Common use of Matching Plan Clause in Contracts

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.