Deferred Compensation Matching Program Clause Samples
The Deferred Compensation Matching Program clause establishes an arrangement where an employer agrees to match a portion of an employee's contributions to a deferred compensation plan. Typically, this means that for every dollar the employee defers from their salary into the plan, the employer contributes an additional amount up to a specified limit, such as a percentage of the employee's salary or a fixed dollar cap. This clause incentivizes employees to save for retirement or other long-term goals by providing additional employer-funded benefits, thereby enhancing employee retention and financial security.
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Deferred Compensation Matching Program. All eligible employees will be eligible to participate in the matching program starting with the 2004-2005 school year. The District will match the amount the employee is contributing up to the amounts defined below. District contributions will be on a prorated basis. Employees hired on or after July 1, 2004 will be eligible for this program and will not be eligible to participate in the District’s former severance program. Employees hired prior to July 1, 2004, who previously elected to switch to Deferred Compensation can participate in this Deferred Compensation program on a voluntary basis but will not be eligible for both Deferred Compensation and Severance (See Appendix C). Employees who previously elected to participate in this program cannot change back to the District’s severance plan. The District’s contribution will be on a prorated basis. Eligible employees must elect to participate in the deferred compensation program. Participation will continue at the same level until the Payroll Department is notified in writing of any change. The District will pay its matching share of FICA and TRA taxes as provided in Minnesota Deferred Compensation legislation until legislation changes. Effective July 1, 2022, the District will match eligible employee contribution up to 3.0% of annual scheduled salary and career increments.
Deferred Compensation Matching Program. All full time teachers (as defined by ARTICLE X, Section 5, above), upon receiving continuing contract status in the District will be eligible to participate in the deferred compensation matching program at the commencement of the 1991-1992 school year.
Deferred Compensation Matching Program. Eligible employees include (a) employees hired on or after July 1, 1999 and (b) employees hired prior to July 1, 1999 who previously elected this Deferred Compensation Matching Program and do not participate in the District Severance Pay Program (see Appendix B A13.1-A13.
Deferred Compensation Matching Program. Eligible employees include (a) employees hired on or after July 1, 1990 and (b) employees hired prior to July 1, 1990 who elected this Deferred Compensation Matching Program and do not participate in the District Severance Pay Program (see Appendix C – Severance). All eligible employees as defined in this Section after having completed five years of service in the St. Louis Park Public District will be eligible to participate in the deferred compensation matching program. The District will match the amount a full-time employee contributes up to the amounts defined in Section 13.C. District contributions for employees less than full-time will be on a pro-rata basis.
A. Eligible employees must elect to participate in the deferred compensation program. Participation will continue at the same level until the Payroll Department is notified in writing of any changes.
B. The District will pay its matching share of FICA taxes as provided in Minnesota Deferred Compensation legislation until legislation changes.
C. The District will match eligible employee’s contributions up to the following amounts annually:
D. District participation in the program will not exceed $40,000.
Deferred Compensation Matching Program. All Early and Family Education teachers who are regularly employed for 1,110 hours (30 hours a week/.75 FTE of a full-time K- 12 teacher) per fiscal year and are beginning their 4th year of teaching shall be eligible to participate in the District deferred compensation matching program according to the schedule below:
Deferred Compensation Matching Program. All full-time employees (as defined by ARTICLE IX, Section 2) beginning their fourth (4th) year of employment in District 112 will be eligible to participate in the deferred compensation matching program.
Subd. 1. Eligible employees who began their employment in the District prior to July 1, 1990 are eligible to participate in the deferred compensation matching program in addition to the severance program. Should these employees participate in the deferred compensation matching program and become eligible for severance pay (pursuant to Article XIII), the total District 112 matching contribution (does not include accrued interest which is the property of the employee) will be subtracted from the severance amount with the employee receiving the net amount as severance. Should the District’s contribution to the deferred compensation matching program exceed the employees eligible severance at the time of retirement, no
Subd. 2. An eligible employee must notify the payroll office, in writing, of his/her intention to participate in the District’s matching program and the amount of the employee’s contribution. This notice shall continue from year to year at the specified amount unless the employee notifies the payroll office in writing of any change. Eligible employees may elect to participate in the District’s matching program at the time of open enrollment (for the following contract year) or at any time during the eligible contract year.
Subd. 3. The District will pay its matching share of FICA and PERA taxes as provided for in the Minnesota Deferred Compensation legislation.
Subd. 4. District 112 will match eligible employee contribution in the following amounts: Years of Service 2018-2019 Maximum Matching 2019-2020 Contribution Beginning year 1 through 3 = not eligible = not eligible Beginning year 4 through 10 = up to $455 = up to $515 Beginning year 11 through 20 = up to $825 = up to $885 Beginning year 21+ = up to $1,000 = up to $1,060
Deferred Compensation Matching Program. Eligible employees include (a) employees hired on or after July 1, 1999 and (b) employees hired prior to July 1, 1999 who elected this Deferred Compensation Matching Program and do not participate in the District Severance Pay Program (see Appendix B – Severance). All eligible employees in the CAPS unit as defined in this Section after having completed five years of service in the St. Louis Park Public School District will be eligible to participate in the deferred compensation matching program. The District will match the amount an employee contributes up to the amounts defined in Section 13.C. District contributions will be on a pro-rata basis.
A. Eligible employees must elect to participate in the deferred compensation program each year. Participation will continue at the same level until the Payroll Department is notified in writing of any changes.
B. The District will pay its matching share of FICA taxes as provided in Minnesota Deferred Compensation legislation until legislation changes.
C. The District will match eligible employee’s contributions up to the following amounts: • $500 maximum: Employees who have completed 0-4 years of service in the District annually. • $750 maximum: Employees who have completed 5-9 years of service in the District annually. • $1000 maximum: Employees who have completed 10-14 years of service in the District annually. • $1250 maximum: Employees who have completed 15-19 years of service in the District annually. • $1500 maximum: Employees who have completed 20 or more years of service in the District annually.
Deferred Compensation Matching Program. All Early and Family Education teachers who are regularly employed for one thousand one hundred ten (1,110) hours (30 hours a week/.75 FTE of a full time K-12 teacher) per fiscal year and are beginning their fourth (4th) year of teaching shall be eligible to participate in the District Deferred Compensation Matching Program according to the schedule below: Up to $500 Yearly For teachers beginning their 4th through 9th years of teaching in District 112 Up to $700 Yearly For teachers beginning their 10th through 18th years of teaching in District 112 Up to $900 Yearly For teachers beginning year their 19th or more years of teaching in District 112 Subd. 1. Eligible Early and Family Education teachers must make the deferred compensation election during the eligibility period. Participation will continue at the same rate until the Office of Fiscal Affairs is notified of a change.
Deferred Compensation Matching Program. All eligible employees will be eligible to participate in the matching program starting with the 2004-2005 school year. The District will match the amount the employee is contributing up to the amounts defined below. District contributions will be on a prorated basis. Employees hired on or after July 1, 2004 will be eligible for this program and will not be eligible to participate in the District’s former severance program. Employees hired prior to July 1, 2004, who previously elected to switch to Deferred Compensation can participate in this Deferred Compensation program on a voluntary basis but will not be eligible for both Deferred Compensation and Severance (See Appendix C). Employees who previously elected to participate in this program cannot change back to the District’s severance plan. The District’s contribution will be on a prorated basis. Eligible employees must elect to participate in the deferred compensation program. Participation will continue at the same level until the Payroll Department is notified in writing of any change. The District will pay its matching share of FICA and TRA taxes as provided in Minnesota Deferred Compensation legislation until legislation changes. Effective July 1, 2022, the District will match eligible employee contribution up to 3.0% of annual scheduled salary and career increments. The District is only responsible for the required contributions amounts. In the event of a District error in making the contributions, the District will correct the amounts contributed but is not responsible for any estimated gains or losses in the funds values. It is also the responsibility of the employee to track contributions amounts at least annually and notify the District promptly if the employee feels the amount contributed is incorrect, so that it can be corrected.
Deferred Compensation Matching Program. Subd. 1 Eligibility: Employees regularly employed thirty (30) or more hours per week shall be eligible to participate in the District’s deferred compensation matching program. Eligible employees may participate in the program whether or not they are eligible for the District match in Subd. 2 below.