Common use of Deferred Compensation Matching Program Clause in Contracts

Deferred Compensation Matching Program. All full-time employees (as defined by ARTICLE IX, Section 2) beginning their fourth (4th) year of employment in District 112 will be eligible to participate in the deferred compensation matching program. Subd. 1. Eligible employees who began their employment in the District prior to July 1, 1990 are eligible to participate in the deferred compensation matching program in addition to the severance program. Should these employees participate in the deferred compensation matching program and become eligible for severance pay (pursuant to Article XIII), the total District 112 matching contribution (does not include accrued interest which is the property of the employee) will be subtracted from the severance amount with the employee receiving the net amount as severance. Should the District’s contribution to the deferred compensation matching program exceed the employees eligible severance at the time of retirement, no Subd. 2. An eligible employee must notify the payroll office, in writing, of his/her intention to participate in the District’s matching program and the amount of the employee’s contribution. This notice shall continue from year to year at the specified amount unless the employee notifies the payroll office in writing of any change. Eligible employees may elect to participate in the District’s matching program at the time of open enrollment (for the following contract year) or at any time during the eligible contract year. Subd. 3. The District will pay its matching share of FICA and PERA taxes as provided for in the Minnesota Deferred Compensation legislation. Subd. 4. District 112 will match eligible employee contribution in the following amounts: Years of Service 2018-2019 Maximum Matching 2019-2020 Contribution Beginning year 1 through 3 = not eligible = not eligible Beginning year 4 through 10 = up to $455 = up to $515 Beginning year 11 through 20 = up to $825 = up to $885 Beginning year 21+ = up to $1,000 = up to $1,060

Deferred Compensation Matching Program. All full-time employees (as defined by ARTICLE IX, Section 2) beginning their fourth (4th) year of employment in District 112 will be eligible to participate in the deferred compensation matching program. Subd. 1. Eligible employees who began their employment in the District prior to July 1, 1990 are eligible to participate in the deferred compensation matching program in addition to the severance program. Should these employees participate in the deferred compensation matching program and become eligible for severance pay (pursuant to Article XIII), the total District 112 matching contribution (does not include accrued interest which is the property of the employee) will be subtracted from the severance amount with the employee receiving the net amount as severance. Should the District’s contribution to the deferred compensation matching program exceed the employees eligible severance at the time of retirement, nono severance payment will be due to the employee and the employee will retain the District match to his/her account. Subd. 2. An eligible employee must notify the payroll office, in writing, of his/her intention to participate in the District’s matching program and the amount of the employee’s contribution. This notice shall continue from year to year at the specified amount unless the employee notifies the payroll office in writing of any change. Eligible employees may elect to participate in the District’s matching program at the time of open enrollment (for the following contract year) or at any time during the eligible contract year. Subd. 3. The District will pay its matching share of FICA and PERA taxes as provided for in the Minnesota Deferred Compensation legislation. Subd. 4. District 112 will match eligible employee contribution in the following amounts: Years of Service 2018-2019 Maximum Subd. 5. Employees on unpaid leave may not participate in the Deferred Compensation Matching 2019-2020 Contribution Beginning year 1 through 3 = not eligible = not eligible Beginning year 4 through 10 = up to $455 = up to $515 Beginning year 11 through 20 = up to $825 = up to $885 Beginning year 21+ = up to $1,000 = up to $1,060Program.

Deferred Compensation Matching Program. All full-time employees (as defined by ARTICLE IX, Section 2) beginning their fourth (4th) year of employment in District 112 will be eligible to participate in the deferred compensation matching program. Subd. 1. Eligible employees who began their employment in the District prior to July 1, 1990 are eligible to participate in the deferred compensation matching program in addition to the severance program. Should these employees participate in the deferred compensation matching program and become eligible for severance pay (pursuant to Article XIII), the total District 112 matching contribution (does not include accrued interest which is the property of the employee) will be subtracted from the severance amount with the employee receiving the net amount as severance. Should the District’s contribution to the deferred compensation matching program exceed the employees eligible severance at the time of retirement, nono severance payment will be due to the employee and the employee will retain the District match to his/her account. Subd. 2. An eligible employee must notify the payroll office, in writing, of his/her intention to participate in the District’s matching program and the amount of the employee’s contribution. This notice shall continue from year to year at the specified amount unless the employee notifies the payroll office in writing of any change. Eligible employees may elect to participate in the District’s matching program at the time of open enrollment (for the following contract year) or at any time during the eligible contract year. Subd. 3. The District will pay its matching share of FICA and PERA taxes as provided for in the Minnesota Deferred Compensation legislation. Subd. 4. District 112 will match eligible employee contribution in the following amounts: Years of Service 20182020-2019 2021 Maximum Matching 20192021-2020 2022 Contribution Beginning year 1 through 3 = not eligible = not eligible Beginning year 4 through 10 = up to $455 515 = up to $515 Beginning year 11 through 20 = up to $825 885 = up to $885 Beginning year 21+ = up to $1,000 1060 = up to $1,060

Deferred Compensation Matching Program. All full-time employees (as defined by ARTICLE IX, Section 2) beginning their fourth second (4th2nd) year of employment in District 112 will be eligible to participate in the deferred compensation matching program. Subd. 1. Eligible employees who began their employment in the District prior to July 1, 1990 are eligible to participate in the deferred compensation matching program in addition to the severance program. Should these employees participate in the deferred compensation matching program and become eligible for severance pay (pursuant to Article XIII), the total District 112 matching contribution (does not include accrued interest which is the property of the employee) will be subtracted from the severance amount with the employee receiving the net amount as severance. Should the District’s contribution to the deferred compensation matching program exceed the employees eligible severance at the time of retirement, noas Subd. 2. An eligible employee must notify the payroll office, in writing, of his/her intention to participate in the District’s matching program and the amount of the employee’s contribution. This notice shall continue from year to year at the specified amount unless the employee notifies the payroll office in writing of any change. Eligible employees may elect to participate in the District’s matching program at the time of open enrollment (for the following contract year) or at any time during the eligible contract year. Subd. 3. The District will pay its matching share of FICA and PERA taxes as provided for in the Minnesota Deferred Compensation legislation. . Subd. 4. District 112 will match eligible employee contribution in the following amounts: Years of Service 2018-2019 Maximum Matching 2019-2020 Contribution Beginning year 1 through 3 = not eligible = not eligible Beginning year 4 through 10 = up to $455 = up to $515 Beginning year 11 through 20 = up to $825 = up to $885 Beginning year 21+ = up to $1,000 = up to $1,060: