Defined Benefit Pension Sample Clauses

Defined Benefit Pension. The parties mutually recognize that bargaining unit members hired by the Township prior to April 1, 2010 are entitled to and shall receive retirement benefits in accordance with Public Employees Retirement 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: The employee contribution rate shall be six and three quarters (6.75%) 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 three quarters (6.75%) percent of payroll. Overtime hours included in pensionable wages for the purpose of calculating final average compensation (FAC) shall be limited to one hundred (100) hours at the time and one-half rate per contract year. Double time overtime is fully excluded from FAC calculations. This limitation applies to all bargaining unit members participating in the defined benefit pension plan regardless of hire date.
Sample 1
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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.
Sample 1
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%
Sample 1
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:
Sample 1
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.
Sample 1
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.
Sample 1
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.
Sample 1
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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
Sample 1

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.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • 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.

  • 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.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • 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.

  • Employees; Benefit Plans (a) During the period commencing at the Effective Time and ending on the date which is FIVE (“5”) months from the Effective Time (or if earlier, the date of the employee's termination of employment with Parent and its Subsidiaries), Parent shall cause the Surviving Corporation and each of its Subsidiaries, as applicable, to provide the employees of the Company and its Subsidiaries who remain employed immediately after the Effective Time (collectively, the "Company Continuing Employees") with base salary, target bonus opportunities (excluding equity-based compensation), and employee benefits that are, in the aggregate, no less favorable than the base salary, target bonus opportunities (excluding equity-based compensation), and employee benefits provided by the Company and its Subsidiaries on the date of this Agreement. (b) With respect to any "employee benefit plan" as defined in Section 3(3) of ERISA maintained by Parent or any of its Subsidiaries, excluding both any retiree healthcare plans or programs maintained by Parent or any of its Subsidiaries and any equity compensation arrangements maintained by Parent or any of its Subsidiaries (collectively, "Parent Benefit Plans") in which any Company Continuing Employees will participate effective as of the Effective Time, Parent shall, or shall cause the Surviving Corporation to, recognize all service of the Company Continuing Employees with the Company or any of its Subsidiaries, as the case may be as if such service were with Parent, for vesting and eligibility purposes (but not for (i) purposes of early retirement subsidies under any Parent Benefit Plan that is a defined benefit pension plan or (ii) benefit accrual purposes, except for vacation, if applicable) in any Parent Benefit Plan in which such Company Continuing Employees may be eligible to participate after the Effective Time; (iii) Continuing Company shall honor all consulting or advisory agreement previously entered into, or employment pending equity awards stock options or warrants to purchase equity based upon performance. provided, that such service shall not be recognized to the extent that (A) such recognition would result in a duplication of benefits or (B) such service was not recognized under the corresponding Company Employee Plan. (c) This Section 5.07 shall be binding upon and inure solely to the benefit of each of the parties to this Agreement, and nothing in this Section 5.07, express or implied, shall confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Section 5.07. Nothing contained herein, express or implied (i) shall be construed to establish, amend or modify any benefit plan, program, agreement or arrangement or (ii) shall alter or limit the ability of the Surviving Corporation, Parent or any of their respective Affiliates to amend, modify or terminate any benefit plan, program, agreement or arrangement at any time assumed, established, sponsored or maintained by any of them. The parties hereto acknowledge and agree that the terms set forth in this Section 5.07 shall not create any right in any Company Employee or any other Person to any continued employment with the Surviving Corporation, Parent or any of their respective Subsidiaries or compensation or benefits of any nature or kind whatsoever. (d) With respect to matters described in this Section 5.07, the Company will not send any written notices or other written communication materials to Company Employees without the prior written consent of Parent.

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