Common use of Tax Deferred Plan I Clause in Contracts

Tax Deferred Plan I. The School District will increase the salary of each teacher on Step 5 and beyond by the amount listed below, for the purpose of purchasing a tax deferred plan in accordance with the School District’s plan documents. If a teacher does not desire to purchase a tax deferred plan, the amount listed below will be forfeited. The School District shall make a contribution only if the teacher remains enrolled in the tax deferred plan program for the entire school year. Part-time teachers' contributions shall be prorated based upon the amount of time served; however, part-time teachers who do not serve one hundred five (105) days in the school year shall not be eligible for a contribution. Degree Status Amount BA $85.00 each BA+15 $85.00 each BA+30 $95.00 each BA+45 $95.00 each MA $105.00 each MA+20 $110.00 each MA+40 $115.00 each Selection and performance of a tax deferred plan is solely the responsibility of the teacher. This section shall sunset effective June 30, 2004, for teachers hired on or after July 1, 1988.

Tax Deferred Plan I. The School District will increase the salary of each teacher on Step 5 and beyond by the amount listed below, for the purpose of purchasing a tax deferred plan in accordance with the School District’s plan documents. If a teacher does not desire to purchase a tax deferred plan, the amount listed below will be forfeited. The School District shall make a contribution only if the teacher remains enrolled in the tax deferred plan program for the entire school year. Part-time teachers' contributions shall be prorated based upon the amount of time served; however, part-part- time teachers who do not serve one hundred five (105) days in the school year shall not be eligible for a contribution. Degree Status Amount BA $85.00 each BA+15 $85.00 each BA+30 $95.00 each BA+45 $95.00 each MA $105.00 each MA+20 $110.00 each MA+40 $115.00 each Selection and performance of a tax deferred plan is solely the responsibility of the teacher. This section shall sunset effective June 30, 2004, for teachers hired on or after July 1, 19881,1988.