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.
Appears in 14 contracts
