Common use of Benefit Contributions Clause in Contracts

Benefit Contributions. The school corporation will contribute three-quarters of one percent (.75%) of an eligible teacher’s base salary, including extended contract days, to the VEBA. Accordingly, stipend pay, extra-curricular assignments, summer school contract pay and other additional earnings are not part of the base salary used to determine the amount of the contributions. Contributions to the VEBA shall be forwarded at the end of each calendar month for deposit into the teacher’s self-directed individual account that has been established with the Board-selected vendor. The amount of this monthly contribution will be based on the employee’s base salary paid during the immediately preceding month.

Benefit Contributions. The school corporation Board will contribute three-quarters of one percent (.75%) of an eligible teacher’s base salary, including extended contract days, to the VEBA. Accordingly, stipend pay, extra-curricular assignments, summer school contract pay and other additional earnings are not part of the base salary used to determine the amount of the contributions. Contributions to the VEBA shall be forwarded at the end of each calendar month for deposit into the teacher’s self-directed individual account that has been established with the Board-selected vendor. The amount of this monthly contribution will be based on the employee’s base salary paid during the immediately preceding month.