Common use of Match Requirements Clause in Contracts

Match Requirements. a. The District match payment will be made on a per teacher maximum determined through the use of the following formula: $1,600,000 divided by the prior calendar year’s number of teacher tax-deferred savings plan participants minus the teachers no longer actively working. (The definition of teachers not actively working is comprised of teacher terminations and teachers who are on unpaid leave who have a return to work date after the current school year.) Effective January 1, 2021, the District match payment will pay an annual match payment of up to $2,000 for participating employees. b. Tax-deferred savings plan participants will be matched on a per pay period basis while they are deferring into the plan(s) until they reach their match for the qualifying calendar year. c. Only deductions that employees defer during the match period (calendar year) shall be matched by the District. d. The teacher must have enrolled, elected to defer, and in fact deferred a qualifying amount during the same qualifying calendar year, to qualify for the match. e. Teachers on unpaid leave when the match is made on a per pay period basis will begin receiving their match when they return to paid status.