Common use of RETIREMENT PLAN B Clause in Contracts

RETIREMENT PLAN B. a. Unit members hired on or after July 1, 1998 are eligible for the Plan B Supplemental Retirement benefits. The District will begin paying the Plan B benefit under the terms of this Section after January 1, 1999 as part of an eligible unit member’s monthly salary payment. The District will make the monthly TSA payment to a TSA company selected from the District list of TSA companies retroactive to the first month of eligibility when a unit member has submitted a completed and executed District TSA enrollment form to the District Payroll Department within three months of initial eligibility. The unit member will maintain the TSA form required by the District. If a unit member has not submitted a completed and executed form selecting a TSA company within three months of the unit member’s initial eligibility for the District TSA payment, the member may complete the TSA enrollment form at a later date; in such a case, the District will make the monthly TSA contribution for that member prospectively and will make a one-time contribution to the member’s TSA account equivalent to three monthly TSA contributions.

RETIREMENT PLAN B. a. Unit members hired on or after July 1, 1998 are eligible for the Plan B Supplemental Retirement benefits. The District will begin paying the Plan B benefit under the terms of this Section after January 1, 1999 as part of an eligible unit member’s monthly salary payment. The District will make the monthly TSA payment to a TSA company selected from the District list of TSA companies retroactive to the first month of eligibility when a unit member has submitted a completed and executed District TSA enrollment form to the District Payroll Department within three months of initial eligibility. The unit member will maintain the TSA form required by the District. If a unit member has not submitted a completed and executed form selecting a TSA company within three months of the unit member’s initial eligibility for the District TSA payment, the member may complete the TSA enrollment form at a later date; in such a case, then the District will enroll the unit member in the TSA company and plan that has been jointly selected by the District and Association. The District will then make the monthly TSA contribution for payments to that member prospectively and will make a one-time contribution company retroactive to the unit member’s first month of TSA account equivalent to three monthly TSA contributionspayment eligibility on or after August, 2007.