Apr 9, 2007 3:54 PM
A. 403(b) Tax Deferred Annuity Plan
The Employer will make available a Section 403(b) tax deferred annuity plan to any employee who chooses to participate.
B. 403(b) Defined Contribution Group Retirement Plan
All full-time employees are required to participate in a 403(b) defined contribution group retirement plan. Effective July 1, 2006 the Employer shall contribute, on a monthly basis, to the 403(b) account of each full-time employee four and one-half per cent (4.5%) of their gross pay.
C. 403(b) Pilot Program
Effective for the period July 1, 2008 to June 30, 2009, the Employer will contribute to the 403(b) accounts of those full-time employees who opt to contribute one percent of their gross pay, a matching one percent of gross pay. This pilot program will be subject to review by the parties.