Common use of ANNUITY OPTION Clause in Contracts

ANNUITY OPTION. a. Those full-time employees who elect not to enroll in the insurance program will have $100.00 per month deposited in an annuity program selected by the Board. Part-time employees shall receive $50.00 per month, except that a part-time employee regularly scheduled to work fewer than five (5) hours per day will receive $25.00 per month. Any employee who is already receiving a $50.00 Board-provided annuity contribution under this annuity program as of the 2017-2018 school year and made no changes to their employment status (i.e. number of contracted hours) shall continue to receive the $50.00 Board-provided annuity contribution.

ANNUITY OPTION. a. Those full-time full‐time employees who elect not to enroll in the insurance program will have $100.00 per month deposited in an annuity program selected by the Board. Part-time Part‐time employees shall receive $50.00 per month, except that a part-time part‐time employee regularly scheduled to work fewer than five (5) hours per day will receive $25.00 per month. Any employee who is already receiving a $50.00 Board-provided annuity contribution under this annuity program as of the 2017-2018 school year and made no changes to their employment status (i.e. number of contracted hours) shall continue to receive the $50.00 Board-provided annuity contribution.five