Matching 403(B) Annuity Plan Sample Clauses

Matching 403(B) Annuity Plan. The school corporation agrees to establish and maintain a qualified 403(b) annuity plan (the "Plan") for all certified employees covered under this collective bargaining agreement. The Plan will include provisions for salary reduction contributions and matching employer contributions. The School Corporation’s matching employer contributions will be one percent (1%) of a teacher’s base salary. In the event an employee does not contribute the minimum required salary reduction amount (one percent (1%) of the teacher’s base salary), the corporation contribution will be zero. It is the employee’s responsibility to increase the salary reduction amount to the minimum requirement. The Plan is subject to Internal Revenue Code non-discrimination tests. If an employee is prohibited from making a full contribution to the Plan due to the non-discrimination tests, the school corporation's matching amount shall be paid to the employee. The 403(b) annuity plan vendor shall be selected by mutual agreement. The Board’s Matching Annuity Program will be a continuing obligation after the termination of this agreement unless modified by future negotiations. It is recognized that this contribution was provided in lieu of an equivalent raise on the teacher's regular salary schedule and is a recurring cost.
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
Matching 403(B) Annuity Plan. The school corporation agrees to establish and maintain a qualified 403(b) annuity plan (the "Plan") for all certified employees covered under this collective bargaining agreement. The Plan will include provisions for salary reduction contributions and matching employer contributions. Effective for the 2001/2002 school year, the school corporation contribution shall be according to the following table: Employee Required Corporation Teachers on the BS 0 through 5 yr $153.00 $363.00 schedule with 6 through 10 yr 202.00 412.00 11 through 15 yr 252.00 462.00 16 or more years 300.00 510.00 Teachers on the MS or higher schedule with 0 through 5 yr $202.00 $412.00 6 through 10 yr 252.00 462.00 11 through 15 yr 300.00 510.00 16 or more years 350.00 560.00 In the event an employee does not contribute the minimum required salary reduction amount, the corporation contribution will be zero. It is the employee’s responsibility to increase the salary reduction amount to the minimum requirement for their level of education and years of service. The Plan is subject to Internal Revenue Code non-discrimination tests. If an employee is prohibited from making a full contribution to the Plan due to the non-discrimination tests, the school corporation's matching amount shall be paid to the employee. The 403(b) annuity plan vendor shall be selected by mutual agreement. The Board’s Matching Annuity Program will be a continuing obligation after the termination of this agreement unless modified by future negotiations. It is recognized that this contribution was provided in lieu of an equivalent raise on the teacher's regular salary schedule and is a recurring cost.
Sample 1

Related to Matching 403(B) Annuity Plan

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!