Deferred Retirement Option Plan Sample Clauses

Deferred Retirement Option Plan. (DROP) Employees in the bargaining unit are eligible for the DROP program in accordance with the terms of the County of San Xxxx Obispo Employees’ Retirement Plan. DSA shall defend, indemnify and save harmless the County of San Xxxx Obispo and the Pension Trust, its officers, agents and employees from any and all claims, demands, damages, costs, expenses, or liability, including, but not limited to, liability for back taxes, and all claims of any type by the Internal Revenue Service, the California Franchise Tax Board, unit members, or their heirs, successors, or assigns, arising out of this Agreement to implement the Deferred Retirement Option Plan (DROP).
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Deferred Retirement Option Plan. After September 30, 2012, employees shall be eligible to participate in the Deferred Retirement Option (DROP) in the same manner as Florida Retirement System participants. Specifically, people entering the DROP on or after October 1, 2012, will 1.3% interest on their DROP accumulations and will not receive COLAs on their pension amounts until they are fully retired.
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Deferred Retirement Option Plan. Employees hired on or after July 1, 2005, are not eligible for the Deferred Retirement Option Plan (“DROP”). Article 4, Division 14 of the Municipal Code will be revised to reflect this change.
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Deferred Retirement Option Plan. (Employees Hired On or After July 1, 2005) Employees hired on or after July 1, 2005, are not eligible for the DROP, as set forth in San Diego Municipal Code Section 24.1402.1.
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Deferred Retirement Option Plan a) Effective 1/1/05, for any employee who is a member of the bargaining unit on 1/1/05: Upon attaining 30 years of service and becoming at least 50 years of age may elect to participate in a Deferred Retirement Benefit Option Plan for a period not to exceed 5 years. Such election will be irrevocable. Service by any employee as provided for in Section 2- 248(C) of the retirement ordinance shall be counted for purposes of meeting the 30 years service requirement in this section. b) Upon commencement of the participation, the participant’s benefit shall be the dollar amount of the member’s monthly pension benefit computed in accordance with the current collective bargaining agreement for a regular service retirement—including whatever adjustments made for such benefit payment options as selected by the member. c) A participating employee’s deferred retirement account will be initially credited with the amount of the annuity withdrawal, if elected. Thereafter the account is credited monthly with the benefit as described in #2 above. Interest will be credited to the account at 4% annually. d) During participation in the deferred retirement option, employee contributions to the retirement plans (pension & retiree health care funds) cease. e) During participation in the deferred retirement option: • Vacation leave balances and provisions remain in place. Unused accrued vacation leave shall be paid at time of final separation. • Sick leave balances and provisions remain in place. Unused accrued sick leave, as provided for in the collective bargaining agreement, shall be paid at time of final separation. • All insurance coverages provided for in the collective bargaining agreement remain in place until final separation. f) Participation continues to the earlier of termination of employment as a command officer or 5 years from the initial participation date. g) Upon separation from employment, the full benefit as described in #2 above becomes payable to the retired employee. In addition, the retired employee may elect a lump sum distribution of the deferred retirement account as described in #3 above; or may elect to convert the deferred retirement account to an actuarially equivalent monthly benefit. h) Death during participation in the deferred retirement option: Benefits determined as if the officer had retired the day preceding death.
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Deferred Retirement Option Plan. Section 1 Definitions
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Deferred Retirement Option Plan. Drop The Deferred Retirement Option Plan is eliminated for bargaining unit members promoted to Captain on or after May 1, 2007. Current bargaining unit members participating in the DROP will be allowed to maintain money in their DROP account until age 59.5 or upon separation of employment, whichever is later. Specifications for the DROP are contained in APPENDIX “C”. An employee’s seven percent (7.00%) contribution to the Act 345 pension system will cease for current employees participating in the DROP.
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Deferred Retirement Option Plan. (DROP). The Employer shall seek the introduction of legislation to the County Council, on or before April 1, 2015, to amend the Xxxxxxxxxx County Code, Chapter 33, Article III to provide for a Deferred Retirement Option Plan (DROP) for sworn deputy sheriffs and uniformed correctional officers under a new Section 33-38A(c), established as follows, with an effective date of July 1, 2015: Any employee who is a sworn deputy sheriff or uniformed correctional officer (as defined in (a)) who meets the eligibility requirements may elect to retire but continue to work and have pension payments contributed to a DROP account. Pension payments must not be paid to the employee while the employee participates in the DROP. When the employee’s participation in the DROP ends, the employee must stop working for the County, begin receiving pension benefits based on the employee’s credited service and earnings as of the date that the employee began to participate in the DROP, and receive the DROP account balance.
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Deferred Retirement Option Plan 
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Related to Deferred Retirement Option Plan

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • 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.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Compensation Account The Employer shall maintain on its books and records a Deferred Compensation Account to record its liability for future payments of deferred compensation and interest thereon required to be paid to the Employee or his beneficiary pursuant to this Agreement. However, the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee or his beneficiary. The amount reflected in said Deferred Compensation Account shall be available for the Employer's general corporate purposes and shall be available to the Employer's general creditors. The amount reflected in said Deferred Compensation Account shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee or his beneficiary, and any attempt to anticipate, alienate, transfer, assign or attach the same shall be void. Neither the Employee nor his beneficiary may assert any right or claim against any specific assets of the Employer. The Employee or his beneficiary shall have only a contractual right against the Employer for the amount reflected in said Deferred Compensation Account and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay amounts which may become due under this Agreement, the Employer may establish a grantor trust (hereinafter the "Trust") within the meaning of Section 671 of the Internal Revenue Code of 1986, as amended. The assets in such Trust shall at all times be subject to the claims of the general creditors of the Employer in the event of the Employer's bankruptcy or insolvency, and neither the Employee nor any beneficiary shall have any preferred claim or right, or any beneficial ownership interest in, any such assets of the Trust prior to the time such assets are paid to the Employee or beneficiary pursuant to this Agreement. The Employer shall credit to said Deferred Compensation Account the amount of any salary to which the Employee becomes entitled and which is deferred pursuant to Section 1 hereof, such amount to be credited as of the first business day of each month. The Employer shall also credit to said Deferred Compensation Account an Interest Equivalent in the amount and manner set forth in Section 3 hereof.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

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