Common use of Tier 1 (Matching Annuity Clause in Contracts

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 12.00% of the employee’s base salarysalary on January 1, 2022. 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%percentage. 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 11.25% 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 11.25%. 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.