Defined Benefit and Defined Contribution Pension Plans for Employees Sample Clauses

Defined Benefit and Defined Contribution Pension Plans for Employees. Hired On or After September 17, 2012 32 ARTICLE 9: LEAVES OF ABSENCE 34 SECTION 1. Military Service 34 SECTION 2. Military Reserve Leave of Absence 34 SECTION 3. Leave of Absence 34 SECTION 4. Special Union Leave 34 SECTION 5. Sick Leave Without Pay 35 ARTICLE 10: MISCELLANEOUS 36 SECTION 1. Addresses and Telephone Numbers of Employees 36 SECTION 2. Aid to Other Unions 36 SECTION 3. Anti-Discrimination 36 SECTION 4. Bulletin Boards 37 SECTION 5. Effect of this Agreement 37 SECTION 6. Effect of Invalidity of Provisions of this Agreement 37 SECTION 7. Strikes, Work Interruptions 37 SECTION 8. Waiver Clause 38 SECTION 9. Union Access to City Premises. 38 SECTION 10. Union Access to City Records. 38 SECTION 11. Protection of Rights 38 SECTION 12. Payroll Deductions 38 SECTION 13. Copies of the Agreement 38 SECTION 14. Legal Coverage 38 ARTICLE 11: DISCIPLINARY ACTION, DISCHARGE, SUSPENSION 39 SECTION 1. Definition 39 SECTION 2. Notice of Investigation 39 SECTION 3. Notice of Discipline 39 SECTION 4. Discussion with Xxxxxxx 40 SECTION 5. Expedited Grievance 40 SECTION 6. Suspension Pending Determination 40 ARTICLE 12: GRIEVANCE PROCEDURE 40 SECTION 1. Definition of a Grievance 40 SECTION 2. Steps of the Grievance Procedure 42 SECTION 3. Expedited Grievance 43 ARTICLE 13: HOURS OF WORK AND OVERTIME 44 SECTION 1. Hours of Work 44 SECTION 2. Overtime 44 SECTION 3. Compensatory Time 44 SECTION 4. Work Breaks 46 SECTION 5. Overtime on Sunday 46 SECTION 6. Overtime Refusal 46 SECTION 7. Absences Due to Adverse Conditions 46 SECTION 8. Pyramiding 47 SECTION 9. Humanitarian Assignments 47 ARTICLE 14: WORK ASSIGNMENTS 47 ARTICLE 15: CLASSIFICATIONS/REORGANIZATION 48 SECTION 1. Reorganization 48 SECTION 2. New Positions 48 SECTION 3. Classification Reviews 48 SECTION 4. Procedure for Classification Review 49 SECTION 5. Reclassification Appeal Procedure 50 ARTICLE 16: VEHICLES 51 ARTICLE 17: SUBCONTRACTING 51 ARTICLE 18: EQUIPMENT 52 ARTICLE 19: EDUCATION AND TRAINING 52 ARTICLE 20: PARKING/TRANSPORTATION SUBSIDY 53 ARTICLE 21: WAGES/DEFERRED COMPENSATION 53 SECTION 1. Wage Rates 53 SECTION 2. Wage Placement in Promotion 54 SECTION 3. Deferred Compensation 54 ARTICLE 22: JOINT LABOR-MANAGEMENT COMMITTEE 55 ARTICLE 23: CONTRACT TERM 55 APPENDIX A: WAGES 57 APPENDIX B: 214 MEDICARE PART B MOU 64
Sample 1
AutoNDA by SimpleDocs
Defined Benefit and Defined Contribution Pension Plans for Employees. Hired on or after ratification of the 2013 – 2016 collective bargaining agreement (May 19, 2014): On or after May 19, 2014 (the “Effective Date”), regular full time employees first hired or transferred into Teamsters Local 580 and Teamsters Local 243 (collectively “this bargaining unit”) from another City bargaining unit, unless otherwise specified in Section 1. C. and certain transitioning part-time unit members pursuant to Section 1.D. of this Article, shall be members of both the City of Lansing Employees’ Retirement System and the City of Lansing Defined Contribution Plan, as set forth below. 1. City of Lansing Employees’ Retirement System (“ERS”) A. The Employee shall be eligible to retire and/or commence receiving a retirement allowance at age fifty (50) with twenty-five (25) years of credited service earned while a member of this bargaining unit, or at age fifty-eight (58) with eight (8) years of City credited service earned while a member of ERS. Vesting shall be at eight (8) years of full-time City service. B. The employee shall receive at the time of retirement a defined benefit pension through the ERS which, when added to the member’s accumulated contribution, shall provide the equivalent of a straight life retirement allowance equal to the number of years and fraction of a year, of the employee’s credited service after the Effective Date, multiplied by one and one quarter percent (1.25%) of the employee’s final average compensation. In no case shall the defined benefit pension exceed one hundred percent (100%) of a member’s final average compensation unless allowed by law. C. An employee who transfers into this bargaining unit after the Effective Date, unless otherwise specified in Section 1.C. of this Article, shall have the one and one quarter percent (1.25%) service credit multiplier for service after the date of transfer and shall retain for service prior to the date of transfer his or her former bargaining unit multiplier. D. The employee shall make a contribution by payroll deduction to the retirement system of five percent (5.0%) of the employee’s annual compensation. E. In addition to the defined benefit pension, the employee shall participate in the Defined Contribution Plan as set forth in Section 3(2). F. Cost of Living Allowance (C.O.L.A.) adjustments do not apply. 2. City of Lansing Defined Contribution Plan (“Plan”) A. The employee shall become vested in his or her benefit under the City of Lansing Defined Contribution Plan upon a...
Sample 1

Related to Defined Benefit and Defined Contribution Pension Plans for Employees

  • Defined Contribution Plans The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • 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 Plans The Company has not maintained or contributed to a defined benefit plan as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). No plan maintained or contributed to by the Company that is subject to ERISA (an “ERISA Plan”) (or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) that could subject the Company to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified” within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section 401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Company has never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

  • 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.

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. 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.

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended. 2.2 In accordance with the procedures established in Schedule 2.1 entitled “Third Party Administrator Procedures,” as may be amended by the Transfer Agent and the Fund from time to time (“Schedule 2.1”), the Transfer Agent shall: (a) Treat Shareholder accounts established by the Plans in the name of the Trustees, Plans or TPAs, as the case may be, as omnibus accounts; (b) Maintain omnibus accounts on its records in the name of the TPA or its designee as the Trustee for the benefit of the Plan; and (c) Perform all Services under Section 1 as transfer agent of the Funds and not as a record-keeper for the Plans. 2.3 Transactions identified under Sections 1 and 2 of this Agreement shall be deemed exception services (“Exception Services”) when such transactions: (a) Require the Transfer Agent to use methods and procedures other than those usually employed by the Transfer Agent to perform transfer agency and recordkeeping services; (b) Involve the provision of information to the Transfer Agent after the commencement of the nightly processing cycle of the TA2000 System; or (c) Require more manual intervention by the Transfer Agent, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System, than is normally required.

  • Retirement Plans (a) 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 (“Qualified 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, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!