Common use of BCSC RETIREMENT PLAN Clause in Contracts

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.

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)1. 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.

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 three percent (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 a 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 the BCSC business office 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 therefrom are one hundred (100% %) vested. Any contributions made by the School Corporation on behalf of the teacher and all earnings derived there from 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 there from 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, 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.