Common use of Deferred Compensation Matching Program Clause in Contracts

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. 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. D. District participation in the program will not exceed $30,000. E. Employees hired prior to July 1, 1999 can participate in the program on a voluntary basis, but will not be eligible for both plans and cannot change back to the District’s severance program (see Appendix B). The District’s contribution will be on a pro-rata basis.