DROP PLAN Sample Clauses

DROP PLAN. In the event Illinois Statue applicable to members of the bargaining unit is revised to authorize a Deferred Retirement Option Plan, the parties agree to bargain over the terms and conditions of implementation thereof. In the event the parties reach impasse, either party may invoke the impasse resolution provisions of Section 14 of the Illinois Public Labor Relations Act
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DROP PLAN. In the event the Illinois Statute applicable to officers is revised to authorize a Deferred Retirement Option Plan, the parties agree to bargain over the terms and conditions of implementation thereof. In the event the parties reach impasse, either party may invoke the impasse resolution provision of Section 14 of the Illinois Public Relations Act.
DROP PLAN. The County and FOP 112 agree to establish a cost-neutral Deferred Retirement Option Program (DROP) for participants in the Deputy Sheriffs Pension Plan to be effective on June 1, 2022. The terms of the DROP shall be the same or similar to those for the DROP programs agreed to by the County and FOP Lodge 89, except that the DROP eligibility shall be set as two years past normal retirement age for the particular employee (as defined in the Plan), unless either: (a) the parties agree on or before March 1, 2022 to an alternative plan; or (b) the County obtains a cost estimate from the Plan’s actuary on or before December 2021, which shows that the Police Officer’s DROP plan as applied to the Deputy Sheriffs Pension Plan would impose costs to the County beyond those reasonably projected in the absence of the DROP program. If the County produces such a study, the County and FOP 112 will meet on or before January 15, 2022, to determine how the proposal may be modified to achieve the goal of a mutually agreeable DROP program, and agree to bargain over the implementation of such a DROP program.
DROP PLAN. The City shall provide a Deferred Retirement Option Program (DROP) only for existing employees that are in the DROP as of March 31, 2012. A bargaining unit member has the option to participate in a DROP following completion of 25 years of membership service credit comprising of actual work (without purchase of time) and at least 70 points representing the sum o f the member’s age and years of service. The maximum duration of the DROP is 36 months and participation will end if the bargaining unit member resigns, dies or is terminated for good cause. No new entrants will be allowed in the DROP from April 2, 2012 forward. Employees who have entered the DROP prior to April 2, 2012, will be allowed to complete the time period permitted in the DROP if the employee so chooses and if the employee remains employed by the City.
DROP PLAN. The City of Detroit shall use its best efforts to obtain Bankruptcy Court approval to modify its confirmed bankruptcy plan of adjustment to permit it to amend Article 12 of the Combined Plan For The Police and Fire Retirement System of The City of Detroit, ("Combined PFRS Plan), such that any Member meeting certain qualifications may participate in the DROP program for a maximum of ten (10) years. Such amendments will not affect those Members who are current grandfathered into the unlimited DROP program. To facilitate this change, the City of Detroit shall seek approval to amend §12.l of the Combined PFRS Plan to add a new paragraph (3) along the following lines (exact wording mayvary): 1 1 A copy of the current performance evaluation standards, referenced in the proposed new Paragraph 3, is attached to this MOU. Its inclusion, however, is for informational purposes only. The performance
DROP PLAN. All fire fighters covered by the “old” pension plan shall be afforded participation in the “drop plan.”
DROP PLAN. Employees must notify the sheriff in writing not later than 60 days before they reach 25 years of credited service in the pension plan that they desire to enter the drop plan. The notification will also state how long they desire to be in the drop. 1. The Sheriff has the right to approve or disapprove the DROP request, but may not act in an arbitrary or capricious manner. 2. The DROP participation may not exceed three years. 3. The employee must contribute 8% of their salary into the pension plan while in the DROP plan. If an employee is promoted into the command unit after January 1, 2016, they must contribute whatever percent an active employee contributes toward the pension while they are in the DROP. 4. A DROP participant is considered a new employee (i.e. rehired at step 1 of the applicable salary schedule, new hire benefits such as vacation accrual rate…). DROP participants are covered under the collective bargaining agreement.
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Related to DROP PLAN

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Meal Plan 18. Residents are required to purchase a meal plan for both semesters. Refer to xxx.xxxxxxxx.xx/xxxx for details on meal plan rates. Residents may contract for a meal plan of a higher value than stipulated in the fee schedule. 19. The meal plan may only be used to purchase food and beverages at Food Service outlets designated by the University. Meal plans cannot be used to purchase alcohol or gift certificates from any of our Off Campus Partners or to pay any other fees owed to the University of Windsor. 20. Selling of unused meal plan money is not permitted. 21. The University accepts no liability for lost, misplaced or stolen student cards and reserves the right to confiscate without recourse, any student card which bears evidence of alterations. 22. Any unused balance remaining in the meal plan accounts of the Resident on the termination date of this Agreement, will be subject to the University of Windsor Meal Plan Carry-Forward Policy. 23. Residents may add money to their meal plan at the Food Services office, J01 in Vanier Hall or the UwinCard Office in the CAW Student Centre (lower level). 24. The meal plan account is HST exempt on most purchases made at Food Service outlets on campus, except on taxable items at the Bru in Alumni Hall or with our Off Campus Partners. This is a current meal plan tax policy and is subject to change in accordance with provincial or federal legislation. 25. Meal plan fees or hours of operation are subject to change as deemed necessary or when due to circumstances beyond Food Services' control. The University reserves the right to increase or otherwise change the prices of items available for purchase in its Food Service outlets. Residents will be given reasonable notice of changes to the plan and such changes will be made fairly and in due consultation with student representatives.

  • Leave Plan Effective April the Hospital agrees to introduce a leave program, funded solely by the nurse, subject to the following terms and conditions:

  • Plan The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Agreement. The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

  • Deferral Plan The deferral portion of the plan shall involve an employee spreading four (4) years' salary over a five (5) year period, or such other schedule as may be mutually agreed between the employee and the Hospital. In the case of the four (4) years' salary over a five (5) year schedule, during the four (4) years of salary deferral, 20% of the employee's gross annual earnings will be deducted and held for the employee. Such deferred salary will not be accessible to the employee until the year of the leave or upon the collapse of the plan. In the case of another mutually agreed upon deferral schedule, the percentage of salary deferred shall be adjusted appropriately.

  • Dental Plan (a) The Employer shall pay the monthly premium for employees entitled to coverage under a mutually acceptable plan which provides: (1) Part A, 100% coverage; (2) Part B, 65% coverage (3) Part C, 55% coverage. (b) Orthodontic services are subject to a lifetime maximum payment of $3,500 per patient.

  • VACATION PLAN 2 All employees in the bargaining unit shall earn paid vacation time 3 under this Article. Vacation benefits are earned on a fiscal year 4 basis--July 1 to June 30. 5 8.1 Unit members are entitled to vacation with pay at the rates 6 to be found in the following schedule: 7 8.1.1 . 83 of a day for each month worked during the first 8 three (3) years.

  • 401(k) Plan Executive shall be entitled to participate in the Company’s 401K plan in accordance with its terms and conditions.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

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