Common use of Summer Checks Clause in Contracts

Summer Checks. Summer checks other than for summer school licensed professionals shall be mailed to the address designated unless other arrangements are made by the licensed professional. All certified/licensed employees of the Cooperative will be enrolled in an Employer Paid Defined Contribution Retirement Plan. Certified/licensed employees who meet eligibility requirements and were employed with the Cooperative during the 2006-2007 school year that will retire prior to the 2022-2023 school year will have the opportunity to choose between the Employer Paid Defined Contribution Plan described in A. below or the Defined Benefit Retirement Plan in place during the 2006-2007 contract year with modifications as described in B. below (Phase Out Option). Any eligible employee choosing the Phase out Option must also participate in the Employer Paid Defined Contribution Plan. Certified/licensed employees who do not meet eligibility requirements for the Phase Out Option will automatically be enrolled in the Employer Paid Defined Contribution Retirement Plan described in A. below. Cooperative administration and Special Services NEA will provide information to certified/licensed employees to enable them to make an informed decision regarding the advantages/disadvantages of each retirement option. Eligible employees will elect the Defined Benefit Plan (Phase Out Option) or the Employer Paid Defined Contribution Plan by notifying the Cooperative director in writing no later than June 16, 2008. If no election is received from an eligible employee in writing by the director by 5:00 P.M. on June 16, 2008, the employee will be placed in the Employer Paid Defined Contribution Plan and will not be eligible for the Phase Out Option. A. Employer and Employee Paid Contributions (Defined Contribution Plan) 1. A Retirement Plan Portfolio will be established for each certified/licensed employee of the Cooperative. This portfolio will contain up to two (2) accounts. An Employer Paid Account will be initiated for each certified/licensed employee. An Employee Paid Account will be initiated for each licensed professional at his/her request. 2. The Cooperative will contribute $1,000.00 per contract year into each full time certified/licensed employee’s Employer Paid Account. Contributions will be prorated for employees who work less than full time in a certified/licensed position and/or are employed for less than a full contract year. 3. Upon beginning his/her 6th continuous year as a certified/licensed employee of the Cooperative, each certified/licensed employee will become vested in 10% of the amount contained within his/her Employer Paid Account. The vested portion will continue to increase by an additional 15% per year after the 6th year until the certified/licensed employee is 100% vested upon beginning his/her 12th continuous year with the Cooperative. Vesting Schedule: % Vesting when Age at 1 – 5 0% NA 6 10% 55 7 25% 56 8 40% 57 9 55% 58 10 70% 59 11 85% 60 12 100% 61 A certified/licensed employee who terminates employment with the Cooperative after the beginning of his/her 6th year may leave the vested amount in the Employer Paid Account, thereby retaining continuous vesting status upon returning to employment with the Cooperative at a future date. 4. The certified/licensed employee may voluntarily contribute from salary an amount of his/her choosing into the Employee Paid Account. Voluntary contributions may not exceed the amount allowed by Federal and State laws and regulations. A certified/licensed employee who chooses to make contributions into his/her Employee Paid Account will be immediately fully vested for the Employee Paid Account.

Summer Checks. Summer checks other than for summer school licensed professionals teachers shall be mailed to the address designated unless other arrangements are made by the licensed professionalteacher. All certified/licensed employees of the Cooperative will be enrolled in an Employer Paid Defined Contribution Retirement Plan. Certified/licensed employees who meet eligibility requirements and were employed with the Cooperative during the 2006-2007 school year that will retire prior to the 2022-2023 school year will have the opportunity to choose between the Employer Paid Defined Contribution Plan described in A. below or the Defined Benefit Retirement Plan in place during the 2006-2007 contract year with modifications as described in B. below (Phase Out Option). Any eligible employee choosing the Phase out Option must also participate in the Employer Paid Defined Contribution Plan. Certified/licensed employees who do not meet eligibility requirements for the Phase Out Option will automatically be enrolled in the Employer Paid Defined Contribution Retirement Plan described in A. below. Cooperative administration and Special Services NEA will provide information to certified/licensed employees to enable them to make an informed decision regarding the advantages/disadvantages of each retirement option. Eligible employees will elect the Defined Benefit Plan (Phase Out Option) or the Employer Paid Defined Contribution Plan by notifying the Cooperative director in writing no later than June 16, 2008. If no election is received from an eligible employee in writing by the director by 5:00 P.M. on June 16, 2008, the employee will be placed in the Employer Paid Defined Contribution Plan and will not be eligible for the Phase Out Option. A. Employer and Employee Paid Contributions (Defined Contribution Plan) 1. A Retirement Plan Portfolio will be established for each certified/licensed employee of the Cooperative. This portfolio will contain up to two (2) accounts. An Employer Paid Account will be initiated for each certified/licensed employee. An Employee Paid Account will be initiated for each licensed professional teacher at his/her request. 2. The Cooperative will contribute $1,000.00 per contract year into each full time certified/licensed employee’s Employer Paid Account. Contributions will be prorated for employees who work less than full time in a certified/licensed position and/or are employed for less than a full contract year. 3. Upon beginning his/her 6th continuous year as a certified/licensed employee of the Cooperative, each certified/licensed employee will become vested in 10% of the amount contained within his/her Employer Paid Account. The vested portion will continue to increase by an additional 15% per year after the 6th year until the certified/licensed employee is 100% vested upon beginning his/her 12th continuous year with the Cooperative. Vesting Schedule: % Vesting when Age at Year(s) Amount Vested Time of Employment on July 1 is: 1 – 5 ...................... 0% NA 6 6...........................10% %.................................................. 55 7 7...........................25% %.................................................. 56 8 8...........................40% %.................................................. 57 9 9...........................55% %.................................................. 58 10 ........................70% %.................................................. 59 11 ........................85% %.................................................. 60 12 ..................... 100% %.................................................. 61 A certified/licensed employee who terminates employment with the Cooperative after the beginning of his/her 6th year may leave the vested amount in the Employer Paid Account, thereby retaining continuous vesting status upon returning to employment with the Cooperative at a future date. 4. The certified/licensed employee may voluntarily contribute from salary an amount of his/her choosing into the Employee Paid Account. Voluntary contributions may not exceed the amount allowed by Federal and State laws and regulations. A certified/licensed employee who chooses to make contributions into his/her Employee Paid Account will be immediately fully vested for the Employee Paid Account.

Summer Checks. Summer checks other than for summer school licensed professionals shall be mailed to the address designated unless other arrangements are made by the licensed professional. All certified/licensed employees of the Cooperative will be enrolled in an Employer Paid Defined Contribution Retirement Plan. Certified/licensed employees who meet eligibility requirements and were employed with the Cooperative during the 2006-2007 school year that will retire prior to the 2022-2023 school year will have the opportunity to choose between the Employer Paid Defined Contribution Plan described in A. below or the Defined Benefit Retirement Plan in place during the 2006-2007 contract year with modifications as described in B. below (Phase Out Option). Any eligible employee choosing the Phase out Option must also participate in the Employer Paid Defined Contribution Plan. Certified/licensed employees who do not meet eligibility requirements for the Phase Out Option will automatically be enrolled in the Employer Paid Defined Contribution Retirement Plan described in A. below. Cooperative administration and Special Services NEA will provide information to certified/licensed employees to enable them to make an informed decision regarding the advantages/disadvantages of each retirement option. Eligible employees will elect the Defined Benefit Plan (Phase Out Option) or the Employer Paid Defined Contribution Plan by notifying the Cooperative director in writing no later than June 16, 2008. If no election is received from an eligible employee in writing by the director by 5:00 P.M. on June 16, 2008, the employee will be placed in the Employer Paid Defined Contribution Plan and will not be eligible for the Phase Out Option. A. Employer and Employee Paid Contributions (Defined Contribution Plan) 1. A Retirement Plan Portfolio will be established for each certified/licensed employee of the Cooperative. This portfolio will contain up to two (2) accounts. An Employer Paid Account will be initiated for each certified/licensed employee. An Employee Paid Account will be initiated for each licensed professional at his/her request. 2. The Cooperative will contribute $1,000.00 per contract year into each full time certified/licensed employee’s Employer Paid Account. Contributions will be prorated for employees who work less than full time in a certified/licensed position and/or are employed for less than a full contract year. 3. Upon beginning his/her 6th continuous year as a certified/licensed employee of the Cooperative, each certified/licensed employee will become vested in 10% of the amount contained within his/her Employer Paid Account. The vested portion will continue to increase by an additional 15% per year after the 6th year until the certified/licensed employee is 100% vested upon beginning his/her 12th continuous year with the Cooperative. Vesting Schedule: Year(s) Amount Vested % Vesting when Age at Time of Employment on July 1 – 5 0% NA is: 6 10% 55 7 25% 56 8 40% 57 9 55% 58 10 70% 59 11 85% 60 12 100% 61 A certified/licensed employee who terminates employment with the Cooperative after the beginning of his/her 6th year may leave the vested amount in the Employer Paid Account, thereby retaining continuous vesting status upon returning to employment with the Cooperative at a future date. 4. The certified/licensed employee may voluntarily contribute from salary an amount of his/her choosing into the Employee Paid Account. Voluntary contributions may not exceed the amount allowed by Federal and State laws and regulations. A certified/licensed employee who chooses to make contributions into his/her Employee Paid Account will be immediately fully vested for the Employee Paid Account.

Summer Checks. Summer checks other than for summer school licensed professionals shall be mailed to the address designated unless other arrangements are made by the licensed professional. All certified/licensed employees of the Cooperative will be enrolled in an Employer Paid Defined Contribution Retirement Plan. Certified/licensed employees who meet eligibility requirements and were employed with the Cooperative during the 2006-2007 school year that will retire prior to the 2022-2023 school year will have the opportunity to choose between the Employer Paid Defined Contribution Plan described in A. below or the Defined Benefit Retirement Plan in place during the 2006-2007 contract year with modifications as described in B. below (Phase Out Option). Any eligible employee choosing the Phase out Option must also participate in the Employer Paid Defined Contribution Plan. Certified/licensed employees who do not meet eligibility requirements for the Phase Out Option will automatically be enrolled in the Employer Paid Defined Contribution Retirement Plan described in A. below. Cooperative administration and Special Services NEA will provide information to certified/licensed employees to enable them to make an informed decision regarding the advantages/disadvantages of each retirement option. Eligible employees will elect the Defined Benefit Plan (Phase Out Option) or the Employer Paid Defined Contribution Plan by notifying the Cooperative director in writing no later than June 16, 2008. If no election is received from an eligible employee in writing by the director by 5:00 P.M. on June 16, 2008, the employee will be placed in the Employer Paid Defined Contribution Plan and will not be eligible for the Phase Out Option. A. Employer and Employee Paid Contributions (Defined Contribution Plan) 1. A Retirement Plan Portfolio will be established for each certified/licensed employee of the Cooperative. This portfolio will contain up to two (2) accounts. An Employer Paid Account will be initiated for each certified/licensed employee. An Employee Paid Account will be initiated for each licensed professional at his/her request. 2. The Cooperative will contribute $1,000.00 per contract year into each full time certified/licensed employee’s Employer Paid Account. Contributions will be prorated for employees who work less than full time in a certified/licensed position and/or are employed for less than a full contract year. 3. Upon beginning his/her 6th continuous year as a certified/licensed employee of the Cooperative, each certified/licensed employee will become vested in 10% of the amount contained within his/her Employer Paid Account. The vested portion will continue to increase by an additional 15% per year after the 6th year until the certified/licensed employee is 100% vested upon beginning his/her 12th continuous year with the Cooperative. Vesting Schedule: % Vesting when Age at 1 – 5 0% NA 6 10% 55 7 25% 56 8 40% 57 9 55% 58 10 70% 59 11 85% 60 12 100% 61 A certified/licensed employee who terminates employment with the Cooperative after the beginning of his/her 6th year may leave the vested amount in the Employer Paid Account, thereby retaining continuous vesting status upon returning to employment with the Cooperative at a future date. 4. The certified/licensed employee may voluntarily contribute from salary an amount of his/her choosing into the Employee Paid Account. Voluntary contributions may not exceed the amount allowed by Federal and State laws and regulations. A certified/licensed employee who chooses to make contributions into his/her Employee Paid Account will be immediately fully vested for the Employee Paid Account.

Summer Checks. Summer checks other than for summer school licensed professionals shall be mailed to the address designated unless other arrangements are made by the licensed professional. All certified/licensed employees of the Cooperative will be enrolled in an Employer Paid Defined Contribution Retirement Plan. Certified/licensed employees who meet eligibility requirements and were employed with the Cooperative during the 2006-2007 school year that will retire prior to the 2022-2023 school year will have the opportunity to choose between the Employer Paid Defined Contribution Plan described in A. below or the Defined Benefit Retirement Plan in place during the 2006-2007 contract year with modifications as described in B. below (Phase Out Option). Any eligible employee choosing the Phase out Option must also participate in the Employer Paid Defined Contribution Plan. Certified/licensed employees who do not meet eligibility requirements for the Phase Out Option will automatically be enrolled in the Employer Paid Defined Contribution Retirement Plan described in A. below. Cooperative administration and Special Services NEA will provide information to certified/licensed employees to enable them to make an informed decision regarding the advantages/disadvantages of each retirement option. Eligible employees will elect the Defined Benefit Plan (Phase Out Option) or the Employer Paid Defined Contribution Plan by notifying the Cooperative director Executive Director in writing no later than June 16, 2008. If no election is received from an eligible employee in writing by the director Executive Director by 5:00 P.M. on June 16, 2008, the employee will be placed in the Employer Paid Defined Contribution Plan and will not be eligible for the Phase Out Option. A. Employer and Employee Paid Contributions (Defined Contribution Plan) 1. A Retirement Plan Portfolio will be established for each certified/licensed employee of the Cooperative. This portfolio will contain up to two (2) accounts. An Employer Paid Account will be initiated for each certified/licensed employee. An Employee Paid Account will be initiated for each licensed professional at his/her request. 2. The Cooperative will contribute $1,000.00 per contract year into each full time certified/licensed employee’s Employer Paid Account. Contributions will be prorated for employees who work less than full time in a certified/licensed position and/or are employed for less than a full contract year. 3. Upon beginning his/her 6th continuous year as a certified/licensed employee of the Cooperative, each certified/licensed employee will become vested in 10% of the amount contained within his/her Employer Paid Account. The vested portion will continue to increase by an additional 15% per year after the 6th year until the certified/licensed employee is 100% vested upon beginning his/her 12th continuous year with the Cooperative. Vesting Schedule: % Vesting when Age at 1 – 5 0% NA 6 10% 55 7 25% 56 8 40% 57 9 55% 58 10 70% 59 11 85% 60 12 100% 61 A certified/licensed employee who terminates employment with the Cooperative after the beginning of his/her 6th year may leave the vested amount in the Employer Paid Account, thereby retaining continuous vesting status upon returning to employment with the Cooperative at a future date. 4. The certified/licensed employee may voluntarily contribute from salary an amount of his/her choosing into the Employee Paid Account. Voluntary contributions may not exceed the amount allowed by Federal and State laws and regulations. A certified/licensed employee who chooses to make contributions into his/her Employee Paid Account will be immediately fully vested for the Employee Paid Account.

Summer Checks. Summer checks other than for summer school licensed professionals teachers shall be mailed to the address designated unless other arrangements are made by the licensed professionalteacher. All certified/licensed employees of the Cooperative will be enrolled in an Employer Paid Defined Contribution Retirement Plan. Certified/licensed employees who meet eligibility requirements and were employed with the Cooperative during the 2006-2007 school year that will retire prior to the 2022-2023 school year will have the opportunity to choose between the Employer Paid Defined Contribution Plan described in A. below or the Defined Benefit Retirement Plan in place during the 2006-2007 contract year with modifications as described in B. below (Phase Out Option). Any eligible employee choosing the Phase out Option must also participate in the Employer Paid Defined Contribution Plan. Certified/licensed employees who do not meet eligibility requirements for the Phase Out Option will automatically be enrolled in the Employer Paid Defined Contribution Retirement Plan described in A. below. Cooperative administration and Special Services NEA will provide information to certified/licensed employees to enable them to make an informed decision regarding the advantages/disadvantages of each retirement option. Eligible employees will elect the Defined Benefit Plan (Phase Out Option) or the Employer Paid Defined Contribution Plan by notifying the Cooperative director in writing no later than June 16, 2008. If no election is received from an eligible employee in writing by the director by 5:00 P.M. on June 16, 2008, the employee will be placed in the Employer Paid Defined Contribution Plan and will not be eligible for the Phase Out Option. A. Employer and Employee Paid Contributions (Defined Contribution Plan) 1. A Retirement Plan Portfolio will be established for each certified/licensed employee of the Cooperative. This portfolio will contain up to two (2) accounts. An Employer Paid Account will be initiated for each certified/licensed employee. An Employee Paid Account will be initiated for each licensed professional teacher at his/her request. 2. The Cooperative will contribute $1,000.00 per contract year into each full time certified/licensed employee’s Employer Paid Account. Contributions will be prorated for employees who work less than full time in a certified/licensed position and/or are employed for less than a full contract year. 3. Upon beginning his/her 6th continuous year as a certified/licensed employee of the Cooperative, each certified/licensed employee will become vested in 10% of the amount contained within his/her Employer Paid Account. The vested portion will continue to increase by an additional 15% per year after the 6th year until the certified/licensed employee is 100% vested upon beginning his/her 12th continuous year with the Cooperative. Vesting Schedule: % Vesting when Age at 1 – 5 0% NA 6 10% 55 7 25% 56 8 40% 57 9 55% 58 10 70% 59 11 85% 60 12 100% 61 A certified/licensed employee who terminates employment with the Cooperative after the beginning of his/her 6th year may leave the vested amount in the Employer Paid Account, thereby retaining continuous vesting status upon returning to employment with the Cooperative at a future date. 4. The certified/licensed employee may voluntarily contribute from salary an amount of his/her choosing into the Employee Paid Account. Voluntary contributions may not exceed the amount allowed by Federal and State laws and regulations. A certified/licensed employee who chooses to make contributions into his/her Employee Paid Account will be immediately fully vested for the Employee Paid Account.