GENERAL PLAN DESCRIPTION FOR TEACHERS HIRED AFTER Sample Clauses

GENERAL PLAN DESCRIPTION FOR TEACHERS HIRED AFTER. JULY 1, 2000 1. The 401(a) Plan shall include provisions allowing salary settlement diversions and employer contributions. Within the provisions of the IRS Code, the plan shall be fully portable once the teacher is vested for contributions. The teacher shall be fully vested in the 401(a) Plan once he/she has completed five (5) years of service with this School Corporation, which service can come before and/or after initiation of the Employer Match Plan. To the extent allowed by law, the 401(a) Plan shall not provide for loans and hardship withdrawals. 2. The Board, by salary settlement diversion, shall contribute to each teacher’s 401(a) Plan account the one percent (1%) of the teacher’s base contract salary, without the three (3%) percent employer INPRS payment. 3. Teachers will be 100% vested upon death, disability, and early retirement. Upon death, the teacher’s beneficiary will receive the $50,000 life insurance, with age reduction formula as set forth in the group term life contract.
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