Ongoing Contributions. The board agrees to maintain its existing qualified 401 (A) Plan as contained in the previous collective bargaining agreement. However, the parties agree to suspend any future contributions to that 401 (A) plan as of June 30, 2008 until such time as they may mutually agree to resume said contributions. Commencing with the 2008-2009 school year and continuing each year thereafter, the board shall contribute 1.25 percent to a qualified VEBA plan. Board contributions shall be based upon the teacher’s salary as set forth in Appendix A, and Appendix B, and Appendix C, and outlined in Article VII of this agreement, of each school year with said contributions being deposited on a monthly basis. Vesting in the 401 (A) Plan and VEBA Plan shall be as follows: At least five (5) years of consecutive years of teaching service in the school corporation from time of hire, but less than seven (7) years at thirty-three and one-third percent (33 1/3%); at least seven (7) years but less than ten (10) years at sixty-six and two thirds (66 2/3%); ten (10) years or greater at one hundred percent (100%). All amounts in which the teacher is not vested become property of the school corporation if the teacher leaves prior to being vested.
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Ongoing Contributions. The board agrees to maintain its existing qualified 401 (A) Plan as contained in the previous collective bargaining agreement. However, the parties agree to suspend any future contributions to that 401 (A) plan as of June 30, 2008 until such time as they may mutually agree to resume said contributions. Commencing with the 2008-2009 school year and continuing each year thereafter, the board shall contribute 1.25 percent to a qualified VEBA plan. Board contributions shall be based upon the teacher’s salary as set forth in Appendix A, Appendix AA, and Appendix B, and Appendix C, and outlined in Article VII of this agreement, C of each school year with said contributions being deposited on a monthly basis. Vesting in the 401 (A) Plan and VEBA Plan shall be as follows: At least five (5) years of consecutive years of teaching service in the school corporation from time of hire, but less than seven (7) years at thirty-three and one-third percent (33 1/3%); at least seven (7) years but less than ten (10) years at sixty-six and two thirds (66 2/3%); ten (10) years or greater at one hundred percent (100%). All amounts in which the teacher is not vested become property of the school corporation if the teacher leaves prior to being vested.
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