TEACHERS HIRED PRIOR TO JANUARY 1, 2004 Sample Clauses

TEACHERS HIRED PRIOR TO JANUARY 1, 2004 a. Contributions – The School Corporation shall contribute to a voluntary teachers’ beneficiary association (―VEBA‖) as described in section 501(c)(9) of the Internal Revenue Code (the ―Code‖) that amount representing the present value of the group medical, dental, and vision insurance benefits and term life insurance as calculated in Article VII, Section B. of the 2007-2008 Agreement. A committee of the Board and the Association shall select the organization administering the VEBA, the single investment vendor for the VEBA, and the terms and conditions for the administration and operations of the VEBA, but subject to the other provisions contained in this Section C. All teachers may determine whether the Corporation’s initial contribution of the 403(b) match is placed in the 403(b), the VEBA, or a combination of both. This one time determination must be made within the first thirty (30) days of the start of the school year.
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