Common use of Deferred Compensation Matching Program Clause in Contracts

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.