Common use of Retirement or Death of the Bargaining Unit Member Clause in Contracts

Retirement or Death of the Bargaining Unit Member. In the event of the Bargaining Unit Member terminating his/her employment with the Downingtown Area School District so as to qualify for retirement or social security benefits, under any provision of the Pennsylvania School Employee’s Retirement System, the District shall make payments as a non-elective employer contribution into a 403(b) tax-sheltered account, in accordance with the Internal Revenue Code Section 403(b)(3) for all of the Bargaining Unit Member’s unused sick leave and for up to forty (40) of the Bargaining Unit Member’s unused personal days according to the following schedule. However, upon the death of a member, the payments will be made to his/her beneficiary or estate. Unused Sick Leave Unused Personal Days $45.00 $45.00 This account shall be established by the eligible Bargaining Unit Member consistent with the District’s 403(b) Plan that will establish the list of vendors available to District employees prior to the District’s contributions. These will be considered District non-elective contributions and will be subject to an amount up to and equal to the limits established by law for such accounts. Further, if the District’s contributions exceed the limits established for any plan year in the year of separation of service, the District shall contribute as a non-employer, non-elective contribution to one or more annuity contracts described in Code Section 403(b) an amount up to and equal to the established limits for such contributions and in subsequent years for a period of not more than five (5) years or until the benefit amount is exhausted. Failure of a Bargaining Unit Member to open a 403(b) account prior to his/her retirement date will result in forfeiture of funds due.

Retirement or Death of the Bargaining Unit Member. In the event of the Bargaining Unit Member terminating his/her employment with the Downingtown Area School District so as to qualify for retirement or social security benefits, under any provision of the Pennsylvania School Employee’s Retirement System, the District shall make payments as a non-elective employer contribution into a 403(b) tax-sheltered account, in accordance with the Internal Revenue Code Section 403(b)(3) for all of the Bargaining Unit Member’s unused sick leave and for up to forty (40) of the Bargaining Unit Member’s unused personal days according to the following schedule. However, upon the death of a member, the payments will be made to his/her beneficiary or estate. Unused Sick Leave Unused Personal Days $45.00 $45.00 This account shall be established by the eligible Bargaining Unit Member consistent with the District’s 403(b) Plan that will establish the list of vendors available to District employees prior to the District’s contributions. These will be considered District non-elective contributions and will be subject to an amount up to and equal to the limits established by law for such accounts. Further, if the District’s contributions exceed the limits established for any plan year in the year of separation of service, the District shall contribute as a non-non- employer, non-elective contribution to one or more annuity contracts described in Code Section 403(b) an amount up to and equal to the established limits for such contributions and in subsequent years for a period of not more than five (5) years or until the benefit amount is exhausted. Failure of a Bargaining Unit Member to open a 403(b) account prior to his/her retirement date will result in forfeiture of funds due.