Matching Plan. Teachers who qualify may participate in the 403(b) matching plan (hereafter referred to as MP). The provisions of this article will entirely replace Article X, Section 2. Severance Pay contractual provision when all teachers who elected the “Old Severance” have terminated active employment at the District. Teachers hired before September 1, 2005 must make an irrevocable election by one of the following dates to waive the “Old Severance” and participate in the MP. By May 15, 2004 – for participation in the 04-05 school year, and thereafter. By May 15, 2005 – for participation in the 05-06 school year, and thereafter. These dates are the only two opportunities to transfer to the MP and once the election is made it is irrevocable. Employees hired after September 1, 2005 will only be eligible to participate in the 403b MP.
Matching Plan. All full-time employees who have completed at least two (2) years of full-time continuous service to the School District are eligible to participate in a Tax Sheltered Annuity (TSA) or 403B matching plan.
Matching Plan. Each year by October 1, employees working 75% of full-time (30 hours per week) and who wish to participate in the plan shall be responsible to complete and file a salary deduction authorization for their annual contribution to a matching 403(b) plan. The School District will match an employee’s contribution to a 403 (b) plan up to $1,500 per school year. During a year in which the employee makes no contribution, the District shall likewise make no contribution to that employee account.
Matching Plan. Starting with the 2006-2007 school year, the School District will make a contribution to a state- approved 403(b) matching contribution plan in accordance with Minn. Stat. 356.24, as amended. Employees scheduled to work a minimum of eight hours per day will be eligible for match amounts as indicated below: Years of Service In the District (upon completion of 6th year) Match Amount 6 – 10 $450 11 – 14 $600 15 – 20 $800 Beginning with 21st year $1,100 An employee must have completed six consecutive years of full-time service in order to qualify for the amounts listed above, i.e., beginning with the employees 11th year of full time service he/she will move to the next level of contribution. An employee shall notify the School District of his/her intention to begin or increase the amount of participation in the 403b match plan by May 1 of each school year. Such participation shall continue at the specified amount unless the employee notifies the district of a change. Part-time years shall not be counted as a year of service for determining eligibility. If an employee is eligible for retirement or severance under this contract, the retirement incentive or severance owed to said employee shall be reduced by the amount of matching dollars paid by the district to the employee over her or his career. Employees eligible for retirement incentive and severance shall have the incentive or severance amount reduced by the total matching dollars paid by the district over the employee’s career.
Matching Plan. Section 1. Eligibility: The District’s match to an employee’s qualified 403(b) tax deferred annuity shall become available to an employee who works twenty (20) hours per week or more for at least nine (9) months after the employee has completed three (3) years of employment in a position covered by the Master Agreement. Employees may contribute to a qualified 403(b) tax deferred annuity on their own prior to becoming eligible for the District match.
Matching Plan. Full-time employees are eligible for a matching plan, either TSA or 403b. As of January 2011, qualifying employees are eligible for $1,500.00 per year in matching contributions for the school district ($125 per month). As of January 2017, qualifying employees are eligible for $1,750.00 per year in matching contributions from the school district.
