Basic Benefit Formulas Sample Clauses

Basic Benefit Formulas. (a) Subject to the limitations contained in Article VII, effective October 1, 2000, as approved August 18, 2000, each Participant will accrue a retirement benefit based upon the Participant’s credited full and partial Local Union No. 3 Pension Credits for Covered Employment under the jurisdiction of Local Union No. 3, multiplied by the following monthly benefit amount(s): For Local Union No. 3 Pension Credits earned and credited: The monthly benefit amount* per Local Union No. 3 Pension Credit Is: On and after January 1, 1998 $101.00 January 1, 1995 to December 31, 1997 $78.00 January 1, 1994 to December 31, 1994 $58.00 January 1, 1993 to December 31, 1993 $43.00 January 1, 1992 to December 31, 1992 $38.00 January 1, 1959 to December 31, 1991 $28.00 Before January 1, 1959 $28.00 (If pre-1992 Pension Credits total 30 or less) Before January 1, 1959 $18.00 (If pre-1992 Pension Credits total more than 30) * For Participants who are credited with full or partial Pension Credits earned and credited from and after October 1, 2000 and subject to Section 4.03. For Participants with no such Pension Credits, accrued retirement benefits shall be based upon Pension Credits and monthly benefit amounts credited and established in accordance with the provisions of the Plan in effect at the applicable time. From May 1, 2000 through September 30, 2000, as approved February 25, 2000, the interim monthly benefit amounts for participants with a full or partial Pension Credit earned and credited from and after May 1, 2000 was $1.00 less for all Pension Credits. From August 1, 1999 through April 30, 2000, as approved July 8, 1999, the interim monthly benefit amount for Pension Credits earned and credited from and after January 1, 1999 was $93.00.
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Related to Basic Benefit Formulas

  • Basic Benefit Effective January 1, 2008, the basic life insurance benefit will be increased from $15,000 to $18,000 for employees. This shall be the default level of life insurance coverage, which shall be provided at no cost to the employee.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Basic Plan All services are subject to an annual deductible of $50 per person and $100 per family. Preventive services are covered at 100%. After paying the deductible, the plan provides usual, customary, and reasonable (UCR) coverage at 100% for diagnostic and restorative services, and 80% for major services. Orthodontia is not covered.

  • Partial Employer Contribution - Basic Eligibility The following employees covered by this Agreement receive the full Employer Contribution for basic life coverage, and at the employee's option, a partial Employer Contribution for health and dental coverages if they are scheduled to work at least fifty (50) percent but less than seventy-five (75) percent of the time. This means:

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

  • Benefit Level The primary care clinics available through each plan administrator are assigned a Benefit Level. The Benefit Levels are outlined in the benefit chart below. Primary care clinics may be in different Benefit Levels for different plan administrators. Family members may be enrolled in clinics that are in different Benefits Levels. Employees and their dependents may change to clinics in different Benefit Levels during the annual open enrollment. Employees and their dependents may also elect to move to a clinic in a different Benefit Level within the same plan administrator up to two (2) additional times during the plan year. Unless the individual has a referral from his/her primary care clinic, there are no benefits for services received from providers in Benefit Levels that are different from that of the primary care clinic in which the individual has enrolled.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Benefit Waiting Period Allowance (a) An employee who qualifies for and takes leave pursuant to 21.1 or 21.2 and is required by Employment Insurance to serve a one-week waiting period for Employment Insurance Maternity/Parental benefits, shall be paid a leave allowance equivalent to one week at 85% of the employee's basic pay.

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