Matching Plan Sample Clauses

Matching Plan. Teachers who qualify may participate in the 403(b) matching plan (hereafter referred to as MP). The provisions of this article will entirely replace Article X, Section 2. Severance Pay contractual provision when all teachers who elected the “Old Severance” have terminated active employment at the District. Teachers hired before September 1, 2005 must make an irrevocable election by one of the following dates to waive the “Old Severance” and participate in the MP. By May 15, 2004 – for participation in the 04-05 school year, and thereafter. By May 15, 2005 – for participation in the 05-06 school year, and thereafter. These dates are the only two opportunities to transfer to the MP and once the election is made it is irrevocable. Employees hired after September 1, 2005 will only be eligible to participate in the 403b MP.
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Matching Plan. Each year by October 1, employees working 75% of full-time (30 hours per week) and who wish to participate in the plan shall be responsible to complete and file a salary deduction authorization for their annual contribution to a matching 403(b) plan. The School District will match an employee’s contribution to a 403 (b) plan up to $1,500 per school year. During a year in which the employee makes no contribution, the District shall likewise make no contribution to that employee account.
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Matching Plan. All full-time employees who have completed at least two (2) years of full-time continuous service to the School District are eligible to participate in a Tax Sheltered Annuity (TSA) or 403B matching plan.
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Matching Plan. Starting with the 2006-2007 school year, the School District will make a contribution to a state- approved 403(b) matching contribution plan in accordance with Minn. Stat. 356.24, as amended. Employees scheduled to work a minimum of eight hours per day will be eligible for match amounts as indicated below: Years of Service In the District (upon completion of 6th year) Match Amount 6 – 10 $450 11 – 14 $600 15 – 20 $800 Beginning with 21st year $1,100 An employee must have completed six consecutive years of full-time service in order to qualify for the amounts listed above, i.e., beginning with the employees 11th year of full time service he/she will move to the next level of contribution. An employee shall notify the School District of his/her intention to begin or increase the amount of participation in the 403b match plan by May 1 of each school year. Such participation shall continue at the specified amount unless the employee notifies the district of a change. Part-time years shall not be counted as a year of service for determining eligibility. If an employee is eligible for retirement or severance under this contract, the retirement incentive or severance owed to said employee shall be reduced by the amount of matching dollars paid by the district to the employee over her or his career. Employees eligible for retirement incentive and severance shall have the incentive or severance amount reduced by the total matching dollars paid by the district over the employee’s career.
Sample 1
Matching Plan. Section 1. Eligibility: The District’s match to an employee’s qualified 403(b) tax deferred annuity shall become available to an employee who works twenty (20) hours per week or more for at least nine (9) months after the employee has completed three (3) years of employment in a position covered by the Master Agreement. Employees may contribute to a qualified 403(b) tax deferred annuity on their own prior to becoming eligible for the District match.
Sample 1
Matching Plan. Full-time employees are eligible for a matching plan, either TSA or 403b. As of January 2011, qualifying employees are eligible for $1,500.00 per year in matching contributions for the school district ($125 per month). As of January 2017, qualifying employees are eligible for $1,750.00 per year in matching contributions from the school district.
Sample 1

Related to Matching Plan

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • Deferred Salary Leave Plan 1. The Board shall administer a Deferred Salary Leave Plan as determined by a separate agreement.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Incentive Compensation Plan In addition to receipt of Basic Compensation under the Employment Agreement, you shall participate in the Incentive Compensation Plan for Executive Officers of the Company (the “Compensation Plan”) and shall be eligible to receive incentive compensation under the Compensation Plan as may be awarded in accordance with its terms.

  • Deferral Plan The deferral portion of the plan shall involve an employee spreading four (4) years' salary over a five (5) year period, or such other schedule as may be mutually agreed between the employee and the Hospital. In the case of the four (4) years' salary over a five (5) year schedule, during the four (4) years of salary deferral, 20% of the employee's gross annual earnings will be deducted and held for the employee. Such deferred salary will not be accessible to the employee until the year of the leave or upon the collapse of the plan. In the case of another mutually agreed upon deferral schedule, the percentage of salary deferred shall be adjusted appropriately.

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