Matching Annuity Program. Beginning with the 2004-2005 school year, the Board shall establish a matching annuity program. The Board shall contribute a match of up to one (1%) percent of the teacher’s contract base salary, excluding extended employment and extra-duty pay to a 401(a). The 401(a) vendor shall be mutually selected by the Board and Association. The teacher shall be immediately vested in the 401(a)
Matching Annuity Program. The 401(a) annual matching annuity includes a two-year vesting period from the date of the teacher’s employment and a mandatory teacher’s match.
1. The Board will purchase an annuity for each teacher at the rate of 1.00% of the teacher’s base contract per school year. The provider for this annuity shall be mutually agreed upon by the Board of Education and the TEA. Corporation annuity payments shall be made monthly, no later than the 15th of each month, and shall be calculated using payrolls of the preceding month.
2. The teacher must purchase an annuity equal to or greater than the annual amount paid by the corporation in order to participate in this annuity program. For the teacher’s matching share the teacher’s annuity program must be one of the corporation approved annuity companies. Teachers must indicate their choice of participation in this matching annuity program no later than September 15 of each school year.
Matching Annuity Program. Eligible members of the bargaining unit may participate in the district matching annuity program as provided in M.S. 356.24 according to the following provisions:
Matching Annuity Program. ECFE teachers may participate in the 403b matching program outlined in Sections 1,9,10, & 11 as modified by Section 8 of this article.
Matching Annuity Program. Beginning with the 2004-2005 school year, the Board shall establish a matching annuity program. The Board shall contribute a match of up to one (1%) percent of the teacher’s
Matching Annuity Program. All members of the bargaining unit may participate in the District matching annuity program as provided in Minn. Stat. § 356.24 according to the following provisions:
1. Eligibility: Only tenured principals may participate in this matching annuity plan.
Matching Annuity Program. Full time members of the bargaining unit may participate in the district matching annuity program as provided in M.S. 356.24 according to the following provisions: Eligibility: Members working full time may participate in this matching annuity plan after at least one full fiscal year of employment, i.e., If hired in January, member must work through June and then the next full fiscal year before eligible. Effective July 1, 2011, the district shall match annually up to 1.5% of the base salary to either the Minnesota DCP or an appropriate 403(b) annuity on a dollar for dollar basis. The District's matching amount is not considered as reportable salary on the W-2 or for high five retirement. Phase-in Provisions: Current members (hired before July, 1994) will have continued eligibility for provisions in Article XIII. District contributions to matching annuity will be subtracted from severance payment at time of retirement. Members hired on or after July 1, 1994: Provisions of Article XIII do not apply except that retirees may continue in the district's existing benefit package until age 65 at their own expense. NOTE: Board contributions to matching annuity program belong to the individual member during and after employment in District 623. District procedures will be followed when participating in the matching annuity program.
Matching Annuity Program. Section 1. The School Board, on behalf of each eligible employee, will contribute matching funds to a deferred annuity plan as permitted by Minnesota Statute 356.24, the Minnesota Department of Revenue and United States Internal Revenue Service. The School District will contribute on a dollar-for-dollar basis, in accordance with the eligibility schedules set forth in this section. If the employee contributes an amount less than the annual School District maximum matching contribution, the matching contribution will be equally reduced.
Section 2. Eligible employees must use this program during the election period or lose it for that year. Election of the carrier and amount of matched annuity must be made by the first Monday in October. The employee must complete a salary reduction authorization prior to any contribution being made.
Section 3. Any employee hired after September 1, 1996 will not be eligible for any severance under the above Severance Pay section.
Matching Annuity Program. RETIREMENT
Matching Annuity Program. Section 1. Eligibility Schedule: The matching annuity program is available to all teachers according to the schedule below. Teachers may elect to enroll in the full match or the half match schedule. Years of Service During the Years Employed in the District District yearly match Full District Half yearly match 4-7 $750 $375 8-12 $1250 $625 13 and above $2500 $1250
