Alternative Retirement Plan Clause Samples
An Alternative Retirement Plan clause establishes an option for employees or participants to enroll in a retirement plan that differs from the standard or default plan offered by an employer or organization. This clause typically outlines eligibility criteria, contribution requirements, and the specific benefits or features of the alternative plan, such as different investment options or vesting schedules. Its core practical function is to provide flexibility and choice, allowing individuals to select a retirement plan that better suits their personal financial goals or circumstances.
Alternative Retirement Plan. The University will continue to offer an alternative retirement plan (ARP) to Faculty who are eligible under state law to participate in such a plan. The terms of the plan are spelled out in a plan document approved by the Ohio Attorney General and include the following provisions:
A. Contributions will be maintained so that the total University contribution (the combination of the payments to STRS to offset the negative impact of the ARP and the contributions to the ARP itself) will be equal to the University contributions for STRS members.
B. Employee contributions shall be identical to the employee contribution to STRS.
C. The vesting in the ARP shall be immediate.
D. Contributions during leaves of absence would be continued as they are for STRS currently, to the extent permissible under the Internal Revenue Code.
Alternative Retirement Plan. The District provides an alternative retirement system for those employees who are not covered under the existing PERS system.
Alternative Retirement Plan. 1. Eligible full‐time employees opting into ARP on or before December 31, 2017 shall be vested 100% in Employer contributions after one year of service.
2. Eligible full‐time employees opting into ARP on or after January 1, 2018 will follow a graduated five‐year vesting schedule for the Employer’s contributions: Vested Percentage Total Service for Vesting of Employer Account Less than one year 0%
3. This schedule aligns with the vesting schedule of the defined contribution plans of OPERS and STRS. All ARP participants through December 31, 2017 will continue to be vested 100% in employer contributions after one year of service.
Alternative Retirement Plan. Unit members not in PERS, working less than four 24 (4) hours per day, shall have an alternative retirement plan. (See Article 6.7) 25 // 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // 34 //
Alternative Retirement Plan. Pursuant to the Section 11332 of the Omnibus Budget Reconciliation Act (OBRA) 4 of 1990, an alternative retirement plan shall be implemented for employees in the