What is vesting?
Vesting means ownership. This means that employees will vest, or own, a certain percentage of the employer contributions based on their years of service. Employer contributions are vested according to?their years of service. The vesting schedule is as follows:
|Years of Service||Percent Vested|
|After 1 year||0%|
|After 2 years||50%|
|After 3 years||75%|
|After 4 years||100%|
A year of service is defined as 1,020 hours in a school fiscal year.?