DB Plan Sample Clauses

DB Plan. Funding and Distribution of Pension Reserve Fund On or before September 1, 2020, transfer $47.0 Million from the Pension Reserve Fund to pre-fund the past service costs attributable to all retirement plan improvements made for benefits accrued as of April 30, 2020. The remainder of the past service cost (service accrued after April 30, 2020 but prior to April 30, 2022) to be amortized over 25 years starting in 2022. This amortization charge is included in the annual funding amounts outlined above. The remaining balance in the Pension Reserve Fund will remain invested and will not be distributed at the expiration of the current CBA or earlier. Annual contributions in the amount of $5.0 Million will be made to the Pension Reserve Fund for the 2019/20 season and annually through the 2025/26 season (total additional new contributions of $35.0 Million over 7 years).
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DB Plan. Add a Preretirement Death Benefit for Unmarried Participants with Minor Children as of the Player’s Date of Death CBA Article 21 amended to provide for a preretirement death benefit payable to minor children of Players who are unmarried as their date of death: • Monthly benefit shall equal the unreduced value of Player’s accrued benefit as a monthly benefit at age 62. • Monthly benefit shall continue until the youngest dependent child attains age 19. • In the event that there is more than one minor dependent child as of the Player’s date of death, the total monthly benefit shall be allocated proportionally among the accounts established for the support and use of each dependent child until that child attains age 19, at which date, the monthly benefit shall be reallocated among the remaining accounts of dependent children who have not attained age 19.
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DB Plan. Modify the Disability Pension Benefit to Provide for New Minimum Benefit Payable to Age 62 and to Eliminate Service Requirements CBA § 21.18 amended to add new minimum disability benefit payable until a Player attains age 62 and to eliminate service requirement: • New minimum benefit shall equal $6,000 per month payable to any Player or Former Player who becomes disabled before he commences his retirement benefit • Disability definition synonymous with Social Security definition (but Social Security Award not required)
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DB Plan. With respect to the U.K. DB Plan, Seller shall, and shall cause the U.K. Pension Entities, to, use reasonable best efforts to enter into the FAA on or prior to the Closing Date. Notwithstanding the foregoing, in the event that no FAA has been executed prior to the earlier to occur of (A) ninety (90) days after the Closing and (B) receipt on or after the Closing by a U.K. Pension Entity of a written demand for payment of the Section 75 Debt arising as a result of the transactions contemplated under this Agreement, then promptly following the earlier to occur of such events, Seller shall transfer to Purchaser a lump sum amount equal to the Section 75 Debt, in satisfaction of Seller’s obligations with respect thereto as an Excluded UK DB Plan Liability. In connection with the foregoing: in the event that such Section 75 Debt amount is being paid in the circumstance identified in clause (A) above, such amount shall be based on the best estimate of such a debt that would be certified by the scheme actuary to the U.K. DB Plan (determined by the third party actuary mutually acceptable to Seller and Purchaser). However, if the actual amount of any Section 75 Debt (as certified by the scheme actuary to the U.K. DB Plan) payable by a U.K. Pension Entity is higher than the sum which the Seller has transferred to the Purchaser, the Seller will promptly pay the amount of any shortfall to the Purchaser, such that the Purchaser will receive the full amount from the Seller of any Section 75 Debt payable by a U.K Pension Entity. If the amount transferred by the Seller to the Purchaser is higher than the amount of the Section 75 Debt owed by a U.K. Pension Entity, the Purchaser shall return any excess amount (with any interest that has accrued) to the Seller promptly upon receiving confirmation from the U.K. DB Plan scheme actuary as to the amount of the Section 75 Debt. If such Section 75 Debt amount is being paid in the circumstance identified in clause (B) above, such amount shall be based on such a debt as certified by the scheme actuary to the U.K. DB Plan. If, after payment of such an amount to Purchaser, an FAA (or similar form of apportionment entered into in respect of any U.K. Pension Entity such that the relevant U.K. Pension Entity has no actual or potential liability in respect of the U.K. DB Plan (an “Apportionment”)), Purchaser shall return such amount (with any interest that has accrued) to Seller promptly upon being notified in writing that an Apportionment...
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Related to DB Plan

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • 125 Plan The Board will maintain a Section 125 plan for premiums only in addition to a flexible account that includes eligible medical expenses and dependent care expenses with participating employees paying whatever the administrative charge is to run the 125 Plan.

  • Salaried Employees Employees in this unit who qualify for exemption from the FLSA overtime provisions based upon duties and who are receiving the Project Manager bonus, as provided for in this MOU, shall be treated as salaried employees, in accordance with the provisions of the FLSA as identified in LAAC section 4.113(b). Salaried employees may be assigned 5/40, 4/10 9/80 or other schedules at the discretion of Management. Notwithstanding any LAAC and MOU provisions, or other City department rules and regulations to the contrary, these employees shall not be required to record specific hours of work for compensation purposes, although hours may be recorded for other purposes. These employees will be paid the predetermined salary for each biweekly pay period, as indicated in the appropriate salary appendices, and shall not receive overtime compensation. Salaried employees shall not be subject to deductions from salary or any leave banks for absences from work of less than a full workday. This provision applies to occasional partial day absences from work which are authorized by the appropriate supervisor designated by management. This provision does not apply to long-term or recurring partial day absences (e.g., intermittent leave/reduced work schedule for purposes of Family/Medical Leave). Salaried employees shall not be subject to disciplinary suspension for a period of less than a workweek (seven days; half of the biweekly pay) unless based on violations of a safety rule of major significance. This requirement shall be superseded by the revised Department of Labor FLSA regulations pertaining to disciplinary suspensions of FLSA-exempt employees on the operative date of the FLSA regulations. The appointing authority of each City department may grant time off for hours worked due to unusual situations.

  • Leave Plan Effective April the Hospital agrees to introduce a leave program, funded solely by the nurse, subject to the following terms and conditions:

  • Deferral Plan The deferral portion of the plan shall involve an employee spreading four (4) years' salary over a five (5) year period, or such other schedule as may be mutually agreed between the employee and the Hospital. In the case of the four (4) years' salary over a five (5) year schedule, during the four (4) years of salary deferral, 20% of the employee's gross annual earnings will be deducted and held for the employee. Such deferred salary will not be accessible to the employee until the year of the leave or upon the collapse of the plan. In the case of another mutually agreed upon deferral schedule, the percentage of salary deferred shall be adjusted appropriately.

  • 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.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Plan The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Agreement. The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

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