Common use of Tax Deferred Plan II Clause in Contracts

Tax Deferred Plan II. Subd. 1. The School District will contribute 3.275 percent of gross salary per pay period to a tax-deferred matching contribution plan, as permitted by Minn. Stat. § 356.24, for each teacher, provided that: a. The teacher has taught at least two (2) years in the School District. For purposes of this section, teachers who teach ninety (90) days or more per year will be deemed to have taught one (1) year in the School District. b. The teacher has also authorized at least a 3.275 percent of gross salary deduction per pay period thereafter payable to the plan. c. A teacher shall notify the School District in writing on the School District authorized form no later than October 1 of his/her intention to participate in this tax deferred plan. Upon receipt of such form, contributions shall be effective with the next accessible paycheck. Such participation shall continue from year to year unless the teacher notifies the School District to the contrary. d. All percentage amounts referred to in this subdivision are subject to statutory limitations. e. Rehired retired teachers shall not be eligible for School District contributions pursuant to this Section. 2. For purposes of this Section, a teacher's salary is defined as salary schedule placement, including longevity, and shall not include any additional compensation for extracurricular activities, extended employment or other extra compensation.

Tax Deferred Plan II. Subd. 1. The School District will contribute 3.275 percent of gross salary per pay period to a tax-deferred matching contribution plan, as permitted by Minn. Xxxx. Stat. § 356.24, for each teacher, provided that: a. The teacher has taught at least two one (21) years year in the School DistrictDistrict effective in year two of the contract only. For purposes of this section, teachers who teach ninety (90) days or more per year will be deemed to have taught one (1) year in the School District. b. The teacher has also authorized at least a 3.275 percent of gross salary deduction per pay period thereafter payable to the plan. c. A teacher shall notify the School District in writing on the School District authorized form no later than October 1 of his/her intention to participate in this tax deferred plan. Upon receipt of such form, contributions shall be effective with the next accessible paycheck. Such participation shall continue from year to year unless the teacher notifies the School District to the contrary. d. All percentage amounts referred to in this subdivision are subject to statutory limitations. e. Rehired Xxxxxxx retired teachers shall not be eligible for School District contributions pursuant to this Section. 2. For purposes of this Section, a teacher's salary is defined as salary schedule placement, including longevity, and shall not include any additional compensation for extracurricular activities, extended employment or other extra compensation.

Tax Deferred Plan II. Subd. 1. The School District will contribute 3.275 percent of gross salary per pay period to a tax-deferred matching contribution plan, as permitted by Minn. Xxxx. Stat. § 356.24, for each teacher, provided that: a. The teacher has taught at least two (2) years in the School District. For purposes of this section, teachers who teach ninety (90) days or more per year will be deemed to have taught one (1) year in the School District. b. The teacher has also authorized at least a 3.275 percent of gross salary deduction per pay period thereafter payable to the plan. c. A teacher shall notify the School District in writing on the School District authorized form no later than October 1 of his/her intention to participate in this tax deferred plan. Upon receipt of such form, contributions shall be effective with the next accessible paycheck. Such participation shall continue from year to year unless the teacher notifies the School District to the contrary. d. All percentage amounts referred to in this subdivision are subject to statutory limitations. e. Rehired Xxxxxxx retired teachers shall not be eligible for School District contributions pursuant to this Section. 2. For purposes of this Section, a teacher's salary is defined as salary schedule placement, including longevity, and shall not include any additional compensation for extracurricular activities, extended employment or other extra compensation.