Beginning January 1, 2009 Sample Clauses

Beginning January 1, 2009 the Board shall contribute to a voluntary employees’ beneficiary association (“VEBA”), as described in Section 501(c) (9) of the Code, the amounts(s) as calculated in accordance with this Section. The employee accounts established under this Section shall be initially funded with an initial deposit based on the following formula: ($150 x EACS years of Service) + (Supplemental Retirement Account Days x 2 x hourly rate). The initial deposit required under this Article shall be made no later than March 1, 2009 (or thirty days after the later of final ratification of this Agreement by the Association membership or approval by the Board). Once this initial deposit is made, the School Corporation shall have no further liability to any employee under Article XX of the prior Agreement. Beginning March 1, 2009 (or thirty days after the later of final ratification of this Agreement by the Association membership or approval by the Board), and on each March 1 thereafter, the Board shall make an annual contribution of $600 to each active employee account established under this Article. If an Employee works less than a full work year in the prior year, the contribution shall be pro-rated. To be eligible for the annual contribution, the Employee must be employed by the School Corporation on March 1 on which the deposit is scheduled to be made.