Common use of 403(b) Match Clause in Contracts

403(b) Match. The Board shall contribute a match of 2% of a teacher’s salary into a qualified IRS Code Section 403(b) annuity plan. To be eligible for this match, teachers must contribute a minimum of 2% of their salary through payroll. The 403(b) vesting schedule for teachers is: 1 year of service – 0% 2 years of service – 0% 3 years of service – 50% 4 years of service – 50% 5 years of service – 100%

403(b) Match. The Board shall contribute a match of 2% of a teacher’s salary into a qualified IRS Code Section 403(b) annuity plan. To be eligible for this match, teachers must contribute a minimum of 2% of their salary through payroll. The 403(b) vesting schedule for teachers is: is ● 1 - year of service – 0% ● 2 - years of service – 0% ● 3 - years of service – 50% ● 4 - years of service – 50% ● 5 - years of service – 100%