETIREMENT PLAN. A. All Teachers are eligible participants in the BCSC 403(b) Plan (the “Plan”). Teachers may make contributions (called “Salary Deferrals”) directly from their paychecks into the Plan up to the maximum allowable under Federal law. B. If a teacher does not specifically elect to make Salary Deferrals into the Plan, BCSC will automatically withhold three percent (3%) from each paycheck and deposit such amount into the Plan in the teacher’s name as a Salary Deferral. The funds will be assigned to the target date fund matching the teacher’s expected retirement date. If a teacher wishes to defer a greater or lesser amount (including no deferral), the teacher must complete a Salary Deferral election designating a different percentage of deferral. C. The Board shall match such teacher contributions on a dollar for dollar basis up to three percent (3%) of the teacher’s salary for the duration of this contract. BCSC shall deposit the employer contributions on behalf of each teacher into the 401(a) plan. Such contributions will be made within a reasonable amount of time following each payroll period. D. All teachers shall be able to elect to participate in or make changes in contributions to the retirement plan(s) on a monthly basis. All elections or changes shall be made pursuant to the terms and conditions of said plan(s). Requests may be submitted at any time; however, changes will be effective on the first payroll in the following month for any requests submitted by the 25th of the month. E. Any contributions made by the teacher and all earnings derived therefrom are one hundred (100%) vested. Any contributions made by the School Corporation on behalf of the teacher and all earnings derived therefrom become vested after a five (5) year service period following the date contributions began. Should the teacher leave the School Corporation prior to the five (5) year vesting period, then all contributions made by the School Corporation on behalf of that teacher and all earnings derived therefrom are forfeited. To the extent allowed by IRS regulations, any funds forfeited by a teacher as a result of the teacher separating from employment will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s administrative expenses, and/or used to offset future contributions.
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Related to BCSC RETIREMENT PLAN

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • 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.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Public Employees Retirement System “PERS”) Members.

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