City Retirement Plan Sample Clauses

City Retirement Plan. Accumulated, unused sick leave shall be paid to the employee upon retirement or death at the rate of 50% of the unused balance. In the event of the death of the employee, the employee’s accumulated sick leave shall be paid to their beneficiary. Such payment shall be made regardless of the years of continuous service.
Sample 1
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City Retirement Plan. The City will amend the Retirement Plan to conform with the benefit levels and other terms summarized in the attached table (Exhibit C) and described more fully in the attached Memorandum of Agreement (Exhibit D). Except for the changes described in the attached Memorandum of Agreement (Exhibit D), the City will continue to participate in its present retirement program (the City of Springfield, Oregon Retirement Plan) and ensure that such program is determined by the State of Oregon to be equal to or better than the Oregon Public Employees Retirement System (PERS) as it applies to police officers. Further, the present disability provisions of the Springfield retirement and long term disability (LTD) insurance programs shall be equal to or better than PERS provisions. The City will pay the employee’s account balance within one year after termination, retirement or death unless the employee or (after death) beneficiary, if allowed, elects to defer distribution as provided in the Retirement Plan as amended as described in the attached Memorandum of Agreement (Exhibit D). It is the mutual intent of the City and the Association to maintain benefit levels set forth in the City Retirement Plan, as reflected in the Collective Bargaining Agreement effective July 1, 2006 through June 30, 2008, absent unforeseen and compelling reasons to change those benefit levels, consistent with applicable law regarding the enforceability of retirement plans. The City may select the carrier for the Retirement Plan as long as it does not change the plan structure. • City will ensure that its Retirement Plan is determined by the State of Oregon to be equal to or better than PERS as it applies to police officers through adjustments to the City credit to the plan and/or the credited interest rate. • Present disability provisions and LTD disability insurance programs shall be equal to or better than PERS provisions. • The City will pay the employee’s account balance within one year after termination, retirement, or death unless employee, if allowed, elects to defer. • City will credit accounts of active employees calculated to show a decrease in Present Value of Future Benefits (PVB) to bring them to neutral change in PVB. Calculations will be based on valuation of employee accounts based on agreement reached.
Sample 1

Related to City Retirement Plan

  • 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:

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

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

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Retirement Savings 5.6.1 Principals are eligible to join a KiwiSaver scheme in accordance with the terms of those schemes.

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