Base Retirement Program Sample Clauses

Base Retirement Program. 247 Michigan State University provides a base retirement program with the Teachers Insurance and Annuity Association (TIAA), College Retirement and Equities Fund (CREF) and other retirement programs made available through the University and selected by the employee. -248 Eligibility and Participation - Regular full-time and part-time employees are eligible for participation in TIAA-CREF or other retirement programs made available through the University, and selected by the employee, in accordance with the following policies: a. The program is optional to employees under age 35 or who are over age 62 at the time of employment. b. The program is required as a condition of employment for employees who have attained age 35. c. Once required participation commences, it is not possible to withdraw from TIAA-CREF or other retirement programs made available through the University, and selected by the employee while employed at the University. -249 Premium Contribution - The TIAA-CREF Retirement Annuity or other retirement programs made available through the University, and selected by the employee, are financed by a five (5%) percent deduction from an employee's base wage, overtime and shift differential with the University contributing ten (10%) percent. -250 Complete details concerning the provisions of the University's TIAA-CREF Retirement Annuity Plan or other retirement programs made available through the University, and selected by the employee, may be obtained from the Benefits Office.
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Base Retirement Program. If total disability starts before age 60, benefits continue until age 65, recovery or death, whichever occurs first. If total disability starts on or after age 60 but less than 65, benefits are paid for 4½ years, until recovery or death whichever occurs first. If disability occurs after age 65 but less than 69, benefits continue to age 70, recovery or death, whichever occurs first. If total disability starts at age 69 or over, benefits continue for one year, recovery or death, whichever occurs first. The LTD program shall include a three (3) percent cost of living rider and a $50 per month minimum benefit.
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Base Retirement Program. 265 Michigan State University provides a base retirement program made available through the University and selected by the employee. -266 Eligibility and Participation – Regular full-time and part-time employees are eligible for participation in the MSU 403(b) retirement plan made available through the University, and selected by the employee, in accordance with the following policies: a. The program is optional to employees under age 35 or who are over age 62 at the time of employment. b. The program is required as a condition of employment for employees who have attained age 35. c. Once required participation commences, it is not possible to disenroll from the program made available through the University, and selected by the employee while employed at the University. -267 Premium Contribution – The base retirement program made available through the University, and selected by the employee, are financed by a five (5%) percent deduction from an employee’s base wage, overtime and shift differential with the University contributing ten (10%) percent. -268 Complete details concerning the provisions of the University’s base retirement program made available through the University, and selected by the employee, may be obtained from MSU Human Resources.
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Related to Base Retirement Program

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Public Employees Retirement System “PERS”) Members.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

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