Tax Deferred Matching Contribution Plan Sample Clauses

Tax Deferred Matching Contribution Plan. Section 1. The school district shall contribute an amount equal to the teacher's contribution in a tax-deferred matching contribution plan. The district's contribution will be based on the teacher's years of service in the district and shall not exceed the following amounts: Section 2. Active Service: Active Service is defined as credited years for purposes of step movement as of July 1, 2011. After July 1, 2011, active service is defined as credited years of service for purposes of step movement, with the additional requirement that a teacher be assigned to at least 0.5 FTE. Teachers placed on Unrequested Leave of Absence (ULA) under Article XVI or on Leave of Absence (LOA) under Article XII will maintain credited years of active service. Teachers on ULA or LOA will receive credit for active service if their annual FTE assignment is at least 0.5 FTE or the equivalent thereof. An EML President on leave under Article XII, Section 7 shall receive credit for years of active service while on release time. Section 3. Such plan shall be approved and subject to applicable provisions of Minnesota Statutes and IRS Code Section 403(b) or IRS Code Section 457 and any amendments thereto. The District and EML agree to the following: a) Teachers will be allowed to participate in the Minnesota State Deferred Compensation 457 Plan in accordance with Minnesota State law. Teachers currently in this plan as of July 1, 2009, will continue to be eligible for the Employer match. Any new enrollees in the plan after July 1, 2009 will not be eligible for the Employer match. b) Teachers participating in the Valic 457 Plan as of December 1, 2008 will be allowed to continue in this plan until retirement or until they elect to withdraw from this plan, whichever occurs first. These teachers will continue to be eligible for the Employer match. No new enrollees will be allowed in the plan after July 1, 2009. Section 4. The school district contribution is not payable unless the teacher authorizes a matching salary reduction. Section 5. A teacher working less than full-time shall be eligible for a prorated school district contribution provided the employee authorized salary reduction of an equivalent amount paid to the plan for the same period. Section 6. EML and the school district agree that the following vendors will be eligible to receive contributions from employees and the employer: 1. VALIC 2. Ameriprise Financial 3. AXA-Equitable 4. ING – Capital Street Financial 5. Educators Finan...
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Tax Deferred Matching Contribution Plan. A. Purpose. Administrative Assistants or Specialists hired after October 1, 2006 and Administrative Assistants or Specialists hired prior to October 1, 2006 who irrevocably elect the TSA match in lieu of any severance payment by December 31, 2006, will be eligible to participate in a tax-sheltered annuity plan match through payroll deduction pursuant to Section 403(b) of the Internal Revenue Code of 1986, Minn. Stat. 123B.02, Subd. 15 and School District policy. Effective July 1, 2007, an annual School District contribution shall be payable to an eligible employee’s tax deferred matching contribution plan (hereinafter referred to as “Matching Plan”), subject to the following provisions.
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Tax Deferred Matching Contribution Plan. An Employer contribution is payable to an employee’s tax-deferred matching contribution plan, subject to the following provisions.
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Tax Deferred Matching Contribution Plan. Employees with at least five (5) years of employment in the District are eligible to participate in the tax- deferred matching contribution plan. Eligible employees may only begin receiving the matching contribution on their first paycheck following July 1st. The plan shall be approved and subject to applicable provisions of Minnesota Statues and IRS Code Section 403(b) or IRS Code Section 457, and any amendments thereto. The District contribution of $2,520.00 per year effective July 1, 2022 and $2,556.00 per year effective July 1, 2023 is payable up to the amount that the employee authorizes a matching salary reduction. This matching contribution will be prorated to the CFA’s FTE. The District contribution and matching employee contribution will be made to a company of the employee’s choice from the District list of eligible tax shelter companies. It is the responsibility of the employee to make all arrangements required by the vendor to insure that proper payment is made by the District. Participation in the plan is voluntary. SECTION 12‌
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Tax Deferred Matching Contribution Plan. An employee may contribute a portion of his or her base salary to the employee’s retirement contribution plans, either tax-deferred or not tax-deferred, subject to the following subsections.
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Tax Deferred Matching Contribution Plan. Subd. 1. The School District shall contribute an amount equal to the employee’s contribution in a tax deferred matching contribution plan. The employee must have completed the probationary period to be eligible. The District contribution will be based on the employee’s years of service in the District and shall not exceed the following amounts: Years of Service in the District: Employer Match
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Tax Deferred Matching Contribution Plan. The School District shall contribute an amount equal to the full-time instructor’s contribution in a tax-deferred matching contribution plan based upon the instructor’s years of service in the Small Wonders Program: Years of Service Match 4-5 Years $250 match 6-14 Years $600 match 15-19 Years $1000 match 20+ Years $1500 match
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Tax Deferred Matching Contribution Plan. Section 1. The School District shall contribute an amount equal to the Educator's contribution in a tax-deferred matching contribution plan. The District's contribution will be based on the Educator's years of service in the District and shall not exceed the following fiscal amounts: Years of Active Service in the District: Employer Match Section 2. Active Service: Active Service is defined as credited years for purposes of step movement as of July 1, 2011. From July 1, 2011 to June 30, 2021, active service is defined as credited years of service for purposes of step movement, with the additional requirement that an educator be assigned to at least 0.5
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Tax Deferred Matching Contribution Plan 
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Related to Tax Deferred Matching Contribution Plan

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • Company Contributions The Company shall continue to make a Company Contribution for Plan Years 2017, 2018 and 2019, on the same terms and conditions set forth in the Participant Agreement, with the performance metrics and targets in connection with such Company Contributions for such Plan Years to be established in the sole discretion of the Committee, following consultation with the Chief Executive Officer of the Company.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement. 8.2 Contributions shall be recorded on a remittance form and remitted to the designated recipient of such contributions on or before the fifteenth (15) day of the month following the month for which contributions are to be made. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds, as liquidated damages and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter, interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 8.3 The amounts to be designated as wages and/or Employer contributions to the above funds may be varied from time to time by agreement between the Association and the Union. 8.4 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Funds, including provisions for audit security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. 8.5 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 8.6 All employer contributions due and payable to the above funds, except industry promotion funds, shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds and industry promotion funds are not wages or benefits due to an employee and industry promotion funds are dues for services rendered by the Association. 8.7 The Business Representative of the Local Union may inspect, during regular business hours, the Company's record of time worked by employees and contributions to the plan. 8.8 The Employer shall be responsible for the payment of any government sales taxes applicable to any trust fund contributions payable by the Employer.

  • Deferred Compensation Account The Employer shall maintain on its books and records a Deferred Compensation Account to record its liability for future payments of deferred compensation and interest thereon required to be paid to the Employee or his beneficiary pursuant to this Agreement. However, the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee or his beneficiary. The amount reflected in said Deferred Compensation Account shall be available for the Employer's general corporate purposes and shall be available to the Employer's general creditors. The amount reflected in said Deferred Compensation Account shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee or his beneficiary, and any attempt to anticipate, alienate, transfer, assign or attach the same shall be void. Neither the Employee nor his beneficiary may assert any right or claim against any specific assets of the Employer. The Employee or his beneficiary shall have only a contractual right against the Employer for the amount reflected in said Deferred Compensation Account and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay amounts which may become due under this Agreement, the Employer may establish a grantor trust (hereinafter the "Trust") within the meaning of Section 671 of the Internal Revenue Code of 1986, as amended. The assets in such Trust shall at all times be subject to the claims of the general creditors of the Employer in the event of the Employer's bankruptcy or insolvency, and neither the Employee nor any beneficiary shall have any preferred claim or right, or any beneficial ownership interest in, any such assets of the Trust prior to the time such assets are paid to the Employee or beneficiary pursuant to this Agreement. The Employer shall credit to said Deferred Compensation Account the amount of any salary to which the Employee becomes entitled and which is deferred pursuant to Section 1 hereof, such amount to be credited as of the first business day of each month. The Employer shall also credit to said Deferred Compensation Account an Interest Equivalent in the amount and manner set forth in Section 3 hereof.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Nonqualified Deferred Compensation (a) It is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to Section 409A of the Code shall be paid and provided in a manner, and at such time and form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance. (b) Neither Company nor Executive shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any manner which would not be in compliance with Section 409A of the Code (including any transition or grandfather rules thereunder). (c) Because Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, any payments to be made or benefits to be delivered in connection with Executive’s “Separation from Service” (as determined for purposes of Section 409A of the Code) that constitute deferred compensation subject to Section 409A of the Code shall not be made until the earlier of (i) Executive’s death or (ii) six months after Executive’s Separation from Service (the “409A Deferral Period”) as required by Section 409A of the Code. Payments otherwise due to be made in installments or periodically during the 409A Deferral Period (“Delayed Payments”) shall be accumulated and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payment shall be made as otherwise scheduled. Any such benefits subject to the rule may be provided under the 409A Deferral Period at Executive’s expense, with Executive having a right to reimbursement from Company once the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. Any Delayed Payments shall bear interest at the United States 5-year Treasury Rate plus 2%, which accumulated interest shall be paid to Executive as soon as the 409A Deferral Period ends. (d) For purposes of this Agreement, all rights to payments and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. (e) Notwithstanding any other provision of this Agreement, neither Company nor its subsidiaries or affiliates shall be liable to Executive if any payment or benefit which is to be provided pursuant to this Agreement and which is considered deferred compensation subject to Section 409A of the Code otherwise fails to comply with, or be exempt from, the requirements of Section 409A of the Code.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

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