Yearly Lump Sum contribution Clause Samples
Yearly Lump Sum contribution. A. FOR THE PERIOD OF TIME COMMENCING WITH THE 61ST ACTIVE REGULAR CONTINUOUS SERVICE MONTH AND THROUGH THE 120TH ACTIVE REGULAR CONTINUOUS SERVICE MONTH THE EMPLOYER WILL CONTRIBUTE TO THE 403(B) BASE RETIREMENT PROGRAM, AN AMOUNT EQUAL TO ONE-HALF (1/2) PERCENT OF THE EMPLOYEE’S WAGE, CALCULATED AS OF JUNE 30TH PRIOR TO THE CONTRIBUTION, FOR EACH YEAR OF REGULAR SERVICE. THE LUMP SUM CONTRIBUTIONS SHALL BE MADE THE MONTH FOLLOWING COMPLETION OF EACH YEAR UP TO A MAXIMUM OF 5 YEARLY CONTRIBUTIONS.
Yearly Lump Sum contribution a. For the period of time commencing with the 61st active regular continuous service month and through the 120th active regular continuous service month the Employer will contribute to the 403(b) Base Retirement Program, an amount equal to one-half (1/2) percent of the bargaining unit’s average wage (aggregate pay including overtime compensation divided by total FTEs), calculated as of June 30th prior to the contribution, for each year of regular service. The lump sum contributions shall be made the month following completion of each year up to a maximum of 5 yearly contributions.
b. The lump sum payment shall be calculated based upon the annual employment status for those employees working half or three quarter time.
c. At the completion of 120 active regular continuous service months, lump sum payments shall be eliminated and the Employer contribution shall be governed by Paragraph E.4. below.
Yearly Lump Sum contribution a. For the period of time commencing with the 61st active regular continuous service month and through the 120th active regular continuous service month the Employer will contribute to the 403(b) Base Retirement Program, an amount equal to one-half percent (½%) of the bargaining unit’s average wage (aggregate pay including overtime compensation divided by total FTEs), calculated as of June 30th prior to the contribution, for each year of regular service. The lump sum contributions shall be made the month following completion of each year up to a maximum of five
Yearly Lump Sum contribution. A. For the period of time commencing with the 61st active regular continuous service month and through the 120th active regular continuous service month the employer will contribute to the 403(b) Base Retirement Program an amount equal to one-half (1/2) percent of the employee’s annual wage, calculated as of June 30th prior to the contribution, for each year of regular service. The lump sum contributions shall be made the month following completion of each year up to a maximum of 5 yearly contributions.
B. At the completion of 120 active regular continuous service months, lump sum payments shall be eliminated and the employer contribution shall be governed by paragraph 4 below.