Defined Contribution Plan (401a) Sample Clauses

Defined Contribution Plan (401a). Eligible employees hired on or after July 1, 2016, shall be permitted to participate in a Defined Contribution Plan, with a mandatory contribution of 5.25% from the employee and 5.25% employer annual contribution. The Board of Education will match any additional contribution by an employee up to an additional 1.75%, for a total Board of Education contribution not to exceed seven (7) percent.