Defined Contribution Retirement Plan. Effective December 10, 2013 any new pension eligible employee will be enrolled in a Board of Education defined contribution plan. The Board will contribute an amount equal to 5% of the employee’s earnings to this plan, and there will be no required employee contribution. (The employee’s earnings will use the same definition of compensation as in the Defined Benefit Retirement Plan.) The vesting period will be 5 years (“rolling”), with 20% of the value of the plan available after one completed year of service and an additional 20% of the value of the plan available after each completed year of service up to the 5th year.
Appears in 3 contracts
Defined Contribution Retirement Plan. Effective December 10July 1, 2013 any new pension eligible employee will be enrolled in a Board of Education defined contribution plan. The Board will contribute an amount equal to 5% of the employee’s earnings to this plan, and there will be no required employee contribution. (The employee’s earnings will use the same definition of compensation as in the Defined Benefit Retirement Plan.) The vesting period will be 5 years (“rolling”), with 20% of the value of the plan available after one completed year of service and an additional 20% of the value of the plan available after each completed year of service up to the 5th year.
Appears in 3 contracts
