Defined Benefit Pension Sample Clauses

A Defined Benefit Pension clause establishes an employer's obligation to provide employees with a predetermined retirement benefit, typically calculated based on factors such as salary history and years of service. This clause outlines the formula for benefit calculation, eligibility requirements, and the timing and method of pension payments. Its core practical function is to ensure employees receive a predictable and secure income upon retirement, thereby offering financial stability and addressing the risk of insufficient retirement savings.
Defined Benefit Pension. The parties mutually recognize that all employees covered by this Agreement are entitled to and shall receive retirement benefits in accordance with the Public Employees Retirement Provisions under Act 427 of the Michigan Public Acts of 1984, as amended. Employees retiring after April 1, 2006, and hired by the Township prior to April 1, 2010 shall be provided the following MERS Pension Plan benefits: Effective upon the signing of this agreement, the employee contribution rate will be four and three quarters percent (4.75%) of gross earnings. Employees hired by the Township on or after April 1, 2010 shall be provided the following MERS Pension Plan benefits: Effective upon the signing of this agreement, the employee contribution rate will be four and three quarters percent (4.75%) of gross earnings. Overtime hours included in pensionable wages for the purpose of calculating final average compensation (FAC) shall be limited to one hundred (100) hours per contract year. This limitation applies to all bargaining unit members participating in the defined benefit pension plan regardless of hire date.
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Defined Benefit Pension. Plan The parties will modify and revise Defined Benefit Pension Plan benefits as described in Attachment B. Active Health Benefits AFA will participate in the medical and dental program described in Attachment B. Retiree Health Benefits As described in Attachment B. Other Benefits As described in Attachment B. Mainline Work Rules and Productivity Revisions to work rules and related provisions as described in Attachment C. Low Cost Operation (“LCO”) The parties will implement the solution described in Attachment D. Grievances AFA and the Company agree to settle the following grievances: MEC 8-99, MEC 7-02, and MEC 14-02. Scope Book
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Defined Benefit Pension. Employees are covered through the AFL-CIO Staff Retirement Plan, subject to the rules and regulations established by the Trustees of that plan.
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Defined Benefit Pension. Employees shall enrol in the Pension Plan in accordance with the provisions and requirements of the Plan. Employees in the bargaining unit shall participate in accordance with the eligibility provisions of the Defined Benefit Pension (the The rate at which the employees shall contribute to the Plan shall be as established from time to time in accordance with the terms of the Plan. The rate at which the employer shall contribute to the Plan is limited to the fixed amount established from time to time in accordance with the terms of the Plan. The agree that the Plan is a defined benefit pension plan to which section of the Pension Benefits Act, and section of Regulation under the Pension Benefits Act, supra apply. For purposes of clarity the contribution rate of both employees and the employer are described in the Sample Contribution Schedule below. DEFINED BENEFIT PENSION PLAN SAMPLE CONTRIBUTION SCHEDULE Total Annual cost Members’ Contribution Rate Employer Contribution Rate Notes:
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Defined Benefit Pension. For Cessation of Employment on or after 1/1/16: Pre 1/1/16 $40.75 1/1/16 - 2/1/2017 $41.75 2/2/2017-2/1/2018 $42.75 2/2/2018-2/1/2019 $44.75 2/2/2019 - 2/1/2020 $44.75 2/2/2020 - 2/1/2021 $46.25 2/2/2021 - 2/1/2022 $47.75 2/2/2022 - 2/1/2023 $48.75 Defined Contribution Plan Contributions - Effective 1/1/2020 Employee Contributions: Employee Required 2% Employee Additional Contributions (Optional) 10.50% Company Contributions: Max. Company Match on Employee Contributions 50% up to 3% (if employee contributes 6%) Mandatory Employer Base Contribution 2.50%
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Defined Benefit Pension. The parties mutually recognize that bargaining unit members covered by this Agreement are entitled to and shall receive retirement benefits in accordance with Act 427 of the Michigan Public Acts of 1984. Bargaining unit members retiring after April 1, 2006 and hired by the Township prior to April 1, 2010 shall be provided the following MERS Pension Plan benefits: The employee contribution rate shall be four and one half (4.5%) percent of payroll. Bargaining unit members hired by the Township on or after April 1, 2010 shall be provided the following MERS Pension Plan benefits: The employee contribution rate shall be four and one half (4.5%) percent of payroll. As of April 1, 2023, overtime hours included in pensionable wages for the purpose of calculating final average compensation (FAC) shall be limited to 400 hundred (400) hours annually per contract year. This limitation applies to all bargaining unit members participating in the defined benefit pension plan regardless of hire date.
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Defined Benefit Pension. You meet the requirements for a full pension benefit from the Retirement Program for Employees of Viskase Corporation. You also meet the eligibility requirements for Retiree Health and Life benefits. Estimated Single Life Benefit as of February 1, 2007: $1,756.44/month Estimated Joint & Survivor Benefit as of February 1, 2007: $1,680.91/month These benefits are subject to the terms and conditions of their applicable governing documents. The recitation of your eligibility for Retiree Health and Life Benefits herein should not be construed as vesting you in those benefits and such benefits remain subject to the amendment and termination provisions of the applicable governing documents.
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Defined Benefit Pension. The parties mutually recognize that bargaining unit members are entitled to and shall receive retirement benefits in accordance with Public Employees Retirement under Act 427 of the Michigan Public Acts of 1984. The employees shall contribute a percentage of their compensation as determined by the Employer as a participating municipality under MCLA 38.1532. Employees retiring after April 1, 2006 and hired by the Township prior to April 1, 2010 shall be provided the following MERS Pension Plan benefits: The employee contribution rate shall be six and one half (6.50%) percent of payroll. Bargaining unit members hired by the Township on or after April 1, 2010 shall be provided the following MERS Pension Plan benefits: The employee contribution rate shall be six and one half (6.50%) percent of payroll. Effective April 1, 2023, overtime hours included in pensionable wages for the purpose of calculating final average compensation (FAC) shall be limited to three hundred (300) hours annually. This limitation applies to all bargaining unit members participating in the defined benefit pension plan regardless of hire date.
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Related to Defined Benefit Pension

  • 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 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.

  • 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.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.