Common use of Deferred Compensation 401a Plan Clause in Contracts

Deferred Compensation 401a Plan. Employee shall have an irrevocable option to direct that the District’s deferred compensation contribution be deposited in a 401a Plan account instead of in the 457b Plan account. If employee selects this option, the maximum District matching contribution, as set out above, must be matched by employee. Employee shall also have an irrevocable option to contribute an additional, unmatched, portion of employee’s base salary to the 401a Plan account, in accordance with the rules of the 401a Plan, as established and amended from time to time by the Internal Revenue Service. The additional contribution rates that may be selected by the employee are 1%, 2%, 3%, 5%, 7%, 10%, or 15%. The decision of the employee concerning whether to participate and the designation of the amount to place in their 401a Plan account will be final and irrevocable as long as the employee is employed in the unit, in accordance with the IRS rules and the 401a Plan documents. In no event will the District’s obligation to contribute to the IRS 401a Plan account exceed the amount the District would have contributed to an IRS 457b deferred compensation plan.

Deferred Compensation 401a Plan. Employee shall have an irrevocable option to direct that the District’s deferred compensation contribution be deposited in a 401a Plan account instead of in the 457b Plan account. If employee selects this option, the maximum District matching contribution, as set out above, must be matched by employee. Employee shall also have an irrevocable option to contribute an additional, unmatched, unmatched portion of employeeEmployee’s base salary to the 401a Plan account, in accordance with the rules of the 401a Plan, as established and amended from time to time by the Internal Revenue Service. The additional contribution rates that may be selected by the employee are 1%, 2%, 3%, 5%, 7%, 10%, % or 15%. The decision of the employee Employee concerning whether to participate and the designation of the amount to place in their 401a Plan account will be final and irrevocable as long as the employee Employee is employed in the unit, in accordance with the IRS rules and the 401a Plan documents. In no event will the District’s obligation to contribute to the IRS 401a Plan account exceed the amount that the District would have contributed to an IRS 457b deferred compensation plan.