Defined Benefit Retirement Plan. Employees represented by Alliance unions are covered by the defined- benefit retirement plans listed in Exhibit
Defined Benefit Retirement Plan. The Employer agrees to continue its present Defined Benefit Retirement Plan in full force and effect for eligible employees hired prior to January 1, 2007 and will not reduce or diminish in any way the benefits, eligibility requirement and the rights of employees thereunder. Retirement benefits and eligibility requirements for participation are defined by the current Employer’s plan. The Employer agrees to maintain the Defined Benefit Retirement Plan as long as there are eligible employees covered by the Plan and will not seek in any way to eliminate or modify the plan in any future negotiations. This defined benefit plan will be maintained as long as there are eligible employees covered by the plan and consistent with regulations of the Internal Revenue Service and the United States Department of Labor. This provision shall remain in effect until there are no longer eligible employees covered by the defined benefit plan. After many years if the number of remaining plan participants makes it unfeasible to continue the plan, the Employer will negotiate with the Union to ensure that any remaining plan participants are kept whole.
Defined Benefit Retirement Plan. The Employer agrees to continue its present Defined Benefit Retirement Plan in full force and effect for eligible employees hired prior to January 1, 2007 and will not reduce or diminish in any way the benefits, eligibility requirement and the rights of employees thereunder. Retirement benefits and eligibility requirements for participation are defined by the current Employer’s plan. The Employer agrees to maintain the Defined Benefit Retirement Plan as long as there are eligible employees covered by the Plan and will not seek in any way to eliminate or modify the plan in any future negotiations. This defined benefit plan will be maintained as long as there are eligible employees covered by the plan and consistent with regulations of the Internal Revenue Service and the United States Department of Labor.
Defined Benefit Retirement Plan. Any employee covered under this agreement and hired in the Lenawee County Sheriff’s Department on or after July 1, 2005 is not eligible for participation in the County’s Defined Benefit Retirement Plan. The following table applies only to those employees covered under this agreement and hired before July 1, 2005:
Defined Benefit Retirement Plan a. Normal retirement definition is age 65 or ten years of service whichever is later.
b. Effective July 1, 1998, vesting period is changed to provide 100% vesting after five full years of service.
c. Early retirement allowed at age 55 with 10 years of service.
d. Early retirement factor reduced to 4% per year.
e. Disability benefit eliminated.
f. Pre-retirement spouse benefit equal to 50% of accrued benefit, reduced by early retirement and contingent annuitant factor, is included for the spouse of an employee 55 or older who has ten years of service and who dies before retiring.
g. Effective July 1, 1992, the determination of an employee's final earnings for retirement purposes shall be calculated by averaging the highest 3 years of salary for that employee.
h. For years of service prior to July 1, 1996, the annuitant factor is 1.5%. For years of service after July 1, 1996, the annuitant factor is 2%.
i. Simsbury School Nurses will contribute 4.5% of their earnings to the pension plan beginning in FY2015-16. Nothing herein shall be construed to alter the rights and obligations of said employees under said program.
Defined Benefit Retirement Plan a. Increase disability from $300 to $500 per month.
b. Normal retirement age is 65 years. However, an employee may retire on or after age 62 with no reduction in accrued benefits provided the employee has completed at least 29 years of service.
c. Employees will be 100% vested in the retirement plan after the completion of five (5) completed years of service. The early retirement percentage factor has been reduced from 5% to 4%.
d. The Board agrees that it will not change the benefits of the Pension Plan without first negotiating such matters with the Union.
e. The Board will provide annually upon request to the Union President a copy of the annual pension actuarial valuation report.
f. Upon receipt of written notification, the Board will provide two (2) copies of the retirement benefit summary to employees who are within three (3) months of their retirement date.
g. The annuitant factor will be 1.5% for all years of service up to July 1, 1996. For years of service after July 1, 1996, the annuitant factor will be 2.0%. NAGE employees will contribute 4.5% of their earnings effective July 1, 2015.
Defined Benefit Retirement Plan. (a) Effective as of the Distribution Date, Xxxxxx shall take all necessary actions to cause the Retirement Plan of Xxxxxx Oil Corporation (the "Xxxxxx XX Plan") to be amended (i) to freeze, effective immediately prior to the Distribution Date, future benefit accruals with respect to Transferred Employees, and (ii) to provide for the direct trust-to-trust transfer of assets and the assumption of liabilities as contemplated herein.
(b) Prior to the Distribution Date, Deltic shall establish a defined benefit pension plan which shall be qualified under Section 401(a) of the Code (the "Deltic DB Plan") effective as of the Distribution Date covering Transferred Employees. The Deltic DB Plan shall contain provisions comparable in all material respects to those of the Xxxxxx XX Plan immediately prior to the time of adoption of the Deltic DB Plan. As soon as practicable following the establishment of the Deltic DB Plan, Xxxxxx and Deltic shall file with the IRS proper notice on IRS Forms 5310 regarding the transfer of assets and liabilities from the Xxxxxx XX Plan to the Deltic DB Plan.
(c) As soon as practical after the Distribution Date and in no event later than the termination of the Transition Period, following receipt by Deltic and Xxxxxx of favorable determination letters or Deltic's certification to Xxxxxx, and Xxxxxx'x certification to Deltic, in a manner reasonably acceptable to both Xxxxxx and Deltic, that the Xxxxxx XX Plan and Deltic DB Plan are qualified under the applicable provisions of the Code, the assets and liabilities associated with all Transferred Employees shall be transferred from the Xxxxxx XX Plan to the Deltic DB Plan. The amount of assets to be transferred shall be equal to that amount which bears the same ratio to the assets of the Xxxxxx XX Plan, as of the Distribution Date, as the accrued liability of the Transferred Employees bears to the accrued liability of all participants in the Xxxxxx XX Plan, as of the Distribution Date. For purposes of the preceding sentence, the "accrued liability" of any participant in the Xxxxxx XX Plan shall be calculated under the entry age normal actuarial method using the same actuarial assumptions employed for purposes of the most recent annual valuation of the Xxxxxx XX Plan. The assets to be transferred shall be credited (or charged) expenses, on the balance outstanding from time to time from the Distribution Date to the actual date of transfer, at the rate of earnings (or losses) on assets of the X...
Defined Benefit Retirement Plan. 1. For active umpires hired to the Major League umpire staff on or before December 31, 2014, the basic benefit table set forth in Addendum G to this Agreement will be in effect during the term of this Agreement. Individuals hired to the Major League umpire staff on or after January 1, 2015 will not be eligible to participate in the Defined Benefit Retirement Plan.
2. The Defined Benefit Retirement Plan shall provide that the employer contribution required once annually for each plan year follow- ing 2014 shall be at least the minimum contribution required to fund the benefits hereby agreed to in this Agreement in accordance with require- ments set forth in the Internal Revenue Code, as amended. The Office of the Commissioner shall account for the minimum contribution consistent with Generally Accepted Accounting Principles (GAAP).
Defined Benefit Retirement Plan. 2202 The Employer established a defined benefit, Employer-funded pension plan for all eligible employees. The defined-benefit retirement plans listed in National Alliance Agreement 2018, Exhibit 2.B.2.b. will be governed by the plan documents in effect for each plan, as well as the Letter of Agreement between the parties regarding pension multipliers made effective January 7, 2002, and modified by a subsequent agreement between the parties dated May 22, 2003, as well as the Letter of Agreement regarding early reduction factors made effective August 19, 2002 (all attached as Exhibit 2.B.2.b.). 2203 Each employee becomes a participant at date of hire or on January 1, 1980 if a participant in the Xxxxxx Permanente Salaried Retirement Plan on December 31, 1979. 2204 Normal retirement income shall be computed at 1.45% of final average pay multiplied by all years of credited service. 2205 Final average pay is an employee's average monthly compensation for the highest sixty
Defined Benefit Retirement Plan. Any employee covered under this agreement and hired in the Lenawee County Sheriff=s Department on or after July 1, 2005 is not eligible for participation in the County=s Defined Benefit Retirement Plan. The following table applies only to those employees covered under this agreement and hired before July 1, 2005: Normal retirement Age 65 and vested or age 55 and 25 years service Retirement benefit formula (annual) 2.5% X yrs svc X ave. highest 48 consecutive months Vesting 8 years Mandatory retirement none Early retirement (reduced benefit) 55/10 years (less than 25 years service) Early retirement reduction .56% X no months preceding 65th birthday, max: 60 months (33%) .28% X no months preceding 60th birthday, max: 60 months (17%) Deferred retirement 8 or more years: 65-regular 10 or more years:55-reduced Disability retirement total & permanent disability w/10 or more years; worker's compensation offset Death benefit survivor's annuity (50%) for spouse and/or children Duty connected death benefit none Maximum Benefit 32 Years (Effective 01/01/2001) Compensation cap Not to exceed 80% of average monthly earnings (Effective 01/01/2001) Optional forms of payment straight life; optional reduced survivor's benefits Member contributions 5% of gross pay (pre-tax) (Effective 08/1998) 6% of gross pay (pre-tax) (Effective 01/01/2008) 7% of gross pay (pre-tax) (Effective 01/01/2009) Effective January 1, 2008 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to six percent (6%). Effective January 1, 2009 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to seven percent (7%).
