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Benefit Fund Contribution; Excess Funds to Deferred Compensation Sample Clauses

Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance 8-1 Section 8.02. COBRA 8-2 Section 8.03. Medical Insurance (Retirees) 8-3 ARTICLE 9: LIFE AND ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE 9-1 ARTICLE 10: LONG-TERM DISABILITY INSURANCE 10-1 ARTICLE 11: RETIREMENT 11-1 ARTICLE 12: HOLIDAYS 12-1 Section 12.01. Holiday Leave 12-1 Section 12.02. Holiday Accrual Bank 12-4 Section 12.03. Holiday Pay Option 12-4 ARTICLE 13: VACATION 13-1 ARTICLE 14: LEAVES 14-1 Section 14.01. Sick Leave 14-1 Section 14.02. Bereavement Leave 14-4 Section 14.03. Family and Medical Care Leave 14-5 Section 14.04. Pregnancy Leave 14-15 Section 14.05. Jury Duty 14-16 Section 14.06. Military Leave 14-17 Section 14.07. Leaves of Absence Without Pay 14-19 Section 14.08. Injury on Duty/Workers' Compensation 14-19 ARTICLE 15: HOURS OF WORK, WORK PERIODS, AND PAY PERIODS 15-1 ARTICLE 16: OVERTIME 16-1 ARTICLE 17: MILEAGE/AUTOMOBILE ALLOWANCE 17-1 ARTICLE 18: ANNUAL AND BIANNUAL PHYSICAL EXAMS 18-1 ARTICLE 19: PREMIUM PAY PLAN 19-1 ARTICLE 20: CLASSIFICATION AND COMPENSATION PLANS 20-1 ARTICLE 21: MERIT SYSTEM 21-1 ARTICLE 22: APPOINTMENTS AND PROMOTIONS 22-1 ARTICLE 23: PROBATION 23-1 ARTICLE 24: TRANSFER 24-1 ARTICLE 25: ASSIGNMENT 25-1 Section 25.01. Temporary Employees 25-1 Section 25.02. Shift Staffing Level 25-1 ARTICLE 26: PERFORMANCE APPRAISAL 26-1 ARTICLE 27: TERMINATION OF EMPLOYMENT 27-1
Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance 7-1 Section 7.02. COBRA 7-2 Section 7.03. Medical Insurance (Retirees) 7-3 ARTICLE 8: LIFE AND ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE 8-1 ARTICLE 9: LONG-TERM DISABILITY INSURANCE 9-1 ARTICLE 10: RETIREMENT 10-1
Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance Effective July 2020, the City agrees to contribute to a benefit fund from a rate of $1,300 per month to a rate of $1,350 per month, per employee. The City contribution will be directed to the employee-selected medical, dental, and optical plans sponsored/made available by the City. After deductions for medical, dental, and optical insurances, any remaining balance shall be deposited in the City-sponsored deferred compensation program or directed to dependent coverage at the employee's discretion. In the event that excess funds from the benefit fund are available, and the employee is not directing excess funds toward dependent coverage and employee is not participating in a City- sponsored deferred compensation plan, the employee will be automatically enrolled in, and excess funds shall be deposited with, the Great-West Daily Interest Guarantee Fund. Employees may change this investment option by contacting the City's Great-West Retirement Services representative or by going online to the company's website at xxx.xxxx.xxx—website changes require a Personal Identification Number (P.I.N.). Implementation of a benefit fund for active employees shall not change, redefine, alter, or otherwise affect the City's contribution toward retiree-medical insurance or terms of the retiree-medical benefit as provided for in Section 7.03 and/or other relevant sections of this Agreement. In order to maintain Internal Revenue Service bona fide status for City-provided health care plans, there shall be no payroll/income disbursement to the employee of any portion of the City's contribution to the benefit fund. To satisfy participation requirements imposed by health care providers and brokers of health care plans, and to prevent the negative impact employee dropout would have on premium rates for City-provided health care plans, the City is restricted in its capacity to allow less than 100 percent employee participation; therefore, at a minimum, each employee is required to maintain, or enroll in, "employee-only" coverage for City-provided medical, dental, and optical insurance plans; each employee shall also be responsible for paying any copayment, deductible, emergency room fee, and/or other associated costs related to health care.
Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance A. The City agrees to contribute to a benefit fund at a rate of $850 per month, per employee. The City contribution will be directed to the employee-selected medical, dental, and optical plans sponsored/made available by the City. After deductions for medical, dental, and optical insurances, any remaining balance shall be deposited in the City-sponsored deferred compensation program or directed to dependent coverage at the employee's discretion. In the event that excess funds from the benefit fund are available, and the employee is not directing excess funds toward dependent coverage and employee is not participating in a City-sponsored deferred compensation plan, the employee will be automatically enrolled in, and excess funds shall be deposited with, the Great-West Daily Interest Guarantee Fund. Employees may change this investment option by contacting the City's Great-West Retirement Services representative or by going online to the company's website at xxx.xxxx.xxx—website changes require a Personal Identification Number (P.I.N.). Implementation of a benefit fund for active employees shall not change, redefine, alter, or otherwise affect the City's contribution toward retiree-medical insurance or terms of the retiree-medical benefit as provided for in Section 8.03 and/or other relevant sections of this MOU. In order to maintain Internal Revenue Service bona fide status for City-provided health care plans, there shall be no payroll/income disbursement to the employee of any portion of the City's contribution to the benefit fund. To satisfy participation requirements imposed by health care providers and brokers of health care plans, and to prevent the negative impact employee dropout would have on premium rates for City-provided health care plans, the City is restricted in its capacity to allow less than 100 percent employee participation; therefore, at a minimum, each employee is required to maintain, or enroll in, "employee-only" coverage for City-provided medical, dental, and optical insurance plans; each employee shall also be responsible for paying any copayment, deductible, emergency room fee, and/or other associated costs related to health care. B. Effective July 2016, the City agrees to increase the benefit fund contribution, as defined in subsection “A” of this section, from $925 per month to $1,025 per month, per employee.
Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance). Management employees, excluding Fire Captains, are eligible for consideration and possible inclusion in the City's deferred compensation program up to a maximum of 4 percent of base salary, upon recommendation by the concerned department head and approval of the City Manager. Participation in this plan is not a right of employees, but is a benefit to be earned based on job performance. Pursuant to federal and state law and the City’s deferred compensation plan, employees may take advantage of the 457 Deferred Compensation Plan "Catch-Up" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they attain their Normal Retirement Age (NRA). To the extent allowed by federal and state law and the City's deferred compensation plan, the City will allow, in 1 or more of the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA), the conversion of accrued sick leave at a rate of 2 hours for 1 hour of cash contribution, at the employee's base rate of pay in effect at the time of conversion, to the City's 457 Deferred Compensation Plan. Sick leave conversion contributions for the "457 Catch-Up" will normally be distributed over the 3 calendar years ending prior to the calendar year of an employee's planned NRA (or alternate NRA). However, based on the total amount of "457 Catch-Up" contributions available to the employee, accumulated sick leave hours, and the employee's designated NRA (or alternate NRA), "457 Catch-Up" contributions may occur over a shorter period of time prior to retirement; in no event, however, shall any contribution occur in the year the employee actually attains his/her NRA. To be eligible to participate, the employee must be within 1 or more of the 3 calendar years ending prior to the calendar year of his/her planned NRA (or alternate NRA), have "457 Catch-Up" privileges available to him/her, be enrolled in the City-sponsored 457 Deferred Compensation Plan, and maintain a minimum of 192 hours (270 hours for Fire shift employees) of sick leave in his/her accrual account after conversion during each year of participation. For purposes of this paragraph only, sick leave hours used for the "457 Catch-Up" shall be the first earned with respect to accumulation. (For additional benefit conversion instructions, restrictions, and policies see Article 13: Leaves, Sec...
Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance The City contribution will be directed to the employee-selected medical, dental, and optical plans sponsored/made available by the City. After deductions for medical, dental, and optical insurances, any remaining balance shall be deposited in the City-sponsored deferred compensation program or directed to dependent coverage at the employee's discretion. In the event that excess funds from the benefit fund are available, and the employee is not directing excess funds toward dependent coverage and employee is not participating in a City-sponsored deferred compensation plan, the employee will be automatically enrolled in, and excess funds shall be deposited with, the Great-West Daily Interest Guarantee Fund. Employees may change this investment option by contacting the City's Great-West Retirement Services representative or by going online to the company's website at xxx.xxxx.xxx—website changes require a Personal Identification Number (P.I.N.). Implementation of a benefit fund for active employees shall not change, redefine, alter, or otherwise affect the City's contribution toward retiree-medical insurance or terms of the retiree-medical benefit as provided for in Section 7.03 and/or other relevant sections of this Agreement. care plans, there shall be no payroll/income disbursement to the employee of any portion of the City's contribution to the benefit fund. To satisfy participation requirements imposed by health care providers and brokers of health care plans, and to prevent the negative impact employee dropout would have on premium rates for City-provided health care plans, the City is restricted in its capacity to allow less than 100 percent employee participation; therefore, at a minimum, each employee is required to maintain, or enroll in, "employee-only" coverage for City-provided medical, dental, and optical insurance plans; each employee shall also be responsible for paying any copayment, deductible, emergency room fee, and/or other associated costs related to health care. RAFT
Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance Effective the first pay period in September 2021, the City agrees to increase the contribution to a benefit fund at a rate of $1,200 per month to a rate of $1,250 per month, per employee. Effective the first pay period in July 2022, the City agrees to increase the contribution to a benefit fund at a rate of $1,250 per month to a rate of $1,275 per month, per employee. Effective the first pay period in July 2023, the City agrees to increase the contribution to a benefit fund at a rate of $1,275 per month to a rate of $1,300 per month, per employee. The City contribution will be directed to the employee-selected medical, dental, and optical plans sponsored/made available by the City. After deductions for medical, dental, and optical insurances, any remaining balance shall be deposited in the City- sponsored deferred compensation program or directed to dependent coverage at the employee's discretion. In the event that excess funds from the benefit fund are available, and the employee is not directing excess funds toward dependent coverage and employee is not participating in a City-sponsored deferred compensation plan, the employee will be automatically enrolled in, and excess funds shall be deposited with, the Great-West Daily Interest Guarantee Fund. Employees may change this investment option by contacting the City's Great-West Retirement Services representative or by going online to the company's website at xxx.xxxx.xxx—website changes require a Personal Identification Number (P.I.N.). Implementation of a benefit fund for active employees shall not change, redefine, alter, or otherwise affect the City's contribution toward retiree-medical insurance or terms of the retiree-medical benefit as provided for in Section 9.03 and/or other relevant sections of this MOU. In order to maintain Internal Revenue Service bona fide status for City-provided health care plans, there shall be no payroll/income disbursement to the employee of any portion of the City's contribution to the benefit fund. To satisfy participation requirements imposed by health care providers and brokers of health care plans, and to prevent the negative impact employee dropout would have on premium rates for City-provided health care plans, the City is restricted in its capacity to allow less than 100 percent employee participation; therefore, at a minimum, each employee is required to maintain, or enroll in, "employee-only" coverage for City- provided medi...
Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance The City contribution will be directed to the employee-selected medical, dental, and optical plans sponsored/made available by the City. After deductions for medical, dental, and optical insurances, any remaining balance shall be deposited in the City-sponsored deferred compensation program or directed to dependent coverage at the employee's discretion. In the event that excess funds from the benefit fund are available, and the employee is not directing excess funds toward dependent coverage and employee is not participating in a City-sponsored deferred compensation plan, the employee will be automatically enrolled in, and excess funds shall be deposited with, the Great-West Daily Interest Guarantee Fund. Employees may change this investment option by contacting the City's Great-West Retirement Services representative or by going online to the company's website at xxx.xxxx.xxx—website changes require a Personal Identification Number (P.I.N.). Implementation of a benefit fund for active employees shall not change, redefine, alter, or otherwise affect the City's contribution toward retiree-medical insurance or terms of the retiree-medical benefit as provided for in Section 7.03 and/or other relevant sections of this Agreement. In order to maintain Internal Revenue Service bona fide status for City-provided health care plans, there shall be no payroll/income disbursement to the employee of any portion of the City's contribution to the benefit fund.
Benefit Fund Contribution; Excess Funds to Deferred Compensation. Medical, Dental, and Optical Insurance 7-1

Related to Benefit Fund Contribution; Excess Funds to Deferred Compensation

  • Deferred Compensation Account The Employer shall maintain on its books and records a Deferred Compensation Account to record its liability for future payments of deferred compensation and interest thereon required to be paid to the Employee or his beneficiary pursuant to this Agreement. However, the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee or his beneficiary. The amount reflected in said Deferred Compensation Account shall be available for the Employer's general corporate purposes and shall be available to the Employer's general creditors. The amount reflected in said Deferred Compensation Account shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee or his beneficiary, and any attempt to anticipate, alienate, transfer, assign or attach the same shall be void. Neither the Employee nor his beneficiary may assert any right or claim against any specific assets of the Employer. The Employee or his beneficiary shall have only a contractual right against the Employer for the amount reflected in said Deferred Compensation Account and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay amounts which may become due under this Agreement, the Employer may establish a grantor trust (hereinafter the "Trust") within the meaning of Section 671 of the Internal Revenue Code of 1986, as amended. The assets in such Trust shall at all times be subject to the claims of the general creditors of the Employer in the event of the Employer's bankruptcy or insolvency, and neither the Employee nor any beneficiary shall have any preferred claim or right, or any beneficial ownership interest in, any such assets of the Trust prior to the time such assets are paid to the Employee or beneficiary pursuant to this Agreement. The Employer shall credit to said Deferred Compensation Account the amount of any salary to which the Employee becomes entitled and which is deferred pursuant to Section 1 hereof, such amount to be credited as of the first business day of each month. The Employer shall also credit to said Deferred Compensation Account an Interest Equivalent in the amount and manner set forth in Section 3 hereof.

  • 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.

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Nonqualified Deferred Compensation (a) It is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to Section 409A of the Code shall be paid and provided in a manner, and at such time and form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance. (b) Neither Company nor Executive shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any manner which would not be in compliance with Section 409A of the Code (including any transition or grandfather rules thereunder). (c) Because Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, any payments to be made or benefits to be delivered in connection with Executive’s “Separation from Service” (as determined for purposes of Section 409A of the Code) that constitute deferred compensation subject to Section 409A of the Code shall not be made until the earlier of (i) Executive’s death or (ii) six months after Executive’s Separation from Service (the “409A Deferral Period”) as required by Section 409A of the Code. Payments otherwise due to be made in installments or periodically during the 409A Deferral Period (“Delayed Payments”) shall be accumulated and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payment shall be made as otherwise scheduled. Any such benefits subject to the rule may be provided under the 409A Deferral Period at Executive’s expense, with Executive having a right to reimbursement from Company once the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. Any Delayed Payments shall bear interest at the United States 5-year Treasury Rate plus 2%, which accumulated interest shall be paid to Executive as soon as the 409A Deferral Period ends. (d) For purposes of this Agreement, all rights to payments and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. (e) Notwithstanding any other provision of this Agreement, neither Company nor its subsidiaries or affiliates shall be liable to Executive if any payment or benefit which is to be provided pursuant to this Agreement and which is considered deferred compensation subject to Section 409A of the Code otherwise fails to comply with, or be exempt from, the requirements of Section 409A of the Code.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Company Contributions 33.1.1 The Company will make contributions on the Employee’s behalf to a complying superannuation fund which meets the Company’s statutory obligations under applicable superannuation legislation.

  • Employer Contributions 16.01 Employer contributions shown in the tables in the attached appendices shall be made on all hours of work performed which are included in computing the eight (8) hours per day and forty (40) hours per week after which overtime is payable and shall be recorded on a standard remittance report provided by the Union and remitted on or before the fifteenth (15th) day of the month following the month for which contributions are due and payable, to the Trust Funds. Hours of work performed are interpreted to mean daily travel time, daily working time, reporting time, and, if the employee is required to perform a welding test, testing time. Contributions for overtime hours will be calculated as straight time hours. The Employer shall provide each employee covered by this Agreement with a statement with each weekly paycheque stating the total number of hours reported for contributions to the Pension and Health & Welfare Funds on behalf of that employee for the period covered by the paycheque. 16.02 All such funds due and payable to the above funds shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds are not wages or benefits due to an employee and industry promotion funds are deemed to be dues for services rendered by the Association. 16.03 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Fund, including provisions for an audit, security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds as liquidated damages, and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 16.04 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 16.05 The Employer shall not be required to make additional contributions or payments to any Industry Funds established by the Union or its Local Unions nor to any such funds established by Provincial or Territorial Government orders, regulations, or decrees for the purpose of providing similar benefits, it being understood and agreed that the contributions for herein, or any portions thereof shall be deemed to be in lieu of and/or shall be applied as payments to such funds. This provision shall not be applicable to any national funds or plans having general application and established by an Act of the Government of Canada. 16.06 In the Province of Ontario, the Trustees/Administrator of the employee benefit funds referred to in this Agreement shall promptly notify the Local Union of the failure by any Employer to pay any employee benefit contributions required to be made under this Agreement and which are owed under the said funds in order that the Program Administrator of the Ontario Employee Wage Protection Program may deem that there has been an assignment of compensation under the said Program in compliance with the Regulations to the Ontario Employment Standards Amendment Act, 1991, in relation to the Ontario Employee Wage Protection Program. 16.07 The parties hereto agree that contribution rates for the trust funds listed herein do not include any Provincial or Federal taxes.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.