Tier 1 (Matching Annuity Sample Clauses

Tier 1 (Matching Annuity a. The School Corporation agrees to match employee contributions to 403(b) (TSA) programs up to a maximum of 1% of the employee’s base salary. Base salary does not include pay for summer school, ECA assignments or workshops. The School Corporation’s match will be made to a 401(a) retirement account on the employee’s behalf. b. Contributions already being made to a 403(b) program do count toward the employee’s 1%. c. Employees are vested in the School Corporation’s 401(a) match after five (5) years of participation without a break in employment. Current employees will be vested after completing five (5) years with the MCCSC. Employees who have been with the MCCSC more than five (5) years are already vested. Vesting means the employee gets to keep the balance in the account even if no longer employed by the MCCSC. d. New benefit-eligible employees are automatically enrolled at 2.25% of the employee’s base salary in the 403b program. A Waiver form must be completed for the employee to opt out of the 403b program.
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Tier 1 (Matching Annuity a. The School Corporation agrees to match employee contributions to 403(b) (TSA) programs up to a maximum of 1.50% of the employee’s base salary on January 1, 2020 and will increase up to a maximum amount of 1.75% on January 1, 2021. Base salary does not include pay for summer school, ECA assignments or workshops. The School Corporation’s match will be made to a 401(a) retirement account on the employee’s behalf. b. Contributions already being made to a 403(b) program do count toward the employee’s 1.50%. c. Employees are vested in the School Corporation’s 401(a) match after five (5) years of participation without a break in employment. Current employees will be vested after completing five (5) years with the MCCSC. Employees who have been with the MCCSC more than five (5) years are already vested. Vesting means the employee gets to keep the balance in the account even if no longer employed by the MCCSC. d. New benefit-eligible employees are automatically enrolled at 2.25% of the employee’s base salary in the 403b program. A Waiver form must be completed for the employee to opt out of the 403b program.
Sample 1
Tier 1 (Matching Annuity a. The School Corporation agrees to match employee contributions to 403(b) (TSA) programs up to a maximum of 1% of the employee’s base salary. Base salary does not include pay for summer school, ECA assignments or workshops. b. Contributions already being made to a 403(b) program do count toward the employee’s 1%. c. Employees are vested after five (5) years of participation without a break in employment. Current employees will be vested after completing five (5) years with the MCCSC. Employees who have been with the MCCSC more than five (5) years are already vested. Vesting means the employee gets to keep the balance in the account even if no longer employed by the MCCSC.
Sample 1

Related to Tier 1 (Matching Annuity

  • 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.

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • 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.

  • Contribution Eligibility You are eligible to make a regular contribution to your Xxxx XXX, regardless of your age, if you have compensation and your MAGI is below the maximum threshold. Your Xxxx XXX contribution is not limited by your participation in an employer-sponsored retirement plan, other than a Traditional IRA.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17

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