403B Contribution Clause Samples
A 403B Contribution clause outlines the terms under which an employer will make contributions to an employee’s 403(b) retirement savings plan. Typically, this clause specifies the amount or percentage of salary to be contributed, the frequency of contributions, and any eligibility requirements such as minimum service periods or employment status. Its core function is to ensure both parties understand the employer’s obligations regarding retirement benefits, providing clarity and helping employees plan for their financial future.
403B Contribution. A monthly 403B contribution in the amount of $100/month ($1,200/year) will be given to current full time employees covered in the bargaining unit. This amount will be prorated based on each employee’s contractual FTE (eg. .5 employees will receive $50.00/ month). Every eligible employee is required to notify the Business Office to advise the Office of the entity that is to receive the 403B contribution. If an employee fails to notify the Business Office of the entity that is to receive the 403B contribution, the Business Office will send a written reminder to the employee. If, within ten (10) duty days of the date on which the Business Office has mailed the reminder to the employee, the employee fails to advise the Business Office of the entity which is to receive the contribution, the employee will forfeit all rights to receive the 403B contribution for that year.
403B Contribution. A. All employees of the Hartford School District Support Staff Unit shall be eligible to contribute their own personal funding to the 403B without a contribution from the District, subject to IRS regulations.
B. The District shall maintain and fund [6.28% of an employee’s annual straight- time wages] a 403B plan on behalf of full and part-time employees who are regularly scheduled to work twelve (12) months per year as noted herein. Full- time employees (those regularly scheduled to work 2,080 hours per year and 12- month secretaries who are regularly scheduled to work 1,820 hours) shall be eligible for participation in the 403B plan on the July 1st following the employee having achieved 1,000 hours of employment with the District. Part-time, full-year employees (those regularly scheduled to work less than 2,080 hours per year or 12-month secretaries who work less than 1,820 hours) shall be eligible on July 1st following the employee’s fourth anniversary date of employment.
403B Contribution. The District will make an annual, non-elective employer contribution to the Director’s 403(b) account in the amount of 1.5% of the Director’s current annual base salary. Such payment shall be made on or about May 15th of each year. It is understood that the Director agrees to indemnify and save the District harmless against any and all claims and/or liabilities, including attorney’s fees, that arise out of or by reason of action taken or not taken by the District for the purpose of complying with this provision.
403B Contribution. The District will make an annual, non- elective employer contribution to the Superintendent's section 403(b) account in the amount of three and one-half percent (3.5%) of the Superintendent's then-current annual base salary. Such payment shall be made on or about May 15th of each year. It is understood that the Superintendent agrees to indemnify and hold the District harmless against any and all claims and/or liabilities, including attorney's fees, that arise out of, or by reason of, action taken or not taken by the District for the purpose of complying with this provision.
403B Contribution. The District shall establish a tax-deferred annuity program under Internal Revenue Code section 403(b). In each year of this contract (2025-2029), the District agrees to contribute on behalf of administrators and supervisors who choose to participate in the program an amount equal to the administrator's or supervisor’s contribution to an annual maximum according to the following chart: 2025-2026 $1,200 2026-2027 $1,300 2027-2028 $1,400 2028-2029 $1,500
403B Contribution. The District will match the first $1,200 of employee contribution to an eligible 403(b) plan as an employer contribution, annually.
403B Contribution. The Board will contribute ten percent { I 0%) of the Superintendent's salory as stated in Section 2 above toward a qualified 403b onnuity of the Superintendent's choice.
403B Contribution. The School District shall contribute $1,300 in contract year 2023-2024 and $1,400 in contract year 2024-2025 to a 403b plan providing the ▇▇▇▇ of Students contributes an equal amount to the plan.
403B Contribution