Common use of Deferred Compensation Programs Clause in Contracts

Deferred Compensation Programs. In accordance with Section 403(b) of the Internal Revenue Code and MS 356.24, the School Board will match an amount equal to the minimum match, the maximum match, or any amount in between the contribution of an eligible teacher according to the following schedules towards an approved 403(b) tax sheltered annuity plan. Teachers who have been contributing to a 457 plan prior to the ratification of the 2013-2015 contract will be grandfathered in, with the district contributing matching funds to the 457 plan. Teachers 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 plan must meet the School District’s guidelines for approval. The contribution and match are forwarded each pay period to the plan account. Subd. 1. Service Prior to July 1, 1990 – Annual Match and One-time Payment to Employees: Teachers whose service began prior to July 1, 1990 Effective July 1, 2015 – June 30, 2016 District Annual Match of $900.00 Effective 2016-2017 All eligible employees, pro rated by FTE. Must be active on last day of school, meet performance expectations, and meet minimum duty day requirements to qualify for one-time payment. One-time payment to be paid at end of contract year (July 20, 2017). One-time Payment Paid by District to Employee $900.00