Common use of Deferred Compensation Program Clause in Contracts

Deferred Compensation Program. In accordance with Section 457 or 403b of the Internal Revenue Code and Minnesota Statute §356.24, the School District will match the contribution of an eligible Kidstop Instructor according to the following schedules towards either the Minnesota State Deferred Compensation Program (Section 457) or an approved 403b tax sheltered annuity plan. The plan must meet the School Districts’ guidelines for approval. The contribution and match are forwarded each pay period to the plan account. Employees who have been contributing to a 457 plan prior to the ratification of the 2014-2016 contract will be grandfathered in, with the District contributing matching funds to the 457 plan. Employees hired on or after July 1, 2014 or new enrollees to the deferred compensation program will have all matching funds contributed to a 403(b) plan. The District will match the minimum or maximum amount, or any amount in between. Subd. 0 Xxxxxxx Xxxxxxxx Xxxxxx Xxxxx, 0000-0000: Eligibility Minimum District Annual Match Amount Maximum District Annual Match Amounts 1 year of service $250* For 12-month employees, the District will match up to $10.42 per pay check up to a maximum of $250 per year.) For 10 ½-month employees, the District will match up to $13.16 per pay check up to a maximum of $250 per year. $880* For 12-month employees, the District will match up to $36.67 per pay check up to a maximum of $880 per year.) For 10 ½-month employees, the District will match up to $46.32 per pay check up to a maximum of $880 per year. *Employees may choose to defer more than the District annual match amount. Federal law determines the maximum amount an individual can contribute annually.

Deferred Compensation Program. In accordance with Section 457 or 403b of the Internal Revenue Code and Minnesota Statute §356.24, the School District will match the contribution of an eligible Kidstop Instructor according to the following schedules towards either the Minnesota State Deferred Compensation Program (Section 457) or an approved 403b tax sheltered annuity plan. The plan must meet the School Districts’ guidelines for approval. The contribution and match are forwarded each pay period to the plan account. Employees who have been contributing to a 457 plan prior to the ratification of the 2014-2016 contract will be grandfathered in, with the District contributing matching funds to the 457 plan. Employees hired on or after July 1, 2014 or new enrollees to the deferred compensation program will have all matching funds contributed to a 403(b) plan. The District will match the minimum or maximum amount, or any amount in between. Subd. 0 Xxxxxxx Xxxxxxxx Xxxxxx Xxxxx1 Maximum District Annual Match, 00002018-00002020: Eligibility Minimum District Annual Match Amount Maximum District Annual Match Amounts 1 year of service $250* For 12-month employees, the District will match up to $10.42 per pay check up to a maximum of $250 per year.) For 10 ½-month employees, the District will match up to $13.16 per pay check up to a maximum of $250 per year. $880* For 12-month employees, the District will match up to $36.67 per pay check up to a maximum of $880 per year.) For 10 ½-month employees, the District will match up to $46.32 per pay check up to a maximum of $880 per year. *Employees may choose to defer more than the District annual match amount. Federal law determines the maximum amount an individual can contribute annually.

Deferred Compensation Program. In accordance with Section 457 or 403b of the Internal Revenue Code and Minnesota Statute §356.24, the School District will match the contribution of an eligible Kidstop Instructor according to the following schedules towards either the Minnesota State Deferred Compensation Program (Section 457) or an approved 403b tax sheltered annuity plan. The plan must meet the School Districts’ guidelines for approval. The contribution and match are forwarded each pay period to the plan account. Employees who have been contributing to a 457 plan prior to the ratification of the 2014-2016 contract will be grandfathered in, with the District contributing matching funds to the 457 plan. Employees hired on or after July 1, 2014 2014, or new enrollees to the deferred compensation program will have all matching funds contributed to a 403(b) plan. The District will match the minimum or maximum amount, or any amount in between. Subd. 0 Xxxxxxx Xxxxxxxx Xxxxxx Xxxxx, 0000-0000: Eligibility Minimum District Annual Match Amount Maximum District Annual Match Amounts 1 year of service service, and 12- month employee $250* For 12-month employees, the District will match up to ($10.42 per pay check paycheck up to a maximum of $250 per year.) For 10 ½-month employees, the District will match $880* ($36.67 per paycheck up to $880 per year) 1 year of service and 10 ½ month employee ($13.16 per pay check paycheck up to a maximum of $250 per year. ) ($880* For 12-month employees, the District will match 46.32 per paycheck up to $36.67 per pay check up to a maximum of $880 per year.) For 10 ½-month employees, the District will match up to $46.32 per pay check up to a maximum of $880 per year. *Employees may choose to defer more than the District annual match amount. Federal law determines the maximum amount an individual can contribute annually.