Employee Retirement Benefits Sample Clauses

Employee Retirement Benefits. 5 2.8.1 Unit members must be vested in the District for ten (10) years in order to receive a District 6 contribution toward retiree benefits offered by the District. 7 2.8.2 Effective March 1, 1990, retiring unit members have the option of continuing to receive 8 fully paid District health and welfare benefits for single-party coverage, or; participate in 9 the health and welfare benefit plan as if they were active employees. Retirees choosing the 10 latter shall be responsible for current co-payments of premiums. 11 2.8.3 The District will pay one hundred percent (100%) of retiree only coverage for medical, 12 dental and vision insurance until the retiree is eligible for Medicare or attains age sixty- 13 five (65). 14 2.8.4 In accordance with Ed Code 7000, the District will continue health, dental and vision 15 insurance benefits until the retiree is eligible for Medicare or attains age sixty-five (65) at 16 the retiree’s expense. 17 2.8.5 Retirees/spouses wishing to continue coverage after age sixty-five (65), may enroll in 18 medical, dental and vision insurance at their own expense with open enrollment 19 restrictions.
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Employee Retirement Benefits. All Employees who are participants in the retirement plans comprised by the Employee Benefit Plans shall retain their accrued benefits thereunder and Goodyear (or such plans) shall retain sole responsibility for the payment of such benefits as and when such Employees become eligible to receive such benefits thereunder.
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Employee Retirement Benefits. (continued) ------------------------------------- Employee Retirement Benefit Expense ----------------------------------- The company's expense for pensions, retirement health care and life insurance was as follows (in millions): Pension Benefits ------------------------------------------------- U.S. Plans Non-U.S. Plans Other Beneifts* ------------------------- ------------------- --------------------------- 1998 1997 1996 1998 1997 1996 1998 1997 1996 ------ ------ ------ ---- ---- ---- ---- ---- ---- Costs Recognized in Income -------------------------- Service cost $ 596 $ 551 $ 532 $354 $331 $261 $ 265 $ 242 $ 268 Interest cost 1,999 1,993 1,838 867 857 819 1,183 1,161 1,195 Expected return on plan assets (2,747) (2,505) (2,310) (986) (931) (790) (45) - - Amortization of: Transition (asset)/obligation (22) (22) (21) 13 61 39 - - - Plan amendments 729 515 599 114 92 103 (42) (44) (48) (Gains)/losses and other 25 30 30 129 56 95 95 13 (21) ------- ------- ------- ----- ---- ---- ------- ------ ------ Net pension/postretirement expense $ 580 $ 562 $ 668 $491 $466 $527 $1,456 $1,372 $1,394 ======= ======= ======= ===== ===== ===== ======= ======= ====== Pension expense in 1998 increased for U.S. and non-U.S. plans primarily as a result of the year-to-year change in the cost of special employee separation programs and lower discount rates, partially offset by increased return on plan assets.
Sample 1
Employee Retirement Benefits. Employees with ten (10) or more years of service who retire shall have the opportunity of one of the District-paid retirement options listed below. The option chosen at the time of retirement is irrevocable. Employee and his/her spouse or registered domestic partner shall be entitled to participate for the time period stated. Employee and/or his/her spouse or registered domestic partner must enroll in Medicare upon becoming eligible, and the benefits offered herein shall be coordinated with Medicare. 1) Ten (10) years of medical and vision for employee and spouse or spouse or registered domestic partner domestic partner; either ten (10) years of dental for employee and spouse or registered domestic partner or $250 per year of service with the District to a maximum of 25 years. 2) Eight (8) years of medical for employee and spouse or registered domestic partner with the lowest premiums at the time of retirement, eight (8) years of dental for employee and spouse or registered domestic partner (annual maximum of $1,500 and no orthodontia coverage) and eight (8) years of vision for employee and spouse or registered domestic partner and $5,000 payment at the end of the 1st year of retirement. 3) Five (5) years of medical, dental and vision for employee and spouse or registered domestic partner and $10,000 payable to the employee in the 6th and 7th years in $5,000 installments (at the end of each fiscal year). 4) No health and welfare benefits provided but will receive $20,000 in the 1st through 4th years in $5,000 installments (at the end of each fiscal year). The District shall reimburse Employee for any costs, if any, incurred by Employee or his/her spouse or registered domestic partner that result from coordinating benefits with Medicare.
Sample 1
Employee Retirement Benefits. Employee Retirement Plans ------------------------- The company has two principal retirement plans in the U.S. The Ford-UAW Retirement Plan covers hourly employees represented by the UAW, and the General Retirement Plan covers substantially all other Ford employees of the company in the U.S. The hourly plan provides noncontributory benefits related to employee service. The salaried plan provides similar noncontributory benefits and contributory benefits related to pay and service. Other U.S. and non-U.S. subsidiaries have separate plans that generally provide similar types of benefits for their employees. In general, the company's plans are funded with the main exceptions of the U.S. defined benefit plans for executives and certain plans in Germany; in such cases an unfunded liability is recorded. The company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable law, regulations and union agreements. Plan assets consist principally of investments in stocks, and government and other fixed income securities. Postretirement Health Care and Life Insurance Benefits ------------------------------------------------------ The company and certain of its subsidiaries sponsor unfunded plans to provide selected health care and life insurance benefits for retired employees. The company's U.S. and Canadian employees may become eligible for those benefits if they retire while working for the company; however benefits and eligibility rules may be modified from time to time. The estimated cost for these benefits is accrued over periods of employee service on an actuarially determined basis. In June 1997, the company prepaid certain 1998 and 1999 hourly health benefits by contributing $1.6 billion to a Voluntary Employees' Beneficiary Association ("VEBA") trust. In 1998, a further $1.7 billion was contributed to the VEBA to pre-pay hourly retiree health benefits. At December 31, 1998, $2 billion of the remaining $2.4 billion VEBA assets applied to hourly retirees.
Sample 1
Employee Retirement Benefits. (continued) ------------------------------------- The year-end status of these plans was as follows (in millions): Pension Benefits ------------------------------------------ U.S. Plans Non-U.S. Plans Other Benefits* ------------------ ------------------ -------------------- 1998 1997 1998 1997 1998 1997 -------- ------- ------- ------- -------- -------- Change in Benefit Obligation ---------------------------- Benefit obligation at January 1 $30,923 $28,245 $13,311 $12,865 $ 17,522 $ 16,503 Service cost 596 551 354 331 265 242 Interest cost 1,999 1,993 867 857 1,183 1,161 Amendments 10 4 26 91 - - Special programs 278 79 114 37 63 - Net aquisitions/(sales) (493) 76 - - (130) - Plan participant contributions 45 43 91 - - - Benefits paid (1,869) (1,828) (660) (633) (846) (794) Foreign exchange translation - - 182 (1,029) (22) (15) Actuarial loss/(gain) 2,046 1,760 2,051 792 1,180 425 ------- ------- ------- ------- -------- -------- Benefit obligation at December 31 $33,535 $30,923 $16,336 $13,311 $ 19,215 $ 17,522 ======= ======= ======= ======= ======== ======== Change in Plan Assets --------------------- Fair value of plan assets at January 1 $35,683 $30,933 $11,687 $10,898 $ 736 $ - Actual return on plan assets 5,746 5,933 1,470 1,533 45 - Company contributions 2 210 219 246 1,700 736 Special programs (95) (1) (27) - - - Net sales (473) - - - - - Plan participant contributions 45 43 91 - - - Benefits paid (1,869) (1,828) (660) (633) (480) - Foreign exchange translation - - 26 (652) - - Other 83 393 449 295 - - ------- ------- ------- ------- -------- -------- Fair value of plan assets at December 31 $39,122 $35,683 $13,255 $11,687 $ 2,001 $ 736 ======= ======= ======= ======= ======== ======== Funded Status of the Plan ------------------------- Plan assets in excess of/(less than) $ 5,587 $ 4,760 $(3,081) $(1,624) $(17,214) $(16,786) benefit obligations Unamortized: Transition (asset)/obligation (68) (87) 744 212 - - Prior service cost 1,941 2,393 507 570 (119) (162) Net (gains)/losses (5,704) (4,801) 650 (63) 1,900 757 ------- ------- ------- ------- -------- -------- Net amount recognized $ 1,756 $ 2,265 $(1,180) $ (905) $(15,433) $(16,191) ======= ======= ======= ======= ======== ======== Amounts Recognized in the Balance Sheet Consists of Assets/(Liabilities) ---------------------------------------------- Other non-current assets - Automotive** $ 2,314 $ 2,459 $ 1,558 $ 1,600 $ - $ - Accrued non-current liabilities - Automotive (611) (515) (3,601) (...
Sample 1
Employee Retirement Benefits. Employee Retirement Plans ------------------------- The company has two principal retirement plans in the U.S. The Ford-UAW Retirement Plan covers hourly employees represented by the UAW, and the General Retirement Plan covers substantially all other Ford employees of the company in the U.S. The hourly plan provides noncontributory benefits related to employee service. The salaried plan provides similar noncontributory benefits and contributory benefits related to pay and service. Other U.S. and non-U.S. subsidiaries have separate plans that generally provide similar types of benefits for their employees. In general, the company's plans are funded with the main exceptions of the U.S. defined benefit plans for executives and certain plans in Germany; in such cases an unfunded liability is recorded. The company's policy for funded plans is to contribute annually, at a minimum, amounts required by applicable law, regulations and union agreements. Plan assets consist principally of investments in stocks, and government and other fixed income securities. Postretirement Health Care and Life Insurance Benefits ------------------------------------------------------
Sample 1
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Employee Retirement Benefits. A defined benefit retirement plan (The Staff Retirement Fund) has been established to provide APICO RP employees with pensions, end-of-service gratuities and indemnities for death or disablement during service with the Corporation. The Fund is a separate entity, and its assets are held separately from those of the Corporation. It is administered by a committee consisting of the General Manager and other senior employees appointed by the Board of Directors on the recommendation of the General Manager. The Fund is financed by contributions from both employees and the Corporation whose contributions are based on the advice of an independent actuary and approved by the Board of Directors.
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Employee Retirement Benefits 
Sample 1

Related to Employee Retirement Benefits

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Other Employment Benefits During the Employment Term, the Executive shall be entitled to the following employment benefits: (a) four (4) weeks of paid vacation in each fiscal year of EDGEN while the Executive is employed hereunder (one week of which, if not used by the Executive in any given fiscal year, may be carried over to the next fiscal year; provided, that the Executive shall not have more than five (5) weeks of paid vacation in any given fiscal year as a result of such carry over), and sick leave in accordance with EDGEN’s policies from time to time in effect for executive officers of EDGEN; provided, that, except as provided herein, vacation and/or sick leave time not used in any year may not be carried over or transferred from one year to another or converted to cash, except in a year in which there is a Change of Control (as hereinafter defined) where the Executive is no longer employed; (b) participation, subject to qualification requirements, in medical, life or other insurance or hospitalization plans and long-term disability policies which are presently in effect or hereinafter instituted by EDGEN and applicable to its executive officers generally; (c) participation, subject to classification requirements and continued maintenance thereof by EDGEN in other Executive benefit plans, such as pension and profit sharing plans, which are from time to time applicable to EDGEN’s executive officers generally; (d) an automobile allowance of $1,200 per month, which shall be used by the Executive to cover all lease and insurance payments with respect to one automobile of the Executive’s choice for business purposes, which automobile’s retail value shall not exceed $75,000. The Executive shall provide proof of insurance in limits and with a company approved by EDGEN. EDGEN shall also be listed as a “named insured” under the policy. EDGEN shall reimburse the Executive, upon the presentation of appropriate receipts, for all reasonable and necessary maintenance, repair and gasoline costs incurred by the Executive in connection with the use of such automobile; provided, that such costs are directly related to the performance by the Executive of his obligations to EDGEN and/or to Parent hereunder; (e) EDGEN shall purchase (subject to the insurability of the Executive at standard rates) a life insurance policy in the amount of $1,000,000 on the life of the Executive to provide benefits under Section 5.2 (b) hereof; and (f) a supplemental payment of $9500 per annum (the “Supplemental Payment”), which shall be paid in accordance with EDGEN’s customary payroll practices which are in effect from time to time during the Employment Term.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Employment Benefits In addition to the Salary payable to the Executive hereunder, the Executive shall be entitled to the following benefits:

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Group Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be a paid or unpaid leave, contact the District’s Human Resources Department.

  • Accrued Benefits The term “Accrued Benefits” shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive’s employment for reasonable and necessary expenses incurred by the Executive on behalf of the Employer for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, but subject to any deferral election then in effect, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained at the target level (reduced, but not below zero, by amounts paid under all such contingent bonus or incentive compensation awards upon the Change in Control of the Company to the extent such amounts relate to the same period of time); and (v) all other payments and benefits to which the Executive (or in the event of the Executive’s death, the Executive’s surviving spouse or other beneficiary) may be entitled on the Termination Date as compensatory fringe benefits or under the terms of any benefit plan of the Employer, excluding severance payments under any Employer severance policy, practice or agreement in effect on the Termination Date. Payment of Accrued Benefits shall be made promptly in accordance with the Company’s prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits; provided that payments pursuant to clause (iv)(B) shall be paid on the first day of the seventh month following the month in which the Executive’s Separation from Service occurs, unless the Executive’s Separation from Service is due to death, in which event such payment shall be made within 90 days of the date of Executive’s death.

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