Matching Annuity Program Clause Samples

Matching Annuity Program. The 401(a) annual matching annuity includes a two-year vesting period from the date of the teacher’s employment and a mandatory teacher’s match. 1. The Board will purchase an annuity for each teacher at the rate of 1.00% of the teacher’s base contract per school year. The provider for this annuity shall be mutually agreed upon by the Board of Education and the TEA. Corporation annuity payments shall be made monthly, no later than the 15th of each month, and shall be calculated using payrolls of the preceding month. 2. The teacher must purchase an annuity equal to or greater than the annual amount paid by the corporation in order to participate in this annuity program. For the teacher’s matching share the teacher’s annuity program must be one of the corporation approved annuity companies. Teachers must indicate their choice of participation in this matching annuity program no later than September 15 of each school year.

Matching Annuity Program. Eligible members of the bargaining unit may participate in the district matching annuity program as provided in M.S. 356.24 according to the following provisions:

Matching Annuity Program. All members of the bargaining unit may participate in the District matching annuity program as provided in Minn. Stat. § 356.24 according to the following provisions: 1. Eligibility: Only tenured principals may participate in this matching annuity plan.

Matching Annuity Program. ECFE teachers may participate in the 403b matching program outlined in Sections 1,9,10, & 11 as modified by Section 8 of this article.

Matching Annuity Program. Beginning with the 2004-2005 school year, the Board shall establish a matching annuity program. The Board shall contribute a match of up to one (1%) percent of the teacher’s

Matching Annuity Program. All members of the bargaining unit may participate in the district matching annuity program as provided in M.S. 356.24 according to the following provisions: District Contribution: Effective July 1, 1994, the district shall match annually up to 2% of the base salary up to $2000 to either the Minnesota DCP or an appropriate 403(b) annuity. The district's matching amount is not considered as reportable salary on the W-2 or for high five retirement.

Matching Annuity Program. The Board agrees to establish and maintain a qualified IRS Code Section 403(b) matching annuity plan (“Plan”) for all teachers under this Agreement. The Plan shall include provisions allowing for reduction contributions, matching employer contributions, and matching employee contributions. Within the provisions of the IRS Code, employee contributions shall be portable, and include the availability of loans and hardship withdrawals. No loans or hardship withdrawals will be available on the employer contributions.

Matching Annuity Program. Section 1. The School Board, on behalf of each eligible employee, will contribute matching funds to a deferred annuity plan as permitted by Minnesota Statute 356.24, the Minnesota Department of Revenue and United States Internal Revenue Service. The School District will contribute on a dollar-for-dollar basis, in accordance with the eligibility schedules set forth in this section. If the employee contributes an amount less than the annual School District maximum matching contribution, the matching contribution will be equally reduced. Section 2. Eligible employees must use this program during the election period or lose it for that year. Election of the carrier and amount of matched annuity must be made by the first Monday in October. The employee must complete a salary reduction authorization prior to any contribution being made. Section 3. Any employee hired after September 1, 1996 will not be eligible for any severance under the above Severance Pay section.

Matching Annuity Program. The Board agrees to establish and maintain a qualified IRS Code Section 403(b) matching annuity plan (“Plan”) for all teachers under this Agreement.