District Paid Annuity Plan (GAQA)
An eligible employee (as defined below) may notify the Board Clerk to participate in a program under which the School District will make contributions to a 403(b) plan on behalf of the eligible employee.
Employees Eligible to Qualify
The Board Of Education may commence contributions under this program for the benefit of full-time certified or classified employees who meet the eligibility requirements described below. The primary purpose of this contribution program is to encourage such eligible employees to remain with the Basehor-Linwood School District in order to maintain the best possible level of instruction and to offer the highest quality of services for students and patrons of the District. The secondary purpose of this program is to reward eligible employees for their service to the District, to enhance the benefit of employment with the District and to facilitate the accumulation of funds for retirement by eligible employees.
Regulations and Guidelines for Participation in the Contribution Program
1. Eligibility: In order to become eligible to participate in the contribution program, an employee of the District must be a full-time employee working for at least nine months during the school year and thirty or more hours per week. The "school year" is defined as the period of time from July 1 to the following June 30. Such a full-time employee may become eligible to participate in the contribution program upon meeting the conditions described in this policy statement, including the following:
a. The employee must have at least 15 years of service to the district before he/she can be eligible for this benefit. AND
b. Employee must have 65 KPERS points as of January 1, 2009.
c. Upon reaching the age of 57 or 85 KPERS points, the employee is eligible to receive a district paid annuity of 20% of base salary for three years.
d. Annuity payments will begin on January 1 following the employee becoming eligible under the conditions above.
2. Benefits: Upon being approved for participation in the program, the District will contribute for the benefit of an eligible employee a contribution to a section 403(b) plan in an amount not to exceed 20% of the eligible employee's base salary or $10,500, whichever is lesser. For purposes of the determination of an eligible employee's base salary, overtime, supplemental contracts and extra duty pay will not be included. The section 403(b) plan, to which contributions by the District will be made, will be as elected by the employee from a list provided by the Board of Education and subject to changes at its discretion. If the employee elects a custodial account, the employee will have the right to self-direct investments in such mutual funds or other investments as the employee chooses, and the employee, as a condition to such contributions, releases and holds the District harmless from any and all liabilities or loss attaching to selfdirection of investments by the eligible employee.
3. Further Terms and Conditions: The following additional terms and conditions shall apply to this contribution plan:
a. The Board of Education retains the prerogative, in its sole discretion, to cancel this payment program prior to the beginning of any school year. In the case of such a decision, the Board will give written notice to employees prior to the effective date of the cancellation.
b. In the event that the board in its discretion cancels the contribution program, any eligible employee who is then participating in the program will continue to have contributions made for such employee's benefit until December 31 of the school year within which the decision to cancel further contributions has been made.
c. Contributions under this program shall not be made for more than three school years. Notwithstanding the preceding sentence, contributions shall cease as of the date of termination of employment of an eligible employee or in the event such eligible employee ceases to be a full-time employee of the District. Contributions will cease in the case of the death of an eligible employee as of the end of the month coinciding with or within which the death of the eligible employee occurs.
d. Eligibility for participation in the contribution program will be determined in the sole discretion of the Superintendent of Schools. An employee applying for participation in the program shall be responsible for providing all accurate and true facts and information necessary for a determination of such employee's eligibility on a form to be provided and available at the District Office.
4. Early Retirement Program: Any employee who accepts or is on Early Retirement (as defined in the Negotiated Agreement) shall not be eligible for participation in this program.
5. The program as described in and revised by this policy statement shall be effective as of December 1, 2012 and will expire December 31, 2022.
Approved: October 15, 2001
Revised: November 14, 2011