E-V. Savings and Retirement Program
The BOARD will contribute, at retirement, a percentage of the value of an employee’s unused retained sick day bank to the employee’s 403(b) account, within legal limits, based on retirement benefit eligibility requirements. The “retained sick day bank” shall be as defined in Article 37-4 above and subject to the terms of that article. The percentage shall be as set forth in Article 37-4 above. If no account exists, one will be established with one of the authorized vendors, based on agreed-upon criteria.
- A contribution will be made for all employees, with sick pay balances, meeting the pension benefit eligibility requirements.
- No exceptions.
- Contributions made on behalf of the employee will not be subject to state or Medicare tax, as allowed by law.