Tier 1 (Matching Annuity Clause Samples
The 'Tier 1 (Matching Annuity)' clause defines the criteria and treatment for annuities that qualify as Tier 1 capital under regulatory frameworks, typically in the context of insurance or financial agreements. This clause outlines the specific features an annuity must possess—such as being fully paid, having loss-absorbing capacity, or meeting certain duration requirements—to be recognized as high-quality capital. For example, it may specify that only annuities with no early redemption rights and with payments linked to the insurer’s solvency position are eligible. The core function of this clause is to ensure that only robust, regulatorily compliant annuities are counted toward Tier 1 capital, thereby supporting financial stability and regulatory compliance.
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.
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.
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.