Employee Contribution Match

403(b) 2% Employee Contribution Match
 12/07/2015 – Work/Business
Agenda Item – 403(b) 2% Employee Contribution Match

•   November 24, 2015, 403(b) 2% Match Plan Design Document
•   Addendum A – QDRO Procedures
•   Addendum B – List of 4 Investment Arrangements

Details
A participating employee must have enrolled and committed to at least a 2% of salary (as defined) contribution for a year. Additionally, such employee must have at least 5 years of qualifying service with the District. The District’s match of the employees’ 2% contribution will “vest” to such employee 24 months after the employees’ first day of participation in the matching contribution program.
Rationale
District employees can presently select from four 403(b) Vendors (providers) to make individual pre-tax contributions within the requirement of the IRS Code. To date, the District has provided no match to such individual contributions. In order to increase employee participation in such retirement option programs, a 2% matching program for qualifying employees has been designed to commence with the February 15, 2016 payday.