Supplemental Retirement. As allowed by Minnesota Statutes §§ 354C.11, 354C.12 and 345.24, the Employer will make a matching contribution of up to two thousand two hundred dollars ($2,200) per fiscal year to each eligible ASF Member’s supplemental retirement account.
Supplemental Retirement. Pursuant to Minnesota Statutes §§ 354C.11, 354C.12 and 356.24, the Employer shall deduct from the salary of each full-time faculty member a sum equal to five percent (5%) of the annual salary paid after the first six thousand dollars ($6,000), up to a maximum of two thousand two hundred and fifty dollars ($2,250) in each fiscal year to be paid into the state university supplemental retirement account of the retirement fund. The Employer shall make a contribution in an amount equal to the deductions made from the faculty member’s salary. Deductions shall begin in the faculty member’s third year of full-time employment in the System.
Supplemental Retirement. Pursuant to Minn. Statutes 136F.47, 356.24 and Chapter 354C, the Employer shall deduct from the salary of each full time ASF Member a sum equal to five (5) percent of the annual salary paid after the first six thousand dollars ($6,000) up to a maximum deduction of two thousand two hundred dollars ($2,200) per each fiscal year thereafter to be paid into the state university supplemental retirement account of the retirement fund. The Employer shall make a contribution in an amount equal to the deductions made from the ASF Member's salary. Deductions shall begin in the ASF Member's third (3rd) year of full time unclassified employment in the System.
Supplemental Retirement. Upon termination of the Executive's employment, a supplemental retirement benefit shall be payable to him or his beneficiary in accordance with the provisions of this Section (4)(f). The annual supplemental retirement benefit, expressed in the form of a single life annuity beginning at the Executive's Normal Retirement Date (as defined in the Company's Pension Plan), shall be the excess, if any, of (A) less (B), where (A) is 2.2% (.022) of the Executive's highest three-year average Total Compensation times the number of years at termination (not to exceed thirty) of the Executive's service deemed as an employee of the Company, and (B) is the benefit payable under the Company's Pension Plan. Payment of the supplemental retirement benefit shall begin at the same time as the Executive's Pension Plan benefit payments and shall be subject to the same reductions for early commencement, except that the reductions shall be based on the Executive's service deemed as an employee of the Company. The supplemental retirement benefit may be paid in any form available under the Pension Plan, as elected by the Executive prior to benefit payment commencement. The conversion factors between forms of benefits used for purposes of the Pension Plan shall be used for purposes of the supplemental retirement benefit. The form of payment of the supplemental retirement benefit may be the same or different from the form of payment of the Executive's benefits under the Pension Plan. If the form of payment provides for a death benefit, such benefit shall be payable to the Executive's estate, unless another beneficiary has been designated by the Executive. If the Executive dies prior to the commencement of benefit payments, the death benefit provisions of the Pension Plan shall apply, mutatis mutandis, to the supplemental retirement benefit payable pursuant to this Section (4)(f).
Supplemental Retirement. The Employer shall make a contribution in an amount equal to the deductions made from the faculty member’s salary. Deductions shall begin in the faculty member’s third year of employment.
Supplemental Retirement. As allowed by Minnesota Statutes §§ 354C.11, 354C.12 and 356.24, the Employer will make a matching contribution up to a maximum of two thousand two hundred fifty dollars ($2,250) per Fiscal Year to each eligible faculty member’s supplemental retirement account.
Supplemental Retirement. Employee agrees to Salary Reduction Contributions to the 403(b) plan in the following amount(s) per pay period:
Supplemental Retirement. Income Benefit means an actuarially determined annual amount equal to Seventy Thousand Seven Hundred and Four Dollars ($70,704) at age 65 if paid entirely from the Accrued Benefit Account or Forty-Eight Thousand and Seventy-Nine Dollars ($48,079) at age 65 if paid from the Retirement Income Trust Fund. The Supplemental Retirement Income Benefit: ! the definition of Supplemental Retirement Income Benefit has been incorporated into the Agreement for the sole purpose of actuarially establishing the amount of annual Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account). The amount of any actual retirement, pre-retirement or disability benefit payable pursuant to the Agreement will be a function of (i) the amount and timing of Contributions (or Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit Account) and (ii) the actual investment experience of such Contributions (or the monthly compounding rate of Phantom Contributions).
Supplemental Retirement. 1. This Section applies only to teachers employed for the 2003/2004 school year.
2. Any teacher retiring at or after age 55 with 10 years of service to Xxxxxx Township School and before becoming eligible for health benefits under Part A of the Medicare Act will receive, if request is made to the Superintendent at the time of retirement, an annual cash payment of $3,000 paid to the employee’s individual VEBA account until the retiree becomes eligible for health benefits under Part A of the Medicare Act. The initial payment will be made in September of the following school year. These amounts will be payable from a voluntary employee’s beneficiary association (“VEBA”).
3. The allowance per retired teacher will be increased by 3% each year after the retired teacher’s initial year payment of $3,000.
4. Any teacher wishing to access this program shall notify the Superintendent in writing of his or her intention to retire prior to February 1 of the teacher’s final year of service. The retiring teacher must be 55 before September 1 of the following school year to access retirement benefits under this provision. For the year in which the teacher becomes eligible for Medicare, the amount paid to the teacher shall be the pro rata portion of the year from August 1 until the date of Medicare eligibility.
5. The teacher who retires under the supplement provided for in Article 4(C) will be allowed to remain in the Corporation’s group medical, vision and dental insurance until the retiree becomes eligible for health benefits under Part A of the Medicare Act provided the retiree pays the full cost of the insurance premium on a timely basis. The retiree’s individual VEBA account (if any) may be used to pay the insurance premium.
Supplemental Retirement.
A. Supplemental retirement provides for the continuation of medical insurance benefits for those bargaining unit employees choosing to retire. The Board will make this option available for all eligible classified employees for the duration of this Agreement under the following conditions:
1. The employee must be one-half (½) time or more throughout their employment with the District;
2. Employees hired prior to July 1, 1993, must have been a continuous classified employee (inclusive of paid leaves) of the District for fifteen (15) years or more. Employees hired on or after July 1, 1993, and before July 1, 2000, must have been a continuous classified employee (inclusive of paid leaves) of the District for eighteen
