Common use of MATCHING ANNUITY PLAN Clause in Contracts

MATCHING ANNUITY PLAN. The Board agrees to establish and maintain a qualified 401(a) Annuity Plan (hereinafter referred to as the 401(a) Plan) for all certified employees covered under this collective bargaining agreement. The 401(a) Plan shall be available for all certified employees. The Board shall also maintain a 403(b) Plan (hereinafter referred to as the 403(b) Plan) for all certified employees covered under this collective bargaining agreement. The 403(b) Plan will include provisions for pre-tax salary reduction contributions which will be matched by equal Board contributions to the 401(a) Plan. The Board contribution to the 401(a) Plan will be 2%. The contributions made by the certified employees and matched dollar for dollar by the Board shall be an amount which reflects the appropriate percent of the certified employees’ base salary as set forth on the certified employees’ teacher contract which corresponds to his or her salary. For the certified employees hired after the date of ratification of the contract, he/she will be one hundred percent (100%) vested upon the completion of five (5) years of service with Western ▇▇▇▇▇ Schools.