ICMA 457 Deferred Compensation Plan Guidelines

ICMA 457 Deferred Compensation Plan Guidelines
Participation in the plan is voluntary. Each employee participating in the plan may choose a percentage of his or her salary or a specific dollar amount to contribute. The Academy of Mathematics and Science, Academy of Mathematics and Science South, and Math and Science Success Academy will fully match all contributions up to 2.5% of gross pay. All employees will be fully vested in the plan after two contract years. If an employee leaves the employer after becoming fully vested, he/she will be entitled to 100% of the employer’s contribution. An employee who leaves the school prior to being fully vested will have the following rights: 1. If an employee leaves in less than a year, he/she will not be entitled to any of the school’s contribution. 2. If an employee leaves after fulfilling one contract year, but prior to completing the second contract year will be entitled to 50% of the school’s contribution. Employees will fully control the type of fund into which they invest. The employer will maintain records that specify the portions contributed by the employee and the school. If an employee leaves the school prior to completing the second contract year after joining the plan, the employer will calculate the amount due to the school. ICMA mandates authorization from the school for release of funds. Prior to authorizing release of funds to the employee, the school will require that the employee pay the amount due to the school. Once the check is received, the school will release all the funds in the account to the employee. The employee will reimburse the school the full amount of its contribution based on the schedule outlined above. The amount owed will not be dependent on whether or not employees gained or lost money on their investments. I would like to enroll in the 457 I would like to decline enrollment; I understand that I may choose to join the plan deferred compensation plan once at any time once eligible.
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