Benefits for Applicable Employees Electing the Plant Closing Pension Option Sample Clauses

Benefits for Applicable Employees Electing the Plant Closing Pension Option. Unreduced Regular or Guaranteed pension benefits. – Supplemental benefit until the Age of Eligibility for 80% Social Security Benefits equal to $23.00 per month times the employee's years of Pension Benefit Service. Payment of the supplement extended to such 80% Age in the manner described in the section entitled “Extend Payout Period of Supplements.” – A special supplement of $375 per month until the Age of Eligibility for 80% Social Security Benefits with payout until such 80% Age extended in the manner described in such descriptor. – Medical and dental benefit continuation for one year as offered similarly situated laid off or plant closed employees; except that employees with 30 years or more PQS or employees age 50 or older with 25 through 29 years PQS will be eligible for pre-age 65 medical and dental benefits offered to similarly situated employees who retire at age 60. Notwithstanding the foregoing, in no event shall any individual be entitled to any retiree medical and dental benefits on or after age 65 pursuant to this descriptor. Such benefits shall in no event be duplicative to benefits otherwise provided.
Sample 1
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Related to Benefits for Applicable Employees Electing the Plant Closing Pension Option

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Effective Date of Benefits Your coverage will become effective on your date of eligibility, provided you are actively at work on a full time basis. If you are not actively at work on the date insurance would normally commence, coverage will begin on your return to work full time for full pay.

  • Period of Continuous Service Period of Notice Up to 1 Year 1 Week More than 1 Year but less than 3 Years 2 Weeks More than 3 Years but less than 5 Years 3 Weeks More than 5 Years 4 Weeks

  • Compensatory Time for Overtime Eligible Employees A. Compensatory Time Eligibility Compensatory time off may be earned in lieu of cash only when an institution and the employee agree. Compensatory time must be granted at the rate of one and one half (1-1/2) hours of compensatory time for each hour of overtime worked.

  • Benefit Options Employees must elect a plan administrator and primary care clinic. Those elections will determine the Benefit Level through Advantage. Enrolled dependents must elect a primary care clinic that is available through the plan administrator chosen by the employee.

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • Employment Option If the State determines that it would be in the State’s best interest to hire an employee of the Contractor, the Contractor will release the selected employee from any non-competition agreements that may be in effect. This release will be at no cost to the State or the employee.

  • Retirement Options The Xxxxxxx Community College Board of Trustees may at its discretion grant one of the following retirement incentive plans to eligible faculty. The unit member must elect and may participate in only one of the three following retirement plans:

  • Referral to the Committee a) Prior to referral to the Committee, the matter shall be brought to the attention of the other local party.

  • Optional Benefits Optional Group Life Insurance This plan is available on an optional, employee-pay-all basis and you may apply to purchase additional group life insurance coverage for you and/or your spouse. Coverage is available from a minimum of $10,000 to a maximum of $300,000 in increments of $10,000.

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