Ongoing Contributions. The board agrees to maintain its existing qualified 401 (A) Plan as contained in the previous collective bargaining agreement. However, the parties agree to suspend any future contributions to that 401 (A) plan as of June 30, 2008 until such time as they may mutually agree to resume said contributions. Commencing with the 2008-2009 school year and continuing each year thereafter, the board shall contribute 1.25 percent to a qualified VEBA plan. Board contributions shall be based upon the teacher’s salary as set forth in Appendix A, and Appendix B, and Appendix C, and outlined in Article VII of this agreement, of each school year with said contributions being deposited on a monthly basis. Vesting in the 401 (A) Plan and VEBA Plan shall be as follows: At least five (5) years of consecutive years of teaching service in the school corporation from time of hire, but less than seven (7) years at thirty-three and one-third percent (33 1/3%); at least seven (7) years but less than ten (10) years at sixty-six and two thirds (66 2/3%); ten (10) years or greater at one hundred percent (100%). All amounts in which the teacher is not vested become property of the school corporation if the teacher leaves prior to being vested.
Ongoing Contributions. Effective with the issuance of the SB 199 pension bonds, the Board will contribute an amount equal to one percent (1.0%) of a certificated staff member’s salary schedule salary into an individual VEBA account for the certificated staff member.
Ongoing Contributions. Effective during the term of this Agreement, the parties agree that the Board shall contribute an amount equal to 1.5% of each teacher’s base salary to the Corporation’s VEBA plan each pay period. The provider of the plan shall be selected as provided for in Article IX, L, 7. Contributions made by the Corporation on behalf of participants will become vested in this plan upon qualification for full Teacher Retirement Fund benefits under the Indiana Public Retirement System (INPRS). Until such time of becoming vested, all amounts contributed by the Board shall not be available to the participant. Upon termination for any reason other than permanent, total disability, involuntary reduction in force (RIF), layoff, or justifiable decrease in the number of teaching positions, or voluntary resignation after vesting, and to the extent allowed by IRS regulations, any funds forfeited by a participant as a result of the participant separating from employment, will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s administrative expenses, and/or offset future contributions. Participants who are subject to an involuntary RIF or have their contract cancelled due to a justifiable decrease in the number of teaching positions, who are not vested in the plan, and have at least ten (10) years of service with the School Corporation will be deemed vested prior to separation from employment with the School Corporation. Board annual contributions made after the start of the 2016-2017 school year and earnings upon those contributions which are forfeited shall be used to offset future annual Board Contributions.
Ongoing Contributions. The Board will contribute an amount equal to two and four tenths percent (2.4%) of a teacher’s salary schedule salary into an individual VEBA account for the teacher. To be fully vested in this ongoing contribution, the teacher must complete his or her fifth (5th) year of employment with the Washington Community Schools. Teachers employed by the Washington Community Schools on June 1, 2004, will receive credit for their Washington Community Schools years of service as of June 1, 2004.
Ongoing Contributions. Each Hospital shall be required to make available to the Alliance the aggregate funding it receives from the Ministry and all revenues related to any services provided by the Hospital, excluding endowments described in Section 4.01(c). Funds will be transferred from time to time between Alliance bank accounts and Hospital bank accounts based on revenues and expenditures allocated to each respective Hospital, or as directed by the Alliance board.
Ongoing Contributions. Except as contemplated by Section 9.5, each Shareholder will contribute to the funding of EAP based upon the Initial Budget and the subsequent Budgets of EAP adopted by the Board. The initial contributions and all subsequent contributions shall be made in proportion to the Shareholders' Equity Proportion at the time the contribution is to be made (initially 50:50), unless otherwise mutually agreed to in writing by the Parties. All contributions shall be by way of subscription for new fully paid Shares (at a fixed subscription price of A$1.00 per Share) unless otherwise mutually agreed to in writing by the Shareholders.
Ongoing Contributions. Effective with the issuance of the SB 199 pension bonds, the Board will contribute an amount equal to one percent (1.0%) of a teacher’s salary schedule salary into an individual VEBA account for the teacher. An employee will not have a vested interest in the contributions made by the Board into the VEBA account on the employee’s behalf until the employee has five (5) continuous completed years of service with the employer. Contributions into ongoing VEBA accounts shall be made once per month.
Ongoing Contributions. The Board will contribute an amount equal to two and four tenths percent (2.4%) of a teacher’s salary schedule salary for the school year into an individual VEBA account for the teacher. To be fully vested in this ongoing contribution, the teacher must complete his or her fifth (5th) year of employment with the Daviess-Martin Special Education Cooperative. Teachers employed by the Daviess-Martin Special Education Cooperative on June 1, 2004, will receive credit for their Daviess-Martin Special Education Cooperative years of service as of June 1, 2004.
Ongoing Contributions. In addition to payments expressly set out in this Agreement, on and from the Earned Interest Date, each Joint Venturer must contribute to all Joint Venture Costs in proportion to its Joint Venture Interest on each date on which a contribution is due to be made under clause 12.2.
Ongoing Contributions. If checked above, the Employer shall make a Deferral Contribution in accordance with Section 4.01 on behalf of each Participant who has an executed salary reduction agreement in effect with the Employer for the payroll period in question, not to exceed 15% (no more than 15%) of Compensation for that period.
