403(b) Matching Contribution Sample Clauses

The 403(b) Matching Contribution clause outlines an employer's commitment to match a portion of an employee's contributions to their 403(b) retirement savings plan. Typically, this clause specifies the percentage or amount the employer will match, up to a certain limit, and may detail eligibility requirements such as minimum service periods or employment status. Its core practical function is to incentivize employees to save for retirement by providing additional employer-funded contributions, thereby enhancing employee benefits and supporting long-term financial security.
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403(b) Matching Contribution. If a tax-exempt Employer elects in the 401(k) Adoption Agreement to make a Matching Contribution based on the Employee’s Elective Deferral or ▇▇▇▇ Elective Deferral contributions under the Code Section 403(b) Plan, the Employer shall make a Matching Contribution to the Matching Contribution Account of those Participants who make Elective Deferrals or ▇▇▇▇ Elective Deferrals (while an Employee and a Participant in the Plan) and who are eligible under the Adoption Agreement to receive the Matching Contribution. Any such Matching Contribution made to the Plan will be allocated under the formula elected in the Adoption Agreement. In the event the rate of Matching Contribution is determined to be discriminatory in favor of one or more Highly Compensated Employees, that part of the Matching Contribution as is necessary to make such rate nondiscriminatory shall be forfeited. Any such amount forfeited shall be disregarded under the Plan’s provisions relating to Code Sections 401(k)(3) and 401(m)(2).
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403(b) Matching Contribution. Section 1. Eligibility: To be eligible for contribution under this Article, an employee must have completed one (1) year of employment in the District to be eligible for contribution in the employee’s second year of service. The first year of employment shall be defined as any days of employment prior to the last student day of the regular school calendar in the first employment agreement. The next regular school calendar becomes the second year of employment. Further, to be eligible for this contribution an employee must be regularly employed at least 1110 hours during the contract year, and such benefits shall not apply to substitute employees. For employees employed less than 1110 hours, but at least 550 hours per year, the school district shall make a contribution according to Section 2 below.
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403(b) Matching Contribution. Section 1. Eligibility: To be eligible for contribution under this Article, an employee must have completed three years of continuous employment in the District and thus will be eligible for contribution in the employee’s fourth year of service in the District. Further, to be eligible for this contribution, an employee must be regularly employed at least 940 hours during the fiscal
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403(b) Matching Contribution. Employees who meet the following criteria are eligible for a matching contribution to a tax-sheltered annuity: 1. employed the minimum number of years and experience as noted 2. authorized a contribution to a qualified tax-sheltered annuity that will continue from year to year at the specified amount unless the employee notifies the Cooperative to the contrary no later than September 1; and 3. all employee contributions will be made by payroll deduction, and all contributions must be the same for each pay period. After 3 years $250 After 10 years $500 $250 After 15 years $750 $375 Classified staff are paid according to the classification in Article I of this agreement. Each year, staff advance to the next step unless it is determined through negotiations that staff will freeze steps. Administration may, as part of a disciplinary plan, retain an individual on a step. At any point during an individual’s first year of employment, an administrator may conduct a performance review and advance individuals one to two steps based on their attendance and performance. The change of step would take place during the next school year. 1 $ 15.90 $ 17.64 $ 21.13 2 $ 16.08 $ 18.03 $ 21.75 3 $ 16.34 $ 18.38 $ 22.36 4 $ 16.71 $ 18.76 $ 22.96 5 $ 16.92 $ 19.12 $ 23.57 6 $ 17.11 $ 19.50 $ 24.18 7 $ 17.40 $ 19.87 $ 24.76 8 $ 17.72 $ 20.25 $ 25.37 9 $ 18.02 $ 20.60 $ 25.97 10 $ 18.30 $ 20.98 $ 26.58 11 $ 19.12 $ 21.34 $ 27.20 1 $ 16.30 $ 18.04 $ 21.53 2 $ 16.48 $ 18.43 $ 22.15 3 $ 16.74 $ 18.78 $ 22.76 4 $ 17.11 $ 19.16 $ 23.36 5 $ 17.32 $ 19.52 $ 23.97 6 $ 17.51 $ 19.90 $ 24.58 7 $ 17.80 $ 20.27 $ 25.16 8 $ 18.12 $ 20.65 $ 25.77 9 $ 18.42 $ 21.00 $ 26.37 10 $ 18.70 $ 21.38 $ 26.98 11 $ 19.52 $ 21.74 $ 27.60
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403(b) Matching Contribution. Employees who meet the following criteria are eligible for a matching contribution to a tax-sheltered annuity: 1. employed the minimum number of years and experience as noted 2. authorized a contribution to a qualified tax-sheltered annuity that will continue from year to year at the specified amount unless the employee notifies the Cooperative to the contrary no later than September 1; and 3. all employee contributions will be made by payroll deduction, and all contributions must be the same for each pay period.
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403(b) Matching Contribution. The Board of Education shall implement a 403b Plan effective July 1, 2002 and amended July 1, 2007. The 403b Plan will be only for those members who commence employment after March 1, 1989. Participants in the Plan shall receive matching contributions, monthly from the District, according to the following schedule. Commencing July 1, 2007 the District shall deduct from any participating member’s Severance Pay (see Article XIII, Section 5), matching amounts in excess of $100 but not exceeding $300 monthly. Those members who are less than 1.0 FTE (full-time equivalent) will be paid matching funds at the percent of their FTE. Members are eligible for this benefit upon receiving tenure. Eligibility Member Monthly Contribution District Matching Contribution Tenured teachers $1-100 $1-100* Tenured teachers $101-300 $101-300** • Matching amounts of $100 or less are not deducted from member’s Severance Pay. ** Matching amounts greater than $100 shall be deducted from member’s Severance Pay. Subd.1. Approved 403b vendors; The parties agree that the following vendors will be allowed to provide 403b plans/services for teachers: ▇▇▇▇▇▇▇▇▇▇▇ Funds, VALIC, New York Life Insurance Company, ▇▇▇▇▇▇ ▇▇▇▇▇ 403b ASP, Great West Life and Annuity, Great American (GALIC), ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Investors Services, ESI Education Minnesota, Ameriprise Financial Services, Inc., Thrivent Financial. The parties agree that at no time shall the number of vendors be less than five (5) nor exceed twelve (12). To add a new vendor, there must be at least five (5) teachers who wish to use the vendor. Once a vendor is established, if the number of active participants is three or less, no new participants will be added.
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403(b) Matching Contribution 
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Related to 403(b) Matching Contribution

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Employer Contributions 16.01 Employer contributions shown in the tables in the attached appendices shall be made on all hours of work performed which are included in computing the eight (8) hours per day and forty (40) hours per week after which overtime is payable and shall be recorded on a standard remittance report provided by the Union and remitted on or before the fifteenth (15th) day of the month following the month for which contributions are due and payable, to the Trust Funds. Hours of work performed are interpreted to mean daily travel time, daily working time, reporting time, and, if the employee is required to perform a welding test, testing time. Contributions for overtime hours will be calculated as straight time hours. The Employer shall provide each employee covered by this Agreement with a statement with each weekly paycheque stating the total number of hours reported for contributions to the Pension and Health & Welfare Funds on behalf of that employee for the period covered by the paycheque. 16.02 All such funds due and payable to the above funds shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds are not wages or benefits due to an employee and industry promotion funds are deemed to be dues for services rendered by the Association. 16.03 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Fund, including provisions for an audit, security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds as liquidated damages, and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 16.04 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 16.05 The Employer shall not be required to make additional contributions or payments to any Industry Funds established by the Union or its Local Unions nor to any such funds established by Provincial or Territorial Government orders, regulations, or decrees for the purpose of providing similar benefits, it being understood and agreed that the contributions for herein, or any portions thereof shall be deemed to be in lieu of and/or shall be applied as payments to such funds. This provision shall not be applicable to any national funds or plans having general application and established by an Act of the Government of Canada. 16.06 In the Province of Ontario, the Trustees/Administrator of the employee benefit funds referred to in this Agreement shall promptly notify the Local Union of the failure by any Employer to pay any employee benefit contributions required to be made under this Agreement and which are owed under the said funds in order that the Program Administrator of the Ontario Employee Wage Protection Program may deem that there has been an assignment of compensation under the said Program in compliance with the Regulations to the Ontario Employment Standards Amendment Act, 1991, in relation to the Ontario Employee Wage Protection Program. 16.07 The parties hereto agree that contribution rates for the trust funds listed herein do not include any Provincial or Federal taxes.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Company Contributions 32.1.1 The Company will make contributions on the Employee’s behalf to a complying superannuation fund which meets the Company’s statutory obligations under applicable superannuation legislation. 32.1.2 To avoid doubt, for an Employee working a roster with rostered overtime, the Company is only required to pay superannuation on the Ordinary Time Earnings component of the Annualised Wage.