Retirement Savings 401(a) Annuity Plan Sample Clauses

Retirement Savings 401(a) Annuity Plan. 1. The School Corporation shall establish a qualified plan as described in section 401(a) of the Code. 2. The Board agrees to contribute 1.125% annually. The Board shall make equal contributions on each regularly scheduled pay day throughout the school year, and will complete its contributions with the last pay day of the school year. There will be no commingling of accounts and each employee may determine how his or her account shall be invested among the investment options made available by the investment vendor for the 401 (a) Plan. 3. Each bargaining unit member is considered vested in these individual 401(a) accounts upon signing the sixth consecutive contract. 4. If the employee leaves the corporation before becoming fully vested in the plan, the plan account shall be forfeited. The forfeited amounts shall be returned to the school corporation to be used to offset future ongoing contributions. 5. If employee dies before having satisfied the requirements of subsection 2(a) and (b) of this section, the deceased employee becomes 100% vested and the deceased employee’s 401(a) plan shall be distributable to the decedent’s beneficiary or to his/her estate if no beneficiary designation has been made.
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Retirement Savings 401(a) Annuity Plan. A. The Board shall contribute seventy percent (70%) annually of 0.005 (.5%) of the teacher’s base salary to a sheltered retirement plan for those teachers eligible for the retirement buy-out. For bargaining unit members excluded from receiving the retirement buy-out contribution the Board shall contribute seventy percent (70%) of .015 (1.5%) of the teacher’s base salary. The Board will contribute an additional fifty dollars ($50.00) if matched by the unit member. B. The amounts contributed to the Board established sheltered retirement plan and any appreciation shall vest when the employee has at least three (3) years of teaching experience in the school corporation. Should the employee’s service with this school corporation terminate for any reason before vesting, all Board contributions and appreciation in the sheltered retirement plan financed by the Board shall revert to a holding account to offset Board contributions. C. At the time of retirement and in lieu of the benefit defined in Article VI, Retirement Pay, paragraphs 4 and 5, the Board will contribute to buy out eligible employees the amounts calculated in paragraphs 4 and 5 minus 7.65% to a sheltered retirement plan established for the employee. Post retirement 403(b). D. Upon retirement, the face value of all contributions and appreciation in both the Board’s amount and the Board’s matching amount plus a two (2%) assumed interest rate on the amounts shall offset the amount owed in Article VI, 4 and 5. The retirement plans established herein shall be valued at the last day of contracted service for the eligible employee. E. Once contributions are made by the Board, and according to the vesting schedule above in Section 10B, all assets of the account become the property of the employee, and in the event of the employee’s death, the employee’s designated beneficiary, or estate, if no beneficiary exists.
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Retirement Savings 401(a) Annuity Plan. 1. The School Corporation shall establish a qualified retirement plan as described in section 401(a) of the Internal Revenue Code for all unit employees. 2. The School Corporation shall contribute one percent (1%) of each bargaining unit member’s base salary into each individual’s separate 401(a) account. The School Corporation shall make equal monthly contributions throughout the school year. There will be no commingling of accounts and each employee may determine how his/her account shall be invested among the investment options made available by the investment vendor for the 401(a) Plan. The single investment vendor for the 401(a) plan shall be MetLife. An evaluation of MetLife may be made every four (4) years beginning in 2008 and/or at the request of the Association or the School Corporation. 3. Each bargaining unit member is immediately vested in these individual 401(a) accounts.
Sample 1
Retirement Savings 401(a) Annuity Plan. A. The school corporation shall maintain a qualified retirement plan as described in section 401(a) of the Code. B. The Board may make a contribution without a match and may match additional contributions into their individual 403(b) accounts. C. Each bargaining unit member is considered vested in these individual 401(a) accounts upon the completion of five (5) years of service in the corporation.
Sample 1
Retirement Savings 401(a) Annuity Plan a. The school corporation shall establish a qualified retirement plan as described in section 401(a) of the Code. b. The Corporation shall contribute into each individual's separate 401(a) account 1.5% of the teacher’s base salary as follows: c. There will be no commingling of accounts and each employee may determine how his or her account shall be invested among the investment options made available by the investment vendor for the 401(a) Plan. d. Each bargaining unit member shall be vested in these individual 401(a) accounts under the following schedule: Completed Years in Corp. Percent Vested For purposes of this paragraph, continuous service shall not be considered to be broken in the event of a teacher's approved leave of absence pursuant to Article VII of this agreement (provided that the teacher returns to teaching with the Corporation at the expiration of the leave) or in the event of a teacher's release due to a reduction in force pursuant to Article XII of this Agreement (provided that the teacher is recalled within the three year recall period). However, the teacher shall not be credited with any additional years of continuous service for the period during which he/she was on approved leave or during which he/she was not employed by the Corporation due to a reduction in force except for continuous seniority for the purpose of vesting requirements for retirement from the Corporation. e. If an employee terminates employment with the Corporation before becoming fully vested in his/her individual account under the Plan, the non-vested (forfeitable) amounts shall be returned to the Corporation. f. Teachers shall continue to have the option to invest their own funds in tax-deferred annuities with the company they select from the list of 403(b) vendors in the Yorktown 403(b) plan for such purpose pursuant to a salary deduction arrangement under Section 403(b) of the Code.
Sample 1

Related to Retirement Savings 401(a) Annuity Plan

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

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