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.
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
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.
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:
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%
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.
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.
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.