Common use of RETIREMENT SAVINGS PROGRAM Clause in Contracts

RETIREMENT SAVINGS PROGRAM. 1. The Board of Managers agrees to establish and maintain a qualified 401(a) Annuity Plan (hereafter referred to as the “401(a) Plan”) for all certified employees covered under this collective bargaining agreement. The 401(a) Plan shall be available for all certified employees. 2. The Board of Managers shall also maintain a 403(b) Plan (hereafter referred to as the “403(b) Plan”) for all certified employees covered under this collective bargaining agreement. The 403(b) Plan will include provisions for pre-tax salary reduction contributions which will be matched by equal Board contributions to the 401(a) Plan. The 401(a) Plan contributions will commence with the 1999-2000 contract year and continue each contract year thereafter. The contribution that will be made to the 401(a) Plan by the Board will be up to a maximum of 2.5%. 3. The Board of Managers shall also maintain, in accordance with the IRS rules and regulations, a 403(b) Post Separation Plan for all certified employees covered under this collective bargaining agreement. 4. The contributions made by the certified employees and matched dollar-for-dollar by the Board shall be an amount which reflects the appropriate percent of the certified employee’s base salary as set forth on the certified employee’s Teacher’s Contract, which corresponds to his/her placement on the salary schedule. 5. The Parties agree that the 401(a) Plan and the 403(b) Plan shall replace the current annual payment made to early retiring employees which is described in Article IV, Section B of the contract. The parties further agree that all contributions made to the 401(a) Plan by the School shall be considered an additional funds and be counted as part of any package increases negotiated for the certified employees. 6. For those certified employees who participate in the 401(a) Plan, the annual payment for those electing retirement will remain in effect until such earlier time as a certified employee receives a greater return from the School’s contribution to the new 401(a) Plan plus accrued earnings, than he/she would receive under the current early retirement program. The contributions plus accrued earnings to the 401(a) Plan by the Board will be counted as an offset to the amount that the certified employee would have received had he/she retired under the current retirement program. The offset shall be calculated as soon as administratively possible following the final 401(a) contribution into his/her respective account. 7. In the event, due to market fluctuations, a certified employee’s 401(a) Plan account experiences a loss, the School’s responsibility under current early retirement program during the period prior to its termination shall be the amount which the employee would have received under the current program less the amount previously contributed by the School under the 401(a)

RETIREMENT SAVINGS PROGRAM. 1. The Board of Managers agrees to establish and maintain a qualified 401(a) Annuity Plan (hereafter referred to as the “401(a) Plan”) for all certified employees covered under this collective bargaining agreement. The 401(a) Plan shall be available for all certified employees. 2. The Board of Managers shall also maintain a 403(b) Plan (hereafter referred to as the “403(b) Plan”) for all certified employees covered under this collective bargaining agreement. The 403(b) Plan will include provisions for pre-tax salary reduction contributions which will be matched by equal Board contributions to the 401(a) Plan. The 401(a) Plan contributions will commence with the 1999-2000 contract year and continue each contract year thereafter. The contribution that will be made to the 401(a) Plan by the Board will be up to a maximum of 2.5%. 3. The Board of Managers shall also maintain, in accordance with the IRS rules and regulations, a 403(b) Post Separation Plan for all certified employees covered under this collective bargaining agreement. 4. The contributions made by the certified employees and matched dollar-for-dollar by the Board shall be an amount which reflects the appropriate percent of the certified employee’s base salary as set forth on the certified employee’s Teacher’s Contract, which corresponds to his/her placement on the salary schedule. 5. The Parties agree that the 401(a) Plan and the 403(b) Plan shall replace the current annual payment made to early retiring employees which is described in Article IV, Section B of the contract. The parties further agree that all contributions made to the 401(a) Plan by the School shall be considered an additional funds and be counted as part of any package increases negotiated for the certified employees. 6. For those certified employees who participate in the 401(a) Plan, the annual payment for those electing retirement will remain in effect until such earlier time as a certified employee receives a greater return from the School’s contribution to the new 401(a) Plan plus accrued earnings, than he/she would receive under the current early retirement program. The contributions plus accrued earnings to the 401(a) Plan by the Board will be counted as an offset to the amount that the certified employee would have received had he/she retired under the current retirement program. The offset shall be calculated as soon as administratively possible following the final 401(a) contribution into his/her respective account. 7. In the event, due to market fluctuations, a certified employee’s 401(a) Plan account experiences a loss, the School’s responsibility under current early retirement program during the period prior to its termination shall be the amount which the employee would have received under the current program less the amount previously contributed by the School under the 401(a)

RETIREMENT SAVINGS PROGRAM. 1. The Board of Managers agrees to establish and maintain a qualified 401(a) Annuity Plan (hereafter referred to as the “"401(a) Plan”") for all certified employees covered under this collective bargaining agreement. The 401(a) Plan shall be available for all certified employees. 2. The Board of Managers shall also maintain a 403(b) Plan (hereafter referred to as the “"403(b) Plan”") for all certified employees covered under this collective bargaining agreement. The 403(b) Plan will include provisions for pre-tax salary reduction contributions which will be matched by equal Board contributions to the 401(a) Plan. The 401(a) Plan contributions will commence with the 1999-2000 contract year and continue each contract year thereafter. The contribution that will be made to the 401(a) Plan by the Board will be up to a maximum of 2.5%. 3. The Board of Managers shall also maintain, in accordance with the IRS rules and regulations, a 403(b) Post Separation Plan for all certified employees covered under this collective bargaining agreement. 4. The contributions made by the certified employees and matched dollar-for-dollar by the Board shall be an amount which reflects the appropriate percent of the certified employee’s 's base salary as set forth on the certified employee’s 's Teacher’s 's Contract, which corresponds to his/her placement on the salary schedule. 5. The Parties agree that the 401(a) Plan and the 403(b) Plan shall replace the current annual payment made to early retiring employees which is described in Article IV, Section B of the contract. The parties further agree that all contributions made to the 401(a) Plan by the School shall be considered an additional funds and be counted as part of any package increases negotiated for the certified employees. 6. For those certified employees who participate in the 401(a) Plan, the annual payment for paymentfor those electing retirement will remain in effect until such earlier time as a certified employee certifiedemployee receives a greater return from the School’s 's contribution to the new 401(a) Plan plus accrued earnings, than he/she would receive under the current early retirement program. The contributions plus accrued earnings to the 401(a) Plan by the Board will be counted as an offset to the amount that the certified employee would have received had he/she retired under the current retirement program. The offset shall be calculated as soon as administratively possible following the final 401(a) contribution into his/her respective account. 7. In the event, due to market fluctuations, a certified employee’s 401(a) Plan account experiences a loss, the School’s responsibility under current early retirement program during the period prior to its termination shall be the amount which the employee would have received under the current program less the amount previously contributed by the School under the 401(a)