Common use of ANNUITY PROGRAM Clause in Contracts

ANNUITY PROGRAM. A. The Board will match a minimum $600 contribution by the teacher on a dollar-for-dollar basis up to $1200. If the teacher separates from Board employment prior to contributing at least $600, the District will withhold the equivalent of the match it has already contributed from the teacher’s last paycheck. B. The deadline to sign up for the annuity program for a school year in order to receive Board matching amount: 1. An individual already employed or hired on or prior to August 1: August 15. 2. An individual hired after August 1: September 30. C. Requests for changes in the amount of contribution or the company contributed to must be done by: 1. August 15 for a change to commence in September contributions 2. December 15 for a change to commence in January contributions 3. March 15 for a change to commence in April contributions D. The Board may limit the number of financial companies participating in the program to the extent permitted by law. E. The Board’s contribution shall be included as earnings for retirement purposes for all bargaining unit members. F. Eligibility for the annuity program shall be limited to full-time certified employees (persons working at least 30 hours per week). Part-time certified employees hired prior to March 1, 2007 shall maintain their eligibility. Those part-time employees are eligible for a match prorated based on their hours worked. (For example, an employee who works half time is eligible for a 50 percent match on contributions of at least $600.)