Common use of Retirement Compensation Program Clause in Contracts

Retirement Compensation Program. “A” 1. Effective October 1, 2002, the District implemented a new form of additional compensation in which funds are invested into an individual 403(b) Plan of the employee’s choice. This program was made available to contract employees not eligible for Early Retirement (Under the Supplemental Early Retirement Incentive (ERI) Agreement), and contract employees who opted for this Program in lieu of Early Retirement benefits outlined in the Supplemental ERI Agreement. 2. Contract employees eligible for Early Retirement (under the Supplemental ERI Agreement) had a choice to opt into the 403(b) Retirement Compensation Program, in lieu of Early Retirement (benefits under the Supplemental ERI Agreement) according to the following:  Contract employees chose the Retirement Compensation Program (outlined in this Article) in lieu of the Early Retirement Option (in the Supplemental ERI Agreement) by completing an option choice form between September 2002 and December 15, 2002.  Contract employees who opted for the 403(b) Retirement Compensation Program (outlined in this Article) may not opt back into Early Retirement (in the Supplemental ERI Agreement).  As outlined below (#5), the ▇▇▇▇ ▇▇▇▇▇ School District deposited seed money into the personal 403(b) account of contract employees who had a minimum of ten (10) years of service with the District who choose the Retirement Compensation Program (outlined in this Section A).

Retirement Compensation Program. “A” 1. Effective October 1, 2002, the District implemented a new form of additional compensation in which funds are invested into an individual 403(b) Plan of the employee’s choice. This program was made available to contract employees not eligible for Early Retirement (Under the Supplemental Early Retirement Incentive (ERI) Agreement), and contract employees who opted for this Program in lieu of Early Retirement benefits outlined in the Supplemental ERI Agreement. 2. Contract employees eligible for Early Retirement (under the Supplemental ERI Agreement) had a choice to opt into the 403(b) Retirement Compensation Program, in lieu of Early Retirement (benefits under the Supplemental ERI Agreement) according to the following:  • Contract employees chose the Retirement Compensation Program (outlined in this Article) in lieu of the Early Retirement Option (in the Supplemental ERI Agreement) by completing an option choice form between September 2002 and December 15, 2002.  • Contract employees who opted for the 403(b) Retirement Compensation Program (outlined in this Article) may not opt back into Early Retirement (in the Supplemental ERI Agreement).  • As outlined below (#5), the ▇▇▇▇ ▇▇▇▇▇ School District deposited seed money into the personal 403(b) account of contract employees who had a minimum of ten (10) years of service with the District who choose the Retirement Compensation Program (outlined in this Section A).