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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.?