Defined Contribution Plan (Employees Hired Prior To July 1, 1996) Sample Clauses

Defined Contribution Plan (Employees Hired Prior To July 1, 1996). Retirement benefits for the existing Genesee County 401(a) Defined Contribution Plan (DC Plan) are governed by the applicable provisions of the Genesee County Retirement Ordinance and amendments thereto, together with the applicable IRS Rules, Genesee County Board Resolutions, Plan Documents, the rules of the Plan Administrator and governing law. The Employer will contribute an amount equal to ten percent (10%) of the employee's gross earnings each pay period into the employee's personal retirement account. The employee shall have the option of contributing an amount equal to either three percent (3%) of gross earnings or seven percent (7%) of gross earnings depending upon which plan the employee selected. Employees are one hundred percent (100%) vested in their account. An employee entering into the bargaining unit will maintain the contribution rate established when the employee first became a member of the County defined contribution plan. The Employer shall provide retirees, their spouse and dependents with medical, dental and optical coverage, including any premium co-payments, equivalent to the coverage and premium co-payments which was in effect for the retiree at the time of separation of employment. If such coverage is not available for retirees, the Employer and Union will meet to negotiate an alternative. Retirees shall also be required to pay for Medicare Supplement Part B. Retiree dependents who are receiving medical, dental or optical coverage under this provision, shall continue to receive such coverage upon death of the retiree as long as the dependent is otherwise eligible, pursuant to the terms and conditions of the carrier. Such benefits shall be provided as follows: (1) After 23 years of credited service, regardless of age. (2) At age 60 with at least eight (8) years of credited service. (3) When twenty-three (23) years of credited service would have been completed for employees who were hired prior to January 1, 1988 and who separate employment after eight (8) years of credited service. (4) When twenty-three (23) years of credited service would have been completed for employees who were hired on or after January 1, 1988 and who leave after fifteen (15) years of credited service. Retirees shall be allowed to switch medical coverage during the regular annual open enrollment period, provided coverage is available to retirees. Dual coverage shall not be allowed for retirees. Employees who retire on or after January 1, 2001 with at least ei...
Sample 1
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Defined Contribution Plan (Employees Hired Prior To July 1, 1996). Retirement benefits for the existing Genesee County 401(a) Defined Contribution Plan (DC Plan) are governed by the applicable provisions of the IRS Rules, Genesee County Board Resolutions, Plan Documents, the rules of the Plan Administrator and governing law. After completion of five hundred twenty (520) hours of straight-time employment, the Employer will contribute an amount equal to ten percent (10%) of the employee's gross earnings each pay period into the employee's personal retirement account. Effective as soon as administratively possible after ratification of the 2011 -2012 Collective Bargaining Agreement, the Employer’s contribution will be reduced to an amount equal to eight percent (8%) of the employee’s gross earnings each pay period into the employee’s personal retirement account. After completion of five hundred twenty (520) hours of straight-time employment, the employee shall have the option of contributing an amount equal to either three percent (3%) of gross earnings or five percent (5%) of gross earnings on a pre-tax basis depending upon which plan the employee selected. The election of the deferral amount is irrevocable. Employees are one hundred percent (100%) vested in their account. An employee entering into the bargaining unit will maintain the contribution rate established when the employee first became a member of the County defined contribution plan.
Sample 1
Defined Contribution Plan (Employees Hired Prior To July 1, 1996). Retirement benefits for the existing Genesee County 401(a) Defined Contribution Plan (DC Plan) are governed by the applicable provisions of the Genesee County Retirement Ordinance and amendments thereto, together with the applicable IRS Rules, Genesee County Board Resolutions, Plan Documents, the rules of the Plan Administrator and governing law. The Employer will contribute an amount equal to ten percent (10%) of the employee's gross earnings each pay period into the employee's personal retirement account. The employee shall have the option of contributing an amount equal to either three percent (3%) of gross earnings or five percent (5%) of gross earnings depending upon which plan the employee chooses. Employees are one hundred percent (100%) vested in their account.
Sample 1
Defined Contribution Plan (Employees Hired Prior To July 1, 1996). Retirement benefits for the existing Genesee County 401(a) Defined Contribution Plan (DC Plan) are governed by the applicable provisions of the Genesee County Retirement Ordinance and amendments thereto, together with the applicable IRS Rules, Genesee County Board Resolutions, Plan Documents, the rules of the Plan Administrator and governing law. After completion of five hundred twenty (520) hours of straight-time employment, the Employer will contribute an amount equal to ten percent (10%) of the employee's gross earnings each pay period into the employee's personal retirement account. After completion of five hundred twenty (520) hours of straight-time employment, the employee shall have the option of contributing an amount equal to either three percent (3%) of gross earnings or five percent (5%) of gross earnings depending upon which plan the employee selected. The election of the deferral amount is irrevocable. Employees are one hundred percent (100%) vested in their account. An employee entering into the bargaining unit will maintain the contribution rate established when the employee first became a member of the County defined contribution plan.
Sample 1
Defined Contribution Plan (Employees Hired Prior To July 1, 1996). Retirement benefits for the existing Genesee County 401(a) Defined Contribution Plan (DC Plan) are governed by the applicable provisions of the IRS Rules, Genesee County Board Resolutions, Plan Documents, the rules of the Plan Administrator and governing law. The Employer will contribute an amount equal to ten percent (10%) of the employee's gross earnings each pay period into the employee's personal retirement account. Effective as soon as administratively possible after ratification of the 2010-2012 Collective Bargaining Agreement, the Employer’s contribution will be reduced to an amount equal to eight percent (8%) of the employee's gross earnings each pay period into the employee's personal retirement account. The employee shall have the option of contributing an amount equal to either three percent (3%) of gross earnings or five percent (5%) of gross earnings on a pre-tax basis depending upon which plan the employee selected. Employees are one hundred percent (100%) vested in their account.
Sample 1
Defined Contribution Plan (Employees Hired Prior To July 1, 1996). Retirement benefits for the existing Genesee County 401(a) Defined Contribution Plan (DC Plan) are governed by the applicable provisions of the IRS Rules, Genesee County Board Resolutions, Plan Documents, the rules of the Plan Administrator and governing law. After completion of five hundred twenty (520) hours of straight-time employment, the Employer will contribute an amount equal to eight percent (8%) of the employee's gross earnings each pay period into the employee's personal retirement account. After completion of five hundred twenty (520) hours of straight-time employment, the employee shall have the option of contributing an amount equal to either three percent (3%) of gross earnings or five percent (5%) of gross earnings on a pre-tax basis depending upon which plan the employee selected. The election of the deferral amount is irrevocable. Employees are one hundred percent (100%) vested in their account. An employee entering into the bargaining unit will maintain the contribution rate established when the employee first became a member of the County defined contribution plan.
Sample 1

Related to Defined Contribution Plan (Employees Hired Prior To July 1, 1996)

  • Defined Contribution Plans The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.

  • Public Employees Retirement System “PERS”) Members.

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Excluded Employees Employees excluded from the bargaining unit who work for an Employer signatory to this Agreement may participate in any of the foregoing benefits under rules and regulations established by the Trustees. The trustees shall determine the contributions required for such benefits.

  • Certain Employee Payments The Company is not a party to any employment agreement which could result in the payment to any current, former or future director or employee of the Company of any money or other property or rights or accelerate or provide any other rights or benefits to any such employee or director as a result of the transactions contemplated by this Agreement, whether or not (i) such payment, acceleration or provision would constitute a “parachute payment” (within the meaning of Section 280G of the Code), or (ii) some other subsequent action or event would be required to cause such payment, acceleration or provision to be triggered.

  • Certain Employees (a) Each of the following is included in the list of agreements set forth in the Disclosure Schedule: all collective bargaining agreements, employment and consulting agreements, bonus plans, deferred compensation plans, employee pension plans or retirement plans, employee profit-sharing plans, employee stock purchase and stock option plans, hospitalization insurance, and other plans and arrangements providing for employee benefits of employees of the Seller. (b) The Disclosures Schedule contains a true, complete and accurate list of the following: the names, positions, and compensation of the present employees of the Seller, together with a statement of the annual salary payable to salaried employees and a summary of the bonuses and description of agreements for additional compensation and other like benefits, if any, paid or payable to such persons for the period set forth in the Disclosure Schedule. Except as listed in the Disclosure Schedule, to the best of Seller's knowledge, all employees of Seller are employees-at-will. (c) Seller has no retired employees who are receiving or are entitled to receive any payments, health or other benefits from Seller.

  • Newly Hired Employees All employees hired to an insurance eligible position must make their benefit elections by their initial effective date of coverage as defined in this Article, Section 5C. Insurance eligible employees will automatically be enrolled in basic life coverage. If employees eligible for a full Employer Contribution do not choose a health plan administrator and a primary care clinic by their initial effective date, and do not waive medical coverage, they will be enrolled in a Benefit Level Two clinic (or Level One, if available) that meets established access standards in the health plan with the largest number of Benefit Level One and Two clinics in the county of the employee’s residence at the beginning of the insurance year. If an employee does not choose a health plan administrator and primary care clinic by their initial effective date, but was previously covered as a dependent immediately prior to their initial effective date, they will be defaulted to the plan administrator and primary care clinic in which they were previously enrolled.

  • Exempt Employees In conjunction with Section 1 above, employees declared to be exempt by the Employer or the United States Department of Labor shall be governed by this section.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any director, officer or employee of Metropolitan or its Subsidiaries, or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (i) for normal individual increases in compensation to employees in the ordinary course of business consistent with past practice, (ii) for other changes that are required by applicable law, and (iii) to satisfy Previously Disclosed contractual obligations existing as of the date hereof.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

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