Common use of Supplemental Retirement Plan Clause in Contracts

Supplemental Retirement Plan. For each payroll period beginning July 1, 2019 and for each year thereafter during the term of this Contract, the District shall add to the Salary of the Superintendent the amount equal to the maximum individual contribution allowed under Sections 403(b) and or 458(b) of the Internal Revenue Code. The payment will be made in equal monthly installments. (“Additional Salary”). In the event the Superintendent executes a salary deferral agreement in accordance with the requirements of Sections 403(b) and/or 457(b) of the Internal Revenue Code (the "Code") in at least the amount of the Additional Salary, the Additional Salary shall be paid as a salary deferral contribution (“Salary Deferral Contribution”). Under and pursuant to applicable Internal Revenue Service rules the Superintendent shall have the option to elect to receive the Additional Salary in cash rather than as a Salary Deferral Contribution. All such Salary Deferral Contributions contemplated herein shall be paid to a plan established by the District under Section 403(b) and/or Section 457(b) of the Code. Such plans shall include investments as allowed under Sections 403(b), 403(b)(7) and/or 457(b) of the Code, respectively, and the investments for the Superintendent’s accounts shall be solely at his discretion. The Superintendent shall at all times be 100% vested in his account under the 403(b) and/or 457(b) plan. The Salary Deferral Contributions contemplated herein shall be treated as salary deferrals under the Code and shall be reported as "creditable compensation" by the District for purposes of the Teacher Retirement System of Texas. No payments under this Section shall be made after the Superintendent’s employment terminates.

Supplemental Retirement Plan. For each payroll period beginning July 1, 2019 2020, and for each year thereafter during the term of this Contract, the District shall add to the Salary of the Superintendent the amount equal to the maximum individual contribution allowed under Sections 403(b) and or 458(b) of the Internal Revenue Code. The payment will be made in equal monthly installments. $625.00 per payroll (“Additional Salary”), not to exceed $1,250 per month. In the event the Superintendent executes a salary deferral agreement in accordance with the requirements of Sections 403(b) and/or 457(b) of the Internal Revenue Code (the "Code") in at least the amount of the Additional Salary, the Additional Salary shall be paid as a salary deferral contribution (“Salary Deferral Contribution”). Under and pursuant to applicable Internal Revenue Service rules the Superintendent shall have the option to elect to receive the Additional Salary in cash rather than as a Salary Deferral Contribution. All such Salary Deferral Contributions contemplated herein shall be paid to a plan established by the District under Section 403(b) and/or Section 457(b) of the Code. Such plans shall include investments as allowed under Sections 403(b), 403(b)(7) and/or 457(b) of the Code, respectively, and the investments for the Superintendent’s accounts shall be solely at his discretion. The Superintendent shall at all times be 100% vested in his account under the 403(b) and/or 457(b) plan. The Salary Deferral Contributions contemplated herein shall be treated as salary deferrals under the Code and shall be reported as "creditable compensation" by the District for purposes of the Teacher Retirement System of Texas. No payments under this Section shall be made after the Superintendent’s employment terminates.

Supplemental Retirement Plan. For each payroll period beginning July January 1, 2019 2025 and for each year thereafter during the term of this Contract, the District shall add to the monthly Salary of the Superintendent the amount equal needed each month to contribute 25% of the maximum individual contribution allowed under Sections voluntary salary reduction contributions permitted by the Internal Revenue Code (the “Code”) for a 403(b) and 457(b) plan, including, if applicable, the additional deferral allowed for plan participants who are age 50 or 458(b) of the Internal Revenue Code. The payment will be made in equal monthly installments. older (“Additional Salary”), by the end of the calendar year. In the event the Superintendent executes a salary deferral agreement in accordance with the requirements of Sections 403(b) and/or 457(b) of the Internal Revenue Code (the "Code") in at least the amount of the Additional Salary, the Additional Salary shall be paid as a salary deferral contribution (“Salary Deferral Contribution”). Under and pursuant to applicable Internal Revenue Service rules rules, the Superintendent shall have the option to elect to receive the Additional Salary in cash rather than as a Salary Deferral Contribution. All such Salary Deferral Contributions contemplated herein shall be paid to a plan plans established by the District under Section Sections 403(b) and/or Section 457(b) of the Code. Such plans shall include investments as allowed under Sections 403(b), 403(b)(7) and/or 457(b) of the Code, respectively, and the investments for the Superintendent’s accounts shall be solely at his discretion. The Superintendent shall at all times be 100% vested in his account under the 403(b) and/or 457(b) planplans. The Salary Deferral Contributions contemplated herein These contributions shall be treated as a salary deferrals deferral under the Code and shall be reported as "“creditable compensation" ” by the District for purposes of the Teacher Retirement System of Texas. No payments under this Section shall be made after the Superintendent’s employment terminates.

Supplemental Retirement Plan. For each payroll period beginning July 1, 2019 2021, and for each year thereafter during the term of this Contract, the District shall add to the Salary of the Superintendent the amount equal to the maximum individual contribution allowed under Sections 403(b) and or 458(b) of the Internal Revenue Code. The payment will be made in equal monthly installments. $625.00 per payroll (“Additional Salary”), not to exceed $1,250 per month. In the event the Superintendent executes a salary deferral agreement in accordance with the requirements of Sections 403(b) and/or 457(b) of the Internal Revenue Code (the "Code") in at least the amount of the Additional Salary, the Additional Salary shall be paid as a salary deferral contribution (“Salary Deferral Contribution”). Under and pursuant to applicable Internal Revenue Service rules the Superintendent shall have the option to elect to receive the Additional Salary in cash rather than as a Salary Deferral Contribution. All such Salary Deferral Contributions contemplated herein shall be paid to a plan established by the District under Section 403(b) and/or Section 457(b) of the Code. Such plans shall include investments as allowed under Sections 403(b), 403(b)(7) and/or 457(b) of the Code, respectively, and the investments for the Superintendent’s accounts shall be solely at his discretion. The Superintendent shall at all times be 100% vested in his account under the 403(b) and/or 457(b) plan. The Salary Deferral Contributions contemplated herein shall be treated as salary deferrals under the Code and shall be reported as "creditable compensation" by the District for purposes of the Teacher Retirement System of Texas. No payments under this Section shall be made after the Superintendent’s employment terminates.

Supplemental Retirement Plan. For each payroll period beginning July 1, 2019 and for each year thereafter during the term of this Contract, the District shall add contribute to the Salary Superintendent's Supplemental Retirement Plan on or before July 31 of each year during the term of this Contract. Any and all employer contributions made on or before the effective date of this Contract shall 100% vest with the Superintendent. On behalf of the Superintendent, if the Superintendent continues to be employed by the amount equal District as of July 1st of each respective contract year listed below, and if the Superintendent receives a satisfactory rating on his annual performance review under the goals and objectives established by the Board for the year being reviewed, then the Board shall make an annual contribution to the maximum individual contribution allowed under Sections Superintendent's existing 403(b) or 457 plan in amounts as follows: On or Before July 1st Amount Vesting Date 2021 $15,000.00 July 1, 2022 2022 $17,500.00 July 1 2023 2023 $20,000.00 July 1 2024 2024 $22,500.00 July 1 2025 SUPERINTENDENT'S EMPLOYMENT CONTRACT PAGES Each contribution to the Supplemental Retirement Plan and or 458(b) of earnings thereon shall become vested with the Internal Revenue CodeSuperintendent at the vesting date listed above, provided that the Superintendent is still employed with the District on that date. The payment will Supplemental Retirement Plan shall be made in equal monthly installments. (“Additional Salary”). In the event the Superintendent executes a salary deferral agreement in accordance with the requirements of Sections plan established under Section 403(b) and/or 457(b) of the ofthe Internal Revenue Code (the "Code") in at least the amount and a plan established under Section 401(a) of the Additional Salary, the Additional Salary Code where appropriate. The 403(b) and 401(a) plans shall be established as employer-paid as a salary deferral contribution (“Salary Deferral Contribution”). Under plans with non-discretionary contributions by the District, and pursuant to applicable Internal Revenue Service rules the Superintendent shall have the option to elect no right to receive the Additional Salary such contributions in cash rather than as a Salary Deferral Contributioncash. All such Salary Deferral Contributions contemplated herein shall be paid to a plan established by the District under Section The 403(b) and/or Section 457(bplan and a 401(a) plan shall each be established under a written plan document that meets the requirements of the Code. Such plans shall include investments as allowed under Sections 403(b), 403(b)(7) and/or 457(b) of the Code, respectively, Code and the investments for the Superintendent’s accounts shall be solely at his discretionsuch documents are hereby incorporated herein by reference. The Superintendent shall at all times be 100% vested in his account under funds for the 403(b) and/or 457(bplan and 401(a) plan. The Salary Deferral Contributions contemplated herein plan shall each be treated invested in such investment vehicles as salary deferrals are allowable under the Code for the applicable type of plan. Funds shall first be contributed to the 403(b) plan up to applicable limits and shall be reported as "creditable compensation" by then to the District for purposes of the Teacher Retirement System of Texas. No payments under this Section shall be made after the Superintendent’s employment terminates401(a) plan.