Matching Plan Clause Samples

Matching Plan. Each year by October 1, employees working 75% of full-time (30 hours per week) and who wish to participate in the plan shall be responsible to complete and file a salary deduction authorization for their annual contribution to a matching 403(b) plan. The School District will match an employee’s contribution to a 403 (b) plan up to $1,500 per school year. During a year in which the employee makes no contribution, the District shall likewise make no contribution to that employee account.
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Matching Plan. Teachers who qualify may participate in the 403(b) matching plan (hereafter referred to as MP). The provisions of this article will entirely replace Article X, Section 2. Severance Pay contractual provision when all teachers who elected the “Old Severance” have terminated active employment at the District. Teachers hired before September 1, 2005 must make an irrevocable election by one of the following dates to waive the “Old Severance” and participate in the MP. By May 15, 2004 – for participation in the 04-05 school year, and thereafter. By May 15, 2005 – for participation in the 05-06 school year, and thereafter. These dates are the only two opportunities to transfer to the MP and once the election is made it is irrevocable. Employees hired after September 1, 2005 will only be eligible to participate in the 403b MP.
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Matching Plan. Starting with the 2006-2007 school year, the School District will make a contribution to a state- approved 403(b) matching contribution plan in accordance with Minn. Stat. 356.24, as amended. Employees scheduled to work a minimum of eight hours per day will be eligible for match amounts as indicated below: 6 – 10 $450 11 – 14 $600 15 – 20 $800 Beginning with 21st year $1,100 An employee must have completed six consecutive years of full-time service in order to qualify for the amounts listed above, i.e., beginning with the employees 11th year of full time service he/she will move to the next level of contribution. An employee shall notify the School District of his/her intention to begin or increase the amount of participation in the 403b match plan by May 1 of each school year. Such participation shall continue at the specified amount unless the employee notifies the district of a change. Part-time years shall not be counted as a year of service for determining eligibility. If an employee is eligible for retirement or severance under this contract, the retirement incentive or severance owed to said employee shall be reduced by the amount of matching dollars paid by the district to the employee over her or his career. Employees eligible for retirement incentive and severance shall have the incentive or severance amount reduced by the total matching dollars paid by the district over the employee’s career.
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Matching Plan. All full-time employees who have completed at least two (2) years of full-time continuous service to the School District are eligible to participate in a Tax Sheltered Annuity (TSA) or 403B matching plan. Subd. 1. As of January 1, 2021, the School Board shall provide an equal match to an eligible employee’s contributions to a maximum of one thousand dollars ($1,000.00) annually. The School Board’s contribution to such a plan shall not exceed fifteen thousand dollars ($15,000) over a period of twenty (20) years for any employee. As of January 1, 2022, the School Board shall provide an equal match to an eligible employee’s contribution to a maximum of eleven hundred dollars ($1,100.00) annually.
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Matching Plan. All full-time employees who have completed at least two (2) years of full-time continuous service to the School District are eligible to participate in a Tax-Sheltered Annuity (TSA) or 403B matching plan. Subd. 1. As of January 1, 2025, the School Board shall provide an equal match to an eligible employee’s contributions to a maximum of sixteen-hundred dollars ($1,600.00) annually. The School Board’s contribution to such a plan shall not exceed fifteen-thousand dollars ($15,000) over a period of twenty (20) years for any employee.
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Matching Plan. Full-time employees are eligible for a matching plan, either TSA or 403b. As of January 2011, qualifying employees are eligible for $1,500.00 per year in matching contributions for the school district ($125 per month). As of January 2017, qualifying employees are eligible for
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Matching Plan. All full-time employees who have completed at least three (3) years of full-time continuous service to the School District are eligible to participate in a Tax Sheltered Annuity (TSA) or 403B matching plan.
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Matching Plan. Eligibility: The District’s match to an employee’s qualified 403(b) tax deferred annuity shall become available to an employee who works twenty (20) hours per week or more for at least nine (9) months after the employee has completed three (3) years of employment in a position covered by the Master Agreement. Employees may contribute to a qualified 403(b) tax deferred annuity on their own prior to becoming eligible for the District match.
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Matching Plan. Any employee who has one (1) year or more of service as a coordinator with the district shall be entitled to participate in a District approved 403(b) plan and/or the State 457 plan, as approved by the Internal Revenue Code and in accordance with Minnesota Statutes §352.965 and §356.24. After the initial election of this option and ratification of amount, such participation shall continue from year to year at the specified amount unless the employee notifies the district by June 1 in the format prescribed by the District. The amount of contributions matched by the district for full time coordinators are limited by the following:
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Related to Matching Plan

  • 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.

  • Plan Year The year for the purposes of the plan shall be from September 1 of one year, to August 31, of the following year, or such other years as the parties may agree to.

  • 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.

  • Elective Deferrals (a) The Committee may establish procedures pursuant to which Employee may elect to defer, until a time or times later than the vesting of a Performance Share Unit, receipt of all or a portion of the shares of Common Stock deliverable in respect of a Performance Share Unit, all on such terms and conditions as the Committee (or its designee) shall determine in its sole discretion. If any such deferrals are permitted for Employee, then notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee who elects such deferral shall not have any rights as a stockholder with respect to any such deferred shares of Common Stock unless and until the date the deferral expires and certificates representing such shares are required to be delivered to Employee. The foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance Share Units under this Award will be permitted. Moreover, the Committee further retains the authority and discretion to modify and/or terminate existing deferral elections, procedures and distribution options. (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of Performance Share Units is permitted, each provision of this Agreement shall be interpreted to permit the deferral of compensation only as allowed in compliance with the requirements of Section 409A of the Internal Revenue Code and any provision that would conflict with such requirements shall not be valid or enforceable. Employee acknowledges, without limitation, and consents that application of Section 409A of the Internal Revenue Code to this Agreement may require additional delay of payments otherwise payable under this Agreement. Employee and the Company further hereby agree to execute such further instruments and take such further action as reasonably may be necessary to comply with Section 409A of the Internal Revenue Code.