Benefit Definition Sample Clauses

Benefit Definition. Effective July 1, 2014, or upon ratification, whichever is later, and after approval of the LTD/ATU Pension Trustees, the minimum benefit rate for employees covered by this Agreement and who retire and terminate their employment after July 1, 2014 (or after ratification, if later), shall be sixty-five dollars and fifty cents ($65.50) per year of credited service. The parties agree that any future increases after the increase stated above will be applied to future credited service only. Effective January 1, 2016, and after approval of the LTD/ATU Pension Trustees, the retirement benefit credit earned for the calendar year 2016 will be sixty-seven dollars ($67.00). This increase shall be applied only to credited service after January 1, 2016. Effective January 1, 2017, and after approval of the LTD/ATU Pension Trustees, the retirement benefit credit earned for the calendar year 2017 will be seventy dollars ($70.00). This increase shall be applied only to credited service after January 1, 2017.
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Benefit Definition. For the purposes of this section, the following definitions apply: (a) Prepaid Benefit: means the Benefit for which the Plan will pay all lawyer fees in accordance with the Plan Fee Schedule (attached hereto as Attachments 1, 2 and 3 and forming part of the Plan) as determined by the Committee from time to time.
Sample 1
Benefit Definition. Effective July 1, 2014, or upon ratification, whichever is later, and after approval of the LTD/ATU Pension Trustees, the minimum benefit rate for employees covered by this Agreement and who retire and terminate their employment after July 1, 2014 (or after ratification, if later), shall be sixty-five dollars and fifty cents ($65 .50) per year of credited service . The parties agree that any future increases after the increase stated above will be applied to future credited service only . Effective January 1, 2018, and after approval of the LTD/ATU Pension Trustees, the retirement benefit credit earned for the calendar year 2018 will be seventy-two dollars ($72 .00) . This increase shall be applied only to credited service after January 1, 2018 . Effective January 1, 2019, and after approval of the LTD/ATU Pension Trustees, the retirement benefit credit earned for the calendar year 2019 will be seventy-four dollars ($74 .00) . This increase shall be applied only to credited service after January 1, 2019 . Effective January 1, 2020, and after approval of the LTD/ATU Pension Trustees, the retirement benefit credit earned for the calendar year 2020 will be seventy-six dollars ($76 .00) . This increase shall be applied only to credited service after January 1, 2020 . Effective January 1, 2021, and after approval of the LTD/ATU Pension Trustees, the retirement benefit credit earned for the calendar year 2021 will be seventy-eight dollars ($78 .00) . This increase shall be applied only to credited service after January 1, 2021 .
Sample 1

Related to Benefit Definition

  • Plan Definitions Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is similarly used in this Agreement.

  • Tax Definitions The following terms, as used herein, have the following meanings:

  • Additional Definition Section 1.02 of the Credit Agreement is hereby amended to add thereto in alphabetical order the following definition which shall read in full as follows:

  • FTE Definition Effective September 1, 2017, part-time teacher FTE will be determined by the ratio of the teacher’s actual annual instructional time to the teacher instructional time of a full-time assignment in the teacher’s school. This FTE will be used to calculate the prorated portion of a teacher’s assignable time.

  • Overtime Definition Overtime shall be defined as being all hours worked in excess of the normal or standard work day, or in excess of the normal or standard work week. The overtime rate shall be one and one-half (1½) times the regular straight time hourly rate of pay. NOTE: Article 16.04 is applicable to full-time employees only.

  • Employee Definitions A Regular Full-Time Employee is an employee who is employed on a full-time basis of 35, 37½, 40 or such other number of weekly hours as is recognized in the Collective Agreement as normal for a particular class of positions, for an indefinite period of time.

  • 01 Definitions 1 SECTION 1.02

  • Grievance Definition A grievance is an allegation by an employee or a group of employees that there has been a violation, misapplication, or misinterpretation of this Agreement, which occurred during the term of this Agreement. The term “grievant” as used in this Article includes the term “grievants.”

  • 000 DEFINITIONS 6. 100 Maintenance shall be work performed for the repair, renovation, revamp and upkeep of property, machinery and equipment within the limits of the plant property.

  • Key Definitions As used herein, the following terms shall have the following respective meanings:

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