Common use of Definition of Plan Clause in Contracts

Definition of Plan. a. Effective July 1, 2008, employees who meet the eligibility requirements may participate in Career Transition Trust by converting the allowable number of accrued sick leave hours, at 100% of their daily rate of pay, into payments to the State of Minnesota Deferred Compensation Plan (457) or the then applicable 403 (b) Plan offered by the District. The Career Transition Trust Plan is an employer contribution, which allows for such conversion until the employee reaches the maximum-capped deposit for the tier of benefits. The number of hours, which may be converted, is based on the sick leave conversion hours on September 1st of the fiscal year the conversion will be made. b. Employees may elect to participate in the Career Transition Trust plan at any time they have met the eligibility requirements for participation in Subdivision 2. c. The total amount of dollars converted by an employee under the Career Transition Trust program is capped at $35,000. d. Any hours, which have been converted into the Career Transition Trust, will not be available for use as sick leave. e. Employees who resign and are subsequently reemployed by the District are not credited with their previous sick leave accrual hours.

Definition of Plan. a. Effective July 1, 2008, employees who meet the eligibility requirements may participate in Career Transition Trust by converting the allowable number of accrued sick leave hours, at 100% of their daily rate of pay, into payments to the State of Minnesota Deferred Compensation Plan (457) or the then applicable 403 (b) Plan offered by the District. The Career Transition Trust Plan is an employer contribution, which allows for such conversion until the employee reaches the maximum-capped deposit for the tier of benefits. The number of hours, which may be converted, is based on the sick leave conversion hours on September 1st of the fiscal year the conversion will be made. b. Employees may elect to participate in the Career Transition Trust plan at any time they have met the eligibility requirements for participation in Subdivision 216.2.2. c. The total amount of dollars converted by an employee under the Career Transition Trust program is capped at $35,000. d. Any hours, which have been converted into the Career Transition Trust, will not be available for use as sick leave. e. Employees who resign and are subsequently reemployed by the District are not credited with their previous sick leave accrual hours.

Definition of Plan. a. Effective July 1, 2008, employees who meet the eligibility requirements may participate in Career Transition Trust by converting the allowable number of accrued sick leave hours, at 100% of their daily rate of pay, into payments to the State of Minnesota Deferred Compensation Plan (457) or the then applicable 403 (b) Plan offered by the District. The Career Transition Trust Plan is an employer contribution, which allows for such conversion until the employee reaches the maximum-capped deposit for the tier of benefits. The number of hours, which may be converted, is based on the sick leave conversion hours on September 1st of the fiscal year the conversion will be made. b. Employees may elect to participate in the Career Transition Trust plan at any time they have met the eligibility requirements for participation in Subdivision 2. c. The total amount of dollars converted by an employee under the Career Transition Trust program is capped at $35,00030,000. d. Any hours, which have been converted into the Career Transition Trust, will not be available for use as sick leave. e. Employees who resign and are subsequently reemployed by the District are not credited with their previous sick leave accrual hours.