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 Plan. The Executive shall be entitled to continued credit for years of service under the defined benefit plan of the Company from the date of Termination through the Salary Continuance Period, and any compensation paid to the Executive pursuant to subsection 6(a) above shall be treated as salary compensation for purposes of such plan. To the extent that such augmentation of the defined benefit plan is not possible under such plan, the Company shall pay the Executive an amount equal to the present value of such augmentation, or arrange to provide the Executive with substantially the same benefit.
Defined Benefit Plan. Employees hired before the effective date of the DC Plan who did not switch to the DC Plan shall continue to be covered by the MERS Defined Benefit (“DB”) Plan applying to them and continue to make the required employee contribution.
Defined Benefit Plan. If the Participant is or has ever been a participant in a defined benefit plan maintained by the Employer, the Employer will provide below the language which will satisfy the 1.0 limitation of Section 415(e) of the Code.
1. [ ] If the projected annual addition to this Plan to the account of a Participant for any limitation year would cause the 1.0 limitation of Section 415(e) of the Code to be exceeded, the annual benefit of the defined benefit plan for such limitation year shall be reduced so that the 1.0 limitation shall be satisfied. If it is not possible to reduce the annual benefit of the defined benefit plan and the projected annual addition to this Plan to the account of a Participant for a limitation year would cause the 1.0 limitation to be exceeded, the Employer shall reduce the Employer Contribution which is to be allocated to this Plan on behalf of such Participant so that the 1.0 limitation will be satisfied. (The provisions of Section 415(e) of the Code are incorporated herein by reference under the authority of Section 1106(h) of the Tax Reform Act of 1986.)
2. [ ] Other method. (PROVIDE LANGUAGE DESCRIBING ANOTHER METHOD. SUCH LANGUAGE MUST PRECLUDE EMPLOYER DISCRETION.)
Defined Benefit Plan. All employees, hired prior to January 1, 2010, will be covered under the Municipal Employees’ Retirement System (MERS) Defined Benefit Plan. Effective July 1, 2018, all employees hired prior to January 1, 2010, will be covered by the following bridged benefit: Service credit earned through June 30, 2019 will have the following benefits levels: • B-4, 2.5% multiplier, RS 50, Frozen FAC-3, F55/25, and 10-year vesting. o Frozen FAC-3 is determined by taking the highest consecutive 36-months from the date of hire to the date of the bridge; June 30, 2019. Service credit earned beginning on July 1, 2019 will have the following benefit levels:
Defined Benefit Plan. No Employee Benefit Plan in effect as of the date of this Plan of Merger, is a "defined benefit plan" within the meaning of Section 3(35) of ERISA.
Defined Benefit Plan. Each Nurse will accrue both Credited Service (used to determine the amount of benefit) and Service (used to determine eligibility for vesting and early retirement) under the KPNPP. The KPNPP shall provide a monthly income commencing at age 65 of 1.45% of final average monthly compensation over the sixty highest consecutive months out of the last 120 of employment. For Participants as of 11/1/03 who had either elected or received only a defined contribution plan as of that time, Credited Service will be modified based on the following:
a. Up to three (3) additional years of credited service will be credited over the next three years (2006, 2007, 2008) for eligible participants who are under 60 years of age or have less than 20 years of vesting service, or both, as of January 1, 2006 as follows: All employees with 20 or more scheduled hours per week earn double credited service (based on actual hours) in 2006, 2007, and 2008.
b. Three (3) years of credited service will be credited immediately for eligible participants who are both age 60 or older, and have 20 years or more of vesting service as of January 1, 2006.
c. Eligible participants are employees who were employed as of November 1, 2003 and still employed October 1, 2005 and were not in the defined benefit plan immediately before November 1, 2003.
Defined Benefit Plan. As used in this section, the words "defined benefit plan" shall mean any retirement plan which is not a defined contribution plan.
Defined Benefit Plan. Defined Benefit Plan means a retirement plan which does not provide for individual accounts for Employer contributions and which provides for payment of determinable benefits in accordance with the plan's formula.
Defined Benefit Plan. All employees with seniority on June 1, 1996 had their Defined Benefit Plan benefit levels frozen at the basic amount of $23.00 per month per year of service and the supplemental at $9.50 per month per year of service. All years of service however will continue. These employees are also enrolled in the Group RRSP.
