RETIREMENT INCOME PLAN 18.01 The Nursing Homes and Related Industries Pension Plan
Retirement Incentive 1. For a Bargaining Unit Member to qualify for this program, he/she must be a full time (30 or more hours per week) employee in the Hononegah Community High School District #207 for a period of not less than twenty (20) years prior to the date of retirement. Any Bargaining Unit Member for whom the district must pay any additional amount as a penalty to IMRF so that such an employee may benefit from the “IMRF” Early Retirement Incentive Program” will not be eligible to receive any payment as part of this retirement incentive program. No later than thirty (30) days prior to the intended date of retirement from the school district, the Bargaining Unit Member must submit a formal letter of retirement indicating his/her intent to retire from the public school systems of Illinois under the provisions of the Illinois Municipal Retirement Fund. Upon meeting the above eligibility requirements, any Bargaining Unit Member who qualifies for this Retirement Incentive Program shall be paid a monetary incentive calculated as follows: The total amount of the incentive shall be equal to Twenty-Five Percent (25%) of the base wages plus overtime for each of the “base years.” The base years shall be the most recent complete fiscal year worked by the Bargaining Unit Member prior to providing an irrevocable letter of retirement, as described below. [Example: Employee A provides an irrevocable letter of retirement on March 1, 2014. Employee A’s incentive shall be 25% of total base wages for the 2012-2013 fiscal year including overtime because the 2012-2013 fiscal is the latest complete year worked.] The incentive will be paid in increments described below, based upon the timing of the notice. If a Bargaining Unit Member gives 30-days’ notice of retirement, the Bargaining Unit Member may receive a post-retirement bonus of 25% of his salary of the latest complete year worked. This bonus will be paid 30 days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. A Bargaining Unit Member may provide notice up to four (4) years prior to retiring. If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final work year, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in the final year of employment and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post-retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. The total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2015. During the 2014-2015 fiscal year, the employee receives a normal pay increase equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post- retirement payment of $4,200.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final two (2) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final two (2) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s Base wages for the base year were $20,000.00. Her total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2016. During the 2014-2015 and 2015-2016 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $3,400.00] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final three (3) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final three (3) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. Her total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2017. During the 2014-2015, 2015-2016, and 2016- 2017 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2016-2017 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $2,600.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final four (4) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final four (4) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. The total incentive is $5000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2018. During the 2014-2015, 2015-2016, 2016-2017 and 2017-2018 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2016-2017 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2017-2018 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $1,800.00.]
Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.
Benefits While on Leave An employee will continue to receive her/his salary and benefits while on paid leave under this Article. An employee on unpaid leave may arrange to pay the costs required to maintain benefit coverage in accordance with the local provisions of the collective agreement.
Certain Employee Payments The Company is not a party to any employment agreement which could result in the payment to any current, former or future director or employee of the Company of any money or other property or rights or accelerate or provide any other rights or benefits to any such employee or director as a result of the transactions contemplated by this Agreement, whether or not (i) such payment, acceleration or provision would constitute a “parachute payment” (within the meaning of Section 280G of the Code), or (ii) some other subsequent action or event would be required to cause such payment, acceleration or provision to be triggered.
Special Maternity Allowance for Totally Disabled Employees (a) An employee who:
(i) fails to satisfy the eligibility requirement specified in subparagraph 17.02(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or the Government Employees Compensation Act prevents her from receiving Employment Insurance or Québec Parental Insurance Plan maternity benefits, and
(ii) has satisfied all of the other eligibility criteria specified in paragraph 17.02(a), other than those specified in sections (A) and (B) of subparagraph 17.02(a)(iii), shall be paid, in respect of each week of maternity allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of her weekly rate of pay and the gross amount of her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act.
(b) An employee shall be paid an allowance under this clause and under clause 17.02 for a combined period of no more than the number of weeks during which she would have been eligible for maternity benefits under the Employment Insurance or Québec Parental Insurance Plan had she not been disqualified from Employment Insurance or Québec Parental Insurance maternity benefits for the reasons described in subparagraph (a)(i).
' Compensation & Employer's Liability The Service Provider shall maintain during the life of this Agreement for all of the Service Provider's employees engaged in work performed under this agreement:
Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any director, officer or employee of Security or its subsidiaries, or grant any salary or wage increase or increase any employee benefit, (including incentive or bonus payments) except (i) for normal individual increases in compensation to employees in the ordinary course of business consistent with past practice, (ii) for other changes that are required by applicable law, or (iii) to satisfy Previously Disclosed contractual obligations existing as of the date hereof.
Employee Benefit Plans and Related Matters; ERISA (a) Section 2.16(a) of the GFI Disclosure Letter contains a true and complete list of each material employment, bonus, deferred compensation, incentive compensation, stock purchase, stock option, retention, change of control, severance or termination pay, hospitalization or other medical, life or other insurance, supplemental unemployment benefits, profit-sharing, pension or retirement plan, program, trust, agreement or arrangement, and each other material employee benefit plan, program, agreement or arrangement (collectively, the “GFI Benefit Plans”) currently maintained or contributed to or required to be contributed to by (i) GFI, (ii) any GFI Subsidiary or (iii) any ERISA Affiliate, in any case for the benefit of any current or former employee, worker, consultant, director or member of GFI or any GFI Subsidiary.
(b) With respect to each of the GFI Benefit Plans, GFI has delivered or made available to Parent complete copies of each of the following documents: (i) the GFI Benefit Plan governing documentation (including all amendments thereto); (ii) the annual report and actuarial report, if required under ERISA or the Code or any Law, for the most recent plan year; (iii) the most recent Summary Plan Description, together with each Summary of Material Modifications, if required under ERISA, and other booklets or information issued to participants and beneficiaries; (iv) if the GFI Benefit Plan is funded through a trust or any third party funding vehicle, the trust or other funding agreement (including all amendments thereto) and the most recent financial statements thereof; and (v) the most recent determination letter received from the IRS with respect to each GFI Benefit Plan that is intended to be qualified under Section 401(a) of the Code.
(c) In the past six years, neither GFI nor any ERISA Affiliate has maintained or contributed to or was required to contribute to any plan or arrangement that is or was (i) subject to Section 412 of the Code or Section 302 of Title IV of ERISA, (ii) a multiple employer welfare arrangement within the meaning of Section 3(40) of ERISA or (iii) a multiemployer plan within the meaning of Section 3(37) or 4001(a)(3) of ERISA.
(d) Each GFI Benefit Plan intended to be “qualified” within the meaning of Section 401(a) of the Code has received a favorable determination letter from the IRS as to its qualification and, to the Knowledge of GFI, no event has occurred that could reasonably be expected to result in disqualification of such GFI Benefit Plan.
(e) Each of the GFI Benefit Plans has been operated and administered in all material respects in accordance with its terms and all applicable Laws, including ERISA and the Code.
(f) Neither GFI nor any GFI Subsidiary has made any loans to employees in violation of Section 402 of the Xxxxxxxx-Xxxxx Act. Each transfer of funds by GFI or any GFI Subsidiary to any of their respective employees that was deemed a loan was when made (and at all times since has been) properly treated by GFI and the GFI Subsidiaries as such for federal income tax purposes.
(g) Neither the execution of this Agreement nor the consummation of the Transactions will (either alone or together with any other event) (i) cause any payment (whether of severance pay or otherwise) to become due to any current or former employee or director of GFI or a GFI Subsidiary, (ii) cause an increase in the amount of compensation or benefits or the acceleration of the vesting or timing of payment of any compensation or benefits payable to or in respect of any current or former employee or director of GFI or a GFI Subsidiary, (iii) cause any individual to accrue or receive additional benefits, services or accelerated rights to payment of benefits under any GFI Benefit Plan, (iv) provide for payments that could subject any person to liability for tax under Section 4999 of the Code or (v) result in payments under any of the GFI Benefit Plans which would not be deductible under Section 280G of the Code.
(h) There are no pending or, to the Knowledge of GFI, threatened material claims in respect of or relating to any of the GFI Benefit Plans, by any employee or beneficiary covered under any GFI Benefit Plan or otherwise involving any GFI Benefit Plan (other than routine claims for benefits).
(i) Neither GFI, any GFI Subsidiary, any GFI Benefit Plan, any trust created thereunder, nor any trustee or administrator thereof has engaged in a transaction in connection that could reasonably be expected to give rise to a civil liability under either Section 409 of ERISA or Section 502(i) of ERISA or a tax imposed pursuant to Section 4975 or 4976 of the Code.
(j) No GFI Benefit Plan provides benefits, including death or medical benefits (whether or not insured), with respect to current or former employees or directors of GFI or any GFI Subsidiary beyond their retirement or other termination of service, other than (i) coverage mandated solely by applicable Law, (ii) death benefits or retirement benefits under any “employee pension plan” (as defined in Section 3(2) of ERISA), (iii) deferred compensation benefits accrued as liabilities on the books of GFI or a GFI Subsidiary or (iv) benefits the full costs of which are borne by the current or former employee or director or his or her beneficiary.
(k) Each stock option issued since January 1, 2005 with respect to GFI Common Stock was granted with a per-share exercise or base price, as the case may be, not less than the fair market value of a share of GFI Common Stock on the date of grant.
(l) With respect to each GFI Benefit Plan established or maintained outside of the U.S. primarily for the benefit of employees of GFI or any GFI Subsidiary residing outside of the U.S. (a “Foreign GFI Benefit Plan”): (i) all material employer and employee contributions to each Foreign GFI Benefit Plan required by Law or by the terms of such Foreign GFI Benefit Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices; (ii) the fair market value of the assets of each funded Foreign GFI Benefit Plan and the liability of each insurer for any Foreign GFI Benefit Plan funded through insurance or the book reserve established for any Foreign GFI Benefit Plan, together with any accrued contributions, is not materially less than the accrued benefit obligations with respect to all current and former participants in such plan according to the actuarial assumptions and valuations most recently used to determine employer contributions to such Foreign GFI Benefit Plan and none of the Transactions shall cause such assets or insurance obligations to be materially less than such benefit obligations; and (iii) each Foreign GFI Benefit Plan required to be registered has been registered and has been maintained in good standing with applicable regulatory authorities (including tax authorities). Section 2.16(l) of the GFI Disclosure Letter separately identifies each Foreign GFI Benefit Plan that is a defined benefit pension plan.
Vacation Leave on Retirement An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.
