Company Defined Benefit (DB) and Defined Contribution (DC) Pension Plans Sample Clauses

Company Defined Benefit (DB) and Defined Contribution (DC) Pension Plans. Employees hired after January 1, 1987 will be xxx- gible to join the Company Defined Benefit (DB) Pension Plan after twenty-four (24) months of em- ployment provided the employee has earned thirty- five (35%) percent or more YMPE in each of two (2) consecutive calendar years. Upon joining Company Defined Benefit (DB) Pen- sion Plan, benefits vest fully after two (2) years cred- ited membership service. All regular full-time employees and regular casual employees at December 31, 1986 will be deemed members of the Company Defined Benefit (DB) Pen- sion Plan. The Company agrees to provide to the Union or their designated consultant, the following documents: – Trust Agreement – Plan text and amendments – Investment manager reports – quarterly – Actuarial valuations and cost certificate to be pre- pared at least every three years – Summary monthly custodian statements The Company agrees to pay the Union $2,500 per annum to pay for the Union’s actuary/consultant to review the above documents. The Company agrees to provide each employee with their pension statement once every year. Employees as of September 1, 2004 who are members of the Company Defined Benefit (DB) Pension Plan shall join the new Company Defined Contribution (DC) Pension Plan and will not earn any benefits for membership service in the Company Defined Bene- fit (DB) Pension Plan on or after September 1, 2004. Employees who are not members of the Company Defined Benefit (DB) Pension Plan as of Septem- ber 1, 2004 and employees who are hired on or after September 1, 2004 shall join the Company Defined Contribution (DC) Pension Plan after twenty-four
Sample 1
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Related to Company Defined Benefit (DB) and Defined Contribution (DC) Pension Plans

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • 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.

  • BENEFIT FUND The Trustees are authorized and directed to establish a study committee to review the legality, feasibility and desirability of setting up and maintaining an employee funded Section 125 Flexible Spending Account (FSA). If an FSA is determined to be legal, feasible and desirable in this context, the Trustees are further authorized and directed to establish such an arrangement and offer it to employees covered by this Agreement; provided that the FSA shall not be offered to employees of any Employer who is unwilling or unable to permit employee participation in the FSA.

  • Canada Pension Plan All employees shall participate in and contribute to the Canada Pension Plan in accordance with the applicable legislation. The College will contribute to the plan for each employee, to the extent provided for in the applicable legislation.

  • Retirement Contribution 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. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • Company Contributions (a) For employees hired, rehired or who become covered under the CWA 3176 Agreement through any means before January 1, 2016, the Company shall contribute a Company Matching Contribution equal to 25 percent of the Participant’s Contribution up to a maximum of 6 percent of eligible wage.

  • Benefit Accrual Seniority, for the purpose of vacation, pension and sick leave accrual shall be based upon an employee’s continuous length of service with WSF. Seniority, for the purpose of all other benefit accrual, shall be by bargaining unit-wide seniority based upon an employee’s continuous length of service or adjusted length of service within the bargaining unit.

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