Common use of LONGEVITY PLAN Clause in Contracts

LONGEVITY PLAN. Beginning at the end of the 2016-2017 School Year, USD 220 will provide an annual annuity per certified staff member for each year of employment. This will be a deferred compensation plan that incorporates a 50% vested amount at the completion of the employees’ fifth year of employment. The employee will gain 10% per year thereafter, becoming 100% vested at the end of year 10.  Current 2016-2017 USD 220 certified employees who have completed five years or more of service will be vested at the corresponding level.  USD 220 retains possession of all funds until the qualifying employee leaves the district.  Funds accumulated when employees leave the district prior to reaching any vested rights remain USD 220 funds.  A private financial provider will maintain all funds on behalf of USD 220.  Annual deposits will be made by June 30 of each corresponding school year.  The employee will have the ability to provide matching funds as established by the service provider, MidAmercia.  There will be no limit to the “Years of Service” an employee can accumulate within the longevity plan. USD 220 - Years of Service Chart Years of Employment Annuity Vested % Years of Employment Annuity Vested % 1 $500 0% 11 $1,000 100% 2 $500 0% 12 $1,000 100% 3 $500 0% 13 $1,000 100% 4 $500 0% 14 $1,000 100% 5 $500 ($2,500) 50% 15 $1,000 ($11,400) 100% 6 $600 60% 16 $1,000 100% 7 $700 70% 17 $1,000 100% 8 $800 80% 18 $1,000 100% 9 $900 90% 19 $1,000 100% 10 $1,000 ($6,400) 100% 20 $1,000 ($16,400) 100%

LONGEVITY PLAN. Beginning at the end of the 2016-2017 School Year, USD 220 will provide an annual annuity per certified staff member for each year of employment. This will be a deferred compensation plan that incorporates a 50% vested amount at the completion of the employees’ fifth year of employment. The employee will gain 10% per year thereafter, becoming 100% vested at the end of year 10.  • Current 2016-2017 USD 220 certified employees who have completed five years or more of service will be vested at the corresponding level.  • USD 220 retains possession of all funds until the qualifying employee leaves the district.  • Funds accumulated when employees leave the district prior to reaching any vested rights remain USD 220 funds.  • A private financial provider will maintain all funds on behalf of USD 220.  • Annual deposits will be made by June 30 of each corresponding school year.  • The employee will have the ability to provide matching funds as established by the service provider, MidAmerciaMidAmerica.  • There will be no limit to the “Years of Service” an employee can accumulate within the longevity plan. USD 220 - Years of Service Chart Years of Employment Annuity Vested % Years of Employment Annuity Vested % 1 $500 0% 11 $1,000 100% 2 $500 0% 12 $1,000 100% 3 $500 0% 13 $1,000 100% 4 $500 0% 14 $1,000 100% 5 $500 ($2,500) 50% 15 $1,000 ($11,400) 100% 6 $600 60% 16 $1,000 100% 7 $700 70% 17 $1,000 100% 8 $800 80% 18 $1,000 100% 9 $900 90% 19 $1,000 100% 10 $1,000 ($6,400) 100% 20 $1,000 ($16,400) 100%

LONGEVITY PLAN. Beginning at the end of the 2016-2017 School Year, USD 220 will provide an annual annuity per certified staff member for each year of employment. This will be a deferred compensation plan that incorporates a 50% vested amount at the completion of the employees’ fifth year of employment. The employee will gain 10% per year thereafter, becoming 100% vested at the end of year 10.  • Current 2016-2017 USD 220 certified employees who have completed five years or more of service will be vested at the corresponding level.  • USD 220 retains possession of all funds until the qualifying employee leaves the district.  • Funds accumulated when employees leave the district prior to reaching any vested rights remain USD 220 funds.  • A private financial provider will maintain all funds on behalf of USD 220.  • Annual deposits will be made by June 30 of each corresponding school year.  • The employee will have the ability to provide matching funds as established by the service provider, MidAmercia.  • There will be no limit to the “Years of Service” an employee can accumulate within the longevity plan. USD 220 - Years of Service Chart Years of Employment Annuity Vested % Years of Employment Annuity Vested % 1 $500 0% 11 $1,000 100% 2 $500 0% 12 $1,000 100% 3 $500 0% 13 $1,000 100% 4 $500 0% 14 $1,000 100% 5 $500 ($2,500) 50% 15 $1,000 ($11,400) 100% 6 $600 60% 16 $1,000 100% 7 $700 70% 17 $1,000 100% 8 $800 80% 18 $1,000 100% 9 $900 90% 19 $1,000 100% 10 $1,000 ($6,400) 100% 20 $1,000 ($16,400) 100%

LONGEVITY PLAN. Beginning at the end of the 2016-2017 School Year, USD 220 will provide an annual annuity per certified staff member for each year of employment. This will be a deferred compensation plan that incorporates a 50% vested amount at the completion of the employees’ fifth year of employment. The employee will gain 10% per year thereafter, becoming 100% vested at the end of year 10.  Current 2016-2017 USD 220 certified employees who have completed five years or more of service will be vested at the corresponding level.  USD 220 retains possession of all funds until the qualifying employee leaves the district.  Funds accumulated when employees leave the district prior to reaching any vested rights remain USD 220 funds.  A private financial provider will maintain all funds on behalf of USD 220.  Annual deposits will be made by June 30 of each corresponding school year.  The employee will have the ability to provide matching funds as established by the service provider, MidAmerciaMidAmerica.  There will be no limit to the “Years of Service” an employee can accumulate within the longevity plan. USD 220 - Years of Service Chart Years of Employment Annuity Vested % Years of Employment Annuity Vested % 1 $500 0% 11 $1,000 100% 2 $500 0% 12 $1,000 100% 3 $500 0% 13 $1,000 100% 4 $500 0% 14 $1,000 100% 5 $500 ($2,500) 50% 15 $1,000 ($11,400) 100% 6 $600 60% 16 $1,000 100% 7 $700 70% 17 $1,000 100% 8 $800 80% 18 $1,000 100% 9 $900 90% 19 $1,000 100% 10 $1,000 ($6,400) 100% 20 $1,000 ($16,400) 100%