Employee Elective Contributions Clause Samples

Employee Elective Contributions. All teachers shall have the option of investing in the 403(b) Plan by completing the applicable salary reduction agreement provided by the School. Each teacher exercising this option may elect to contribute to the 403(b) Plan up to the maximum amount allowed by applicable law, and a teacher shall be fully vested in the contributions the teacher elects to make to the 403(b) Plan.

Employee Elective Contributions. An Eligible Employee may elect, by filing an Elective Contribution Agreement in accordance with procedures established by the Plan Manager, to contribute to the Plan an amount equal to any whole number percentage between one and 20 percent of the Eligible Employee’s Compensation. Employee Elective Contributions shall be collected by the Employer through deductions each pay period from the Participant’s Compensation and paid by the Employer to the Trust in accordance with applicable law. A Participant may elect to change or discontinue future Employee Elective Contributions. The Participant must make such election at the time and in the manner designated in accordance with guidelines established by the Administrative Committee. An election shall be effective on the next pay date, provided the election is made at least nine days before the pay date. A Participant who discontinues Employee Elective Contributions may resume Employee Elective Contributions by completing and filing a new Elective Contribution Agreement. An election to make pre-tax contributions under the ISP made by a Participant whose ISP account balance is transferred to this Plan also will be transferred to and be effective under this Plan.

Employee Elective Contributions. Contributing employees may elect under an Elective Deferral Agreement to have the employee his/her compensation reduced by 1% (if 1% is less than $25.00 the employee would have the minimum of $12.50 deducted per pay period), 2%, 3%, 4%, etc, or the minimum of $12.50 per pay period. The amount of such reduction shall be contributed by the Employer to a 403(b) Tax Sheltered Account on behalf of the Contributing Participant. • There will be a special entry date for the initial enrollment period. Plan Entry dates shall then be the first business day of the first and seventh month (January and July) of the plan year. • Participants can modify their Elective Deferral Agreement on the first business day of January or July of each plan year. • Participants may terminate their Elective Deferral Agreement during the year. They can enter into a new Elective Deferral Agreement on any plan entry date. • Deferrals shall be allowed up to the maximum permitted by current IRS regulations for each year. • Effective January 1, 2019, t Effective January 1, 2025, the Employer shall make a contribution of four three and one half percent (4 3.5%) of compensation to the accounts of participants for each pay period they defer one percent (1%) or more to the plan. The employer contribution shall be one hundred percent (100%) immediately vested. • Effective January 1, 2019, Effective January 1, 2025, the Employer shall make a contribution of five and one half (5.5 4.5%) of compensation to the accounts of participants for each pay period they defer three percent (3%) or more to the plan. The Employer contribution shall be one hundred percent (100%) immediately vested. The option for one percent (1%) deferral is still available. Hospital’s Alternate Plan the first year of this Agreement, the Employer and the employee shall split any premium amount above fifteen percent (15%) on a fifty-fifty (50/50) basis; however, an employee shall not be required to pay more than seventy-five dollars ($75) per month toward the employee’s portion of the premiums. The Employer will inform the Union if it appears there will be an increase above fifteen percent (15%). In the second year of this Agreement, the percentage shall be fourteen percent (14%) and in the third year of this Agreement, the percentage shall be thirteen percent (13%). At the annual renewal date if premium costs to the Employer increase above ten percent (10%) for the Hospital’s Alternate Plan (higher end plan), the Employer and the ...