Common use of Match Option for Teachers after July 1, 1991 Clause in Contracts

Match Option for Teachers after July 1, 1991. The District will match each teacher eligible for this plan up to one thousand dollars ($1000.00) annually in their first (1st) through 10th years of service; up to one thousand five hundred dollars ($1,500.00) annually in their 11th through 17th years of service; and up to two thousand five hundred ($2,500) in their 18th year of service and beyond. If any employee defers an annual amount that is less than the amount the district would match will then match the employee's lower amount. If an employee fails to defer any money on an annual basis, the district will not contribute any compensation to the employee's 403b fund that year. The employee may defer additional amounts of their compensation to the 403b Deferred Compensation Plan or in any other TSAs of their choosing as permissible by law. Severance Plan I

Match Option for Teachers after July 1, 1991. The District will match each teacher eligible for this plan up to one thousand six hundred dollars ($1000.00600.00) annually in their first (1st) 4th through 10th years of service; up to one thousand five nine hundred dollars ($1,500.00900.00) annually in their 11th through 17th years of service; and up to two thousand five twelve hundred dollars ($2,5001200.00) in their 18th year of service and beyond. If any employee defers an annual amount that is less than the amount the district would match will then match the employee's lower amount. If an employee fails to defer any money on an annual basis, the district will not contribute any compensation to the employee's 403b fund that year. The employee may defer additional amounts of their compensation to the 403b Deferred Compensation Plan or in any other TSAs of their choosing as permissible by law. Severance Plan I.