Common use of Deferred Compensation Programs Clause in Contracts

Deferred Compensation Programs. In accordance with Section 457 or 403(b) of the Internal Revenue Code and M.S. 356.24, the School District will match the contribution of an eligible employee according to the following schedules towards either the Minnesota State Deferred Compensation Program, Section 457 plan, or a 403(b) tax sheltered annuity plan which has met the School District’s guidelines. Any selected plan must meet the School District’s guidelines. These contributions will be paid each pay period. Employees who have been contributing to a 457 plan prior to January 1, 2015 will be grandfathered in, with the District contributing matching funds to the 457 plan. Employees hired on or after January 1, 2015 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. 1. Monthly School District Match: Eligibility 10-month Employees 12-month Employees Employees are Minimum Maximum Minimum Maximum eligible after one (1) match of $190* match of $380* match of $240* match of $480* year of service with ($10 per ($20 per ($10 per ($20 per the District. paycheck) paycheck) paycheck) paycheck) * Employees may choose to defer more than the District annual match amount. Federal law determines the maximum amount an individual can contribute annually.