Common use of Participation in Deferred Compensation Matching and Severance Clause in Contracts

Participation in Deferred Compensation Matching and Severance. All continuing contract teachers who began their 4th year of teaching in the District prior to July 1, 1991, are eligible to participate in the deferred compensation matching program in addition to the severance program. Should these teachers participate in the deferred compensation matching program and become eligible for severance pay (pursuant to Section 1 above), the total District matching contribution (does not include accrued interest which is the property of the teacher) will be subtracted from the severance amount, with the teacher receiving the net amount as severance. Should the District’s contribution to the deferred compensation matching program exceed the teacher’s eligible severance at the time of retirement, no severance payment will be due to the teacher and the teacher will retain the District match to their account.

Participation in Deferred Compensation Matching and Severance. All continuing contract teachers who began their 4th year of teaching in the District prior to July 1, 1991, are eligible to participate in the deferred compensation matching program in addition to the severance program. Should these teachers participate in the deferred compensation matching program and become eligible for severance pay (pursuant to Section 1 above), the total District matching contribution (does not include accrued interest which is the property of the teacher) will be subtracted from the severance amount, with the teacher receiving the net amount as severance. Should the District’s contribution to the deferred compensation matching program exceed the teacher’s eligible severance at the time of retirement, no severance payment will be due to the teacher and the teacher will retain the District match to their his/her account.