Common use of College Contribution Clause in Contracts

College Contribution. Employee plus Child(ren)/Full Family.‌ 1) For classified members contributing $500 or less to Sec. 125, the College shall contribute $500 annually to the classified member's Sec. 125 account. In addition, the College shall pay a stipend of $1,215 to such classified members no later than February 25 each calendar year.‌ 2) For classified members contributing between‌ $500.01-$1,715.00 to Sec. 125, the College shall match the classified member’s contribution dollar for dollar up to $1,715. In addition, the College shall pay a stipend no later than February 25 each calendar year according to the following formula where x is the amount the classified member contributes annually. ($1,715 – x) = stipend amount. Example: if a classified member contributes $600, the stipend amount will be $1,115 i.e., ($1,715 - $600) = $1,115. 3) For classified members contributing $1,715.01 or more to Sec. 125, the College shall match the classified member’s contribution dollar for dollar up to‌ $1,715. Example: if a classified member contributes $1,800, the College will contribute $1,715

College Contribution. Employee plus Child(ren)/Full Family.‌Family. 1) a. For classified members contributing $500 or less to Sec. 125, the College shall contribute $500 annually to the classified member's Sec. 125 account. In addition, the College shall pay a stipend of $1,215 of$1,215 to such classified members no later than February 25 10 each calendar year.‌year. 2) b. For classified members contributing between‌ between $500.01-$1,715.00 to Sec. 125, the College shall match the classified member’s contribution dollar for dollar up to $1,715. In addition, the College shall pay a stipend no later than February 25 10 each calendar year according to the following formula where formulawhere x is the amount the classified member contributes annually. ($1,715 – x) = stipend amount. Example: if a classified member contributes $600, the stipend amount will be $1,115 i.e., ($1,715 - $600) = $1,115. 3) c. For classified members contributing $1,715.01 or more to Sec. 125, the College shall match the classified member’s contribution dollar for dollar up to‌ to $1,715. Example: if a classified member contributes $1,800, the College will contribute $1,715.