Common use of District Match Payment Clause in Contracts

District Match Payment. The District shall make an employer matching payment to the State of Minnesota Deferred Compensation Plan (457) and/or the Special School District No. 1 403(b) Plan. Benefits eligible Employees enrolled in the State of Minnesota Deferred Compensation Plan or the Special School District No. 1 403(b) Plan will be automatically eligible for the match. All of the following must be met:  The District will pay an annual match payment of up to $650.00 for employees participating in the Municipal Employee Retirement Fund (MERF) Effective July 1, 2017, the District will increase the annual match payment to $525.00 for employees participating in the Public Employees Retirement Association (PERA). Effective July 1, 2019, the District will increase the annual match payment to $750.00 for employees participating in the Public Employees Retirement Association (PERA).  The District will match any amount of employee contributions up to the match as noted in [1] above. Beginning January 1, 2006, tax-deferred savings plan participants will be matched on a per pay period basis while they are deferring into the plan(s) until they reach their annual match for the calendar year.  Only deductions that employees defer during the match period shall be matched by the District.  The employee must have enrolled, elected to defer, and in fact deferred a qualifying amount during the calendar year, to qualify for the match.

District Match Payment. The District shall make an employer matching payment to the State of Minnesota Deferred Compensation Plan (457) and/or the Special School District No. 1 403(b) Plan. Benefits eligible Employees enrolled in the State of Minnesota Deferred Compensation Plan or the Special School District No. 1 403(b) Plan will be automatically eligible for the match. All of the following must be met:  The District will pay an annual match payment of up to $650.00 for employees participating in the Municipal Employee Retirement Fund (MERF) Effective July 1, 2017, the District will increase the annual match payment to $525.00 for employees participating in the Public Employees Retirement Association (PERA). Effective July 1, 2019, the District will increase the annual match payment to $750.00 for employees participating in the Public Employees Retirement Association (PERA).  The District will match any amount of employee contributions up to the match as noted in [1] above. Beginning January 1, 2006, tax-deferred savings plan participants will be matched on a per pay period basis while they are deferring into the plan(s) until they reach their annual match for the calendar year.  Only deductions that employees defer during the match period shall be matched by the District.  The employee must have enrolled, elected to defer, and in fact deferred a qualifying amount during the calendar year, to qualify for the match.