Basic Retirement Plan Sample Clauses

Basic Retirement Plan. All Faculty Members are eligible to participate in the University’s basic retirement plan on the same terms and conditions as other part-time employees in accordance with the terms of the basic retirement plan. Generally, Faculty Members are eligible to participate in the plan after completing two years of service in which they complete 1,000 or more hours of service per year. The University provides a contribution of 10% of eligible compensation to eligible Faculty Members who participate in the plan, provided the Faculty Member contributes 5% of eligible compensation. Supplemental retirement plan. All Faculty Members are eligible to participate in the supplemental retirement plan in accordance with the terms of the supplemental retirement plan. Faculty Members are eligible to participate in this plan upon their date of hire at the University. This plan allows Faculty Members to contribute pre-tax income toward their retirement. Tuition benefits for Faculty Members, spouses and dependents. After a Faculty Member has taught for six academic terms, a Faculty Member shall be eligible for a tuition benefit to cover one course per academic term (up to a maximum of four credit hours) in an academic term in which the Faculty Member has been assigned to teach. The Faculty Member’s benefit may be transferred to a spouse or domestic partner. In the event a Faculty Member is unable to use the tuition benefit during the academic term in which he or she is teaching, the Faculty Member may use the benefit in the following academic term. The University also provides a scholarship to the dependent children of Faculty Members who are currently employed by the University and have at least ten years of service. The scholarship must be used during an academic term in which the Faculty Member is teaching at the University. The scholarship is one-fourth of the standard tuition charge for full-time students, and up to four credit hours per academic term for part-time students, in programs leading to a degree in any of the University’s colleges or graduate schools, up to and including the master's degree.
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Basic Retirement Plan. Executive's "Credited Service" (as defined in the Company's Basic Retirement Plan ("BRP")) shall be 15.5 years as of July 1, 2004 and shall increase thereafter in accordance with the terms of the BRP. Any Social Security or Medicare taxes (OASDHI) payable with respect to BRP payments to Executive or Executive's beneficiary shall be paid by the Company, including both Employer's share and the Executive's share.
Sample 1
Basic Retirement Plan. Executive's "Credited Service" (as defined in the Company's Basic Retirement Plan ("BRP")) shall be 4.33 years as of July 1, 2004 and shall increase thereafter in accordance with the terms of the BRP. Any Social Security or Medicare taxes (OASDHI) payable with respect to BRP payments to Executive or Executive's beneficiary shall be paid by the Company, including both the Company's share and the Executive's share. Notwithstanding anything to the contrary herein, in no event shall the benefit payable to Executive under the BRP be less than the benefit that would have been payable under the provisions of the F.N.B. Corporation Basic Retirement Plan as in effect as of December 31, 2002.
Sample 1
Basic Retirement Plan. Executive's "Credited Service" (as defined in the Company's Basic Retirement Plan ("BRP")) shall be 20.5 years as of July 1, 2004 and shall increase thereafter in accordance with the terms of the BRP. Executive's "Target Benefit Percentage" under the BRP shall never be less than as defined in the BRP's CEO tier using the terms of the BRP on the date of this agreement. Additionally, the benefit under the BRP shall not be less than if the terms of the F.N.B. Corporation Basic Retirement Plan as in effect on December 31, 2002, continued to apply to Executive, but modified so that the Target Benefit Percentage would be 70% if the Executive terminates employment prior to attainment of age 62, 73.5% at age 63, 77% at age 64 and 80% at age 65 or later. Any Social Security or Medicare taxes (OASDHI) payable with respect to BRP payments to Executive or Executive's beneficiary shall be paid by the Company, including both the Company's share and the Executive's share.
Sample 1

Related to Basic Retirement Plan

  • 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.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • 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.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Supplemental Retirement Benefit In addition to the foregoing, Executive shall be eligible to participate in the Supplemental Executive Retirement Plan maintained by Cleco Utility Group Inc. or such other supplemental retirement benefit plans which the Company or its Affiliates may adopt, from time to time, for similarly situated executives (the "Supplemental Plan").

  • Pre-Retirement Death Benefit 4.1 (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 Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • 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 Death Benefits Should the Executive die while --------- ----------------------------- in the service of the Bank and prior to the occurrence of his 55th birthday, the Bank will pay $2,070 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Executive. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any payments remaining unpaid at the Executive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Executive's estate.

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