Retirement Investment Account. In addition to the base salary provided above, the Board shall contribute at each end of the month payroll an amount equal to twenty percent (20%) of the Superintendent's then current monthly base salary. The Supplemental Retirement Plan shall be a plan established under Section 403(b) of the Internal Revenue Code (hereinafter referred to as the "Code") and a plan established under Section 401(a) of the Code where appropriate. The 403(b) and 401(a) plans shall be established as employer-paid plans with non-discretionary contributions by the Board and the Superintendent shall have no right to receive such contributions in cash. The 403(b) plan and 401(a) plan shall each be established under a written plan document that meets the requirements of the Code and such documents are hereby incorporated herein by reference. The funds for the 403(b) plan and 401(a) plans shall each be invested in such investment vehicles as are allowable under the Code for the applicable type of plan. Each contribution to the Supplemental Retirement Plan and earnings thereon shall become 100% vested with the Superintendent immediately, provided that the Superintendent is still employed with the District on that date. DRAFT
Retirement Investment Account. In addition to the base salary provided above, the Board shall contribute at each end of the month payroll an amount equal to five percent (5%) of Dodig’s then current monthly base salary to a retirement investment account designated by Xxxxx.
Retirement Investment Account. In addition to the base salary provided above, the Board shall contribute at each end of the month payroll an amount equal to five percent (5%) of Xxxxx-Xxxxx’x then current monthly base salary to a retirement investment account designated by Xxxxx-Xxxxx.
