Common use of Matching Plan Clause in Contracts

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.

Matching Plan. Starting with the 2006-2007 school year, the School District will make a contribution to a state- 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: Years of Service In the District (upon completion of 6th year) Match Amount 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 employee's 11th year of full full-time service he/she they will move to the next level of contribution. An employee shall notify the School District of his/her their 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 their 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.

Matching Plan. Starting with the 2006-2007 school year, the School District will make a contribution to a state- 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 $450 370 11 – 14 $600 420 15 – 20 $800 660 Beginning with 21st year $1,100 1,020 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.

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: Years of Service In the District (upon completion of 6th year) Match Amount 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 they will move to the next level of contribution. An employee shall notify the School District of his/her their 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 their 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.