Defined Contribution. Fraction -- A fraction, the numerator of which is the sum of the Annual Additions credited to the Participant's account under this and all other qualified defined contribution plans (whether or not terminated) maintained by the Employer for the current and all prior Limitation Years (including the Annual Additions attributable to the Participant's non-deductible employee contributions to all qualified defined benefit plans (whether or not terminated) maintained by the Employer for the current and all prior Limitation Years and the Annual Additions attributable to all welfare benefit funds (as defined in Code Section 419(e)) and individual medical accounts (as defined in Code Section 415(1)(2) maintained by the Employer), and the denominator of which is the sum of the maximum aggregate amounts for the current and all prior Limitation Years of service with the Employer (regardless of whether a defined contribution plan was maintained by the Employer). The maximum aggregate amount in any Limitation Year is the lesser of (i) one hundred and twenty-five percent (125%) of the dollar limitation determined under Code Sections 415(b) and (d) in effect under Code Section 415(c)(1)(A) or (ii) thirty-five percent (35%) of the Participant's Compensation for such Limitation Year. If the Employee was a participant as of the end of the first day of the first Limitation Year beginning after December 31, 1986, in one or more defined contribution plans maintained by the Employer which were in existence on May 5, 1986, the numerator of this fraction will be adjusted if the sum of this fraction and the defined benefit fraction would otherwise exceed 1.0 under the terms of this Plan. Under the adjustment, an amount equal to the product of: (i) the excess of the sum of the fractions over 1.0 times (ii) the denominator of this fraction, will be permanently subtracted from the numerator of this fraction. The adjustment is calculated using the fractions as they would be computed as of the end of the last Limitation Year beginning before January 1, 1987, and disregarding any changes in the terms and conditions of the Plan made after May 5, 1986, but using the Code Section 415 limitation applicable to the first Limitation Year beginning on or after January 1, 1987. The annual addition for any Limitation Year beginning before January 1, 1987, shall not be computed to treat all Employee contributions as Annual Additions.
Defined Contribution. MainePERS agrees to transmit to the investments manager(s) of the Defined Contribution plan(s) deductions of the employees who participate in the Defined Contribution plan(s) by payroll deduction as soon as practicable, but not later than ten (10) workdays after such deductions are made.
Defined Contribution. An employee in a regular position may, at his or her request, participate in the County's Section 457(b) Defined Contribution Plan.
Defined Contribution. Plan A plan under which Employee accounts are maintained for each Participant to which all contributions, forfeitures, investment income and gains or losses, and expenses are credited or deducted. A Participant’s benefit under such plan is based solely on the fair market value of his or her account balance.
Defined Contribution. For newly hired unit members, participation in the defined contribution retirement plan (The University of Maine System Basic Retirement Plan for Classified Employees) is mandatory during their employment with the University. Unit members must contribute one percent (1%) of their base wage but may contribute up to four percent (4%) on which they will receive a matching University contribution. Eligible unit members covered by the Memoranda of Understanding regarding retirement plans executed on January 29, 2001 and May 6 and 7, 1998 who have completed five (5) years of service may contribute one percent (1%) of their base wage but may contribute up to four percent (4%) on which they will receive a matching University contribution.
Defined Contribution. Mandatory 1% by employee (pre-taxed), 1% match from County. • Employee may contribute another 2-4% (pre-taxed). • Once the County has covered the defined benefit funding percentage and the 1% match on the defined contribution, the County will match any additional percentage the employee puts in (up to a total of 8% between the defined benefit and defined contribution).
Defined Contribution. Paired Plan. If this Plan is adopted in combination with one or more defined contribution Paired Plans, the minimum allocation required under this section 12.3, if any, shall be made under such Paired Plans in the following order:
Defined Contribution. (DC) Pension Plan for Wage Employees
(a) The DC Pension Plan applies only to all employees commencing employment with the Company on or after January 1, 2007. All other employees will continue to participate in the DB Pension outlined in (5) above. All employees who commence employment with the company on or after January 1, 2007 may elect to participate in only the DC Pension Plan, rather than the DB Pension Plan.
(b) Cost to employee will be 3.4% of earnings to the year’s Maximum Pensionable Earnings (YMPE) under C.P.P. in that year and 5% of earnings which are in excess of the YMPE in that year.
(c) Company contributions to the DC Pension Plan will be as follows: Three or more years but less than nine years 5% of earnings
(d) The Company will pay all Administrative fees of the DC Pension Plan. However, if an employee transfers funds out of one fund/investment within 30 days after selecting that fund/investment, the employee will be charged a fee equivalent to 1% of the funds being transferred.
(e) Except with the consent of the Union, the Company agrees that it will not make changes to the DC Pension Plan during the term of this Agreement once the DC Plan has been established by the Company following ratification.
Defined Contribution. 19993 Allows employees to deduct a portion of their salary to participate in a 457(b) defined contribution plan.
Defined Contribution. A defined contribution-style plan will be created at the City’s expense, either by amending an existing plan and trust or creating a new plan and trust. The City will not be required to participate in the administration of the trust apart from implementing payroll withholding from employees in a bargaining unit as determined by the individual bargaining unit and the trust. The City will not be responsible for the trust, and each employee group must sign appropriate hold harmless and indemnity provisions before the defined contribution plan is established. When an employee first becomes eligible to retire based on age and years of Service Credit (see Charter section 141 and Municipal Code, Chapter 2,
