Common use of Health and Welfare Retirement Plan Deferred Compensation Clause in Contracts

Health and Welfare Retirement Plan Deferred Compensation. 1. This section of this article applies only to unit members who were employed by the district prior to June 30, 1993. 2. This section of this article applies only to unit members who were employed by the district prior to June 30, 1993. 3. The unit members who are eligible for the retirement plan deferred compensation under the Agreement between the Ventura Unified School District and the Ventura Unified Education Association for the period of July 1, 1992, to June 30, 1995, (Appendix G) will remain eligible for the retirement plan deferred compensation. 4. Eligible unit members who retire from the Ventura Unified School District under STRS or PERS will receive a deferred compensation amount of $1,500 for each year of service plus one year not to exceed 30 years based upon the unit member’s years of service and their level of benefits as of June 30, 1993. The deferred compensation amount will be paid annually over a five (5) year period according to Appendix G, upon the bargaining unit member’s retirement from the Ventura Unified School District as verified by STRS or PERS. The first installment will be paid within 90 days of the bargaining unit member’s retirement date; the remaining installments will be paid in January.

Health and Welfare Retirement Plan Deferred Compensation. 1. This section of this article applies only to unit members who were employed by the district prior to June 30, 1993. 2. This section of this article applies only to unit members who were employed by the district prior to June 30, 1993. 3. The unit members who are eligible for the retirement plan deferred compensation under the Agreement between the Ventura Unified School District and the Ventura Unified Education Association for the period of July 1, 1992, to June 30, 1995, (Appendix G) will remain eligible for the retirement plan deferred compensation. 4. Eligible unit members who retire from the Ventura Unified School District under STRS or PERS will receive a deferred compensation amount of $1,500 for each year of service plus one year not to exceed 30 years based upon the unit member’s years of service and their level of benefits as of June 30, 1993. The deferred compensation amount will be paid annually over a five (5) year period according to Appendix G, upon the bargaining unit member’s retirement from the Ventura Unified School District as verified by STRS or PERS. The first installment will be paid within 90 days of the bargaining unit member’s retirement date; the remaining installments will be paid in January. Board Ratified on February 13, 2024.