Common use of Matching Annuity Program Clause in Contracts

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. 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 share, the teacher’s annuity program must be one of the corporation 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.