Common use of Retirement Benefit Plans Clause in Contracts

Retirement Benefit Plans. Factors stated hereinafter shall constitute the retirement benefit plans of the Corporation and shall be counted as a part of the cost of any salary agreement between the Board and the Association. The Board shall provide the following retirement plans for teachers: 1. IRS Code 401(a) – VALIC Retirement Account Effective during the term of this Agreement the parties agree that the Board shall contribute an amount equal to 3% of a teacher’s base salary to the Corporation’s 401(a) plan each pay period. The provider of the plan shall be selected as provided for in Article IX(L)(7) of this Agreement. Corporation contributions will become vested in this plan according to the following schedule. Until such time of becoming vested, all contributions by the Board shall not be available to the participant and upon termination of employment for any reason, other than permanent total disability, and to the extent allowed by IRS regulations, any funds forfeited by a teacher as a result of the teacher separating from employment will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s administrative expenses, and/or offset future contributions. In the event of termination due to total disability, the affected contributions made by the Corporation on behalf of the disabled participant will be considered vested. Vesting Schedule: Ten (10) years of employment 100% Vested Years counted for vesting are all Franklin Township Community School Corporation years of service since the teacher was hired by the Corporation. A year of service will be defined according to INPRS guidelines. 2. IRS Code 403(b) – VALIC Match Effective during the term of this Agreement the Board shall contribute a match amount of .5% of each teacher’s base salary to the Corporation’s 403(b) plan each pay period, if the teacher’s contribution to such plan equals or exceeds .5% of his/her base salary amount for that pay period. Contributions made by the Corporation become vested upon completion of three (3) years of service by the teacher with the Corporation. Until such time of becoming vested, all amounts contributed by the Board shall not be available to the participant and upon termination of employment for any reason, other than permanent, total disability, and to the extent allowed by IRS regulations, any funds forfeited by a teacher as a result of the teacher separating from employment will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s administrative expenses, and/or offset future contributions. In the event of termination due to permanent, total disability, the Corporation’s contributions made on behalf of the disabled participant will be considered vested. There will be an annual enrollment in the 403(b) plan prior to the first day of the school year or within five (5) business days of the teacher’s employment. 3. VEBA (Voluntary Employee Benefit Association) – VALIC/Indiana HRA a) Definition For the purpose of this section, the original FTCSC Buyout Group pursuant to Senate Enrollment Act 199 (Acts 2001) and amendment years thereafter will be referred to as the Buyout Group.

Retirement Benefit Plans. Factors stated hereinafter shall constitute the retirement benefit plans of the Corporation and shall be counted as a part of the cost of any salary agreement between the Board and the Association. The Board shall provide the following retirement plans for teachers: 1. A. IRS Code 401(a) – VALIC Retirement Account Effective during the term of this Agreement the parties agree that the Board shall contribute an amount equal to 3% of a teacher’s base salary to the Corporation’s 401(a) plan each pay period. The provider of the plan shall be selected as provided for in Article IX(L)(7) of this Agreement. Corporation contributions will become vested in this plan according to the following schedule. Until such time of becoming vested, all contributions by the Board shall not be available to the participant and upon termination of employment for any reason, other than permanent total disability, and to the extent allowed by IRS regulations, any funds forfeited by a teacher as a result of the teacher separating from employment will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s administrative expenses, and/or offset future contributions. In the event of termination due to total disability, the affected contributions made by the Corporation on behalf of the disabled participant will be considered vested. Vesting Schedule: Ten Seven (107) years of employment 100% Vested Years counted for vesting are all Franklin Township Community School Corporation years of service since the teacher was hired by the Corporation. A year of service will be defined according to INPRS guidelines. 2. B. IRS Code 403(b) – VALIC Match Effective during the term of this Agreement the Board shall contribute a match amount of .5% of each teacher’s base salary to the Corporation’s 403(b) plan each pay period, if the teacher’s contribution to such plan equals or exceeds .5% of his/her base salary amount for that pay period. Contributions made by the Corporation become vested upon completion of three (3) years of service by the teacher with the Corporation. Until such time of becoming vested, all amounts contributed by the Board shall not be available to the participant and upon termination of employment for any reason, other than permanent, total disability, and to the extent allowed by IRS regulations, any funds forfeited by a teacher as a result of the teacher separating from employment will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s administrative expenses, and/or offset future contributions. In the event of termination due to permanent, total disability, the Corporation’s contributions made on behalf of the disabled participant will be considered vested. There will be an annual enrollment in the 403(b) plan prior to the first day of the school year or within five (5) business days of the teacher’s employment. 3. C. VEBA (Voluntary Employee Benefit Association) – VALIC/Indiana HRA a) 1. Definition For the purpose of this section, the original FTCSC Buyout Group pursuant to Senate Enrollment Act 199 (Acts 2001) and amendment years thereafter will be referred to as the Buyout Group.