Common use of Retirement Fund Clause in Contracts

Retirement Fund. The employee's contribution to the retirement fund will be based on the salary of the year preceding the leave and will be at a rate as prescribed in Section 354.42 of Minnesota Statutes. The employee's contribution will be computed by the District's business office and on an appropriate schedule of payments arranged so as to meet the legal deadlines. The computation and payment schedule will be sent by the District through certified mail to the teacher within thirty (30) days following the School Board's granting of the leave.

Retirement Fund. The employee's contribution to the retirement fund will be based on the salary of the year preceding the leave and will be at a rate as prescribed in Section 354.42 of Minnesota StatutesStatute. The employee's contribution will be computed by the District's business office and on an appropriate schedule of payments arranged so as to meet the legal deadlines. The computation and payment schedule will be sent by the District through certified mail to the teacher within thirty (30) days following the School Board's granting of the leave.