Establishment of Defined Contribution Plan Sample Clauses

Establishment of Defined Contribution Plan. On and after May 2, 2011 any new employee shall not be a participant in the pension plan described in this Exhibit R but shall have as his/her exclusive retirement vehicle, the Defined Contribution Plan set forth below. 1. The Defined Contribution Plan is described as follows; a) Mandatory City contribution – 6% of pay - pretax (includes overtime)-payroll deduction. b) Mandatory Employee contribution – 6% of pay – pretax (includes overtime) – payroll deduction. c) Vesting – Employee contribution vests immediately City contribution – 20%/yr over the first 5 years. d) Withdraw at age 55 consistent with IRS regs. e) May roll over a 401 plan from a prior employer. f) Investment options provided through ICMA. 2. Grandfather Existing Employees Any employee hired prior to May 2, 2011 into one of the bargaining units a party to this agreement shall continue to participate in the pension plan described in this Exhibit R.
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Establishment of Defined Contribution Plan. On and after May 2, 2011 any new employee shall not be a participant in the pension plan described in Exhibit R but shall have as his/her exclusive retirement vehicle, the Defined Contribution Plan set forth below. 1. The Defined Contribution Plan is described as follows; a) Mandatory City contribution - 6% of pay - (Effective 7/1/2017 -7% of pay, and effective 7/1/2020 -8% of pay) (pretax, including overtime) b) Mandatory Employee contribution - 6% of pay (pretax, includes overtime and made by payroll deduction). c) Vesting- Employee contribution vests immediately. City contribution - Vests at the rate of 20% per yr. over the first 5 years. d) Employees may make withdrawals at age 55 consistent with IRS regulations. e) Employees may roll over a 401 plan from a prior employer. f) Investment options provided through ICMA. (1) The City will provide all the medical coverage which is provided to active bargaining unit employees to employees hired prior to September 7, 2016 who leave City service and have reached a minimum age of 55 and have at least ten (10 ) consecutive years of service until he/she reaches age 65. (2) The City will provide to the spouse of an eligible employee until age 65 and to his/her other family members, while eligible, all the medical coverage which is provided to active bargaining unit employees even though he/she is age 65 or older. (3) If such an employee either prior to or after reaching age 65, takes other employment which provides equivalent medical coverage, any of the medical coverage provided by the city of Torrington in paragraphs 1 and 2 above, shall cease during the term of that other employment or any other future employment. He/she shall immediately give notice of said equivalent medical coverage to the City's Comptroller's office. However, if written notification is given to the City, by certified mail, return receipt requested, that he/she is no longer employed or that the he/she no longer has equivalent medical coverage, the City shall have its insurance carrier resume the dropped coverage when eligibility exists, as soon as the insurance carrier is able to put the coverage into effect. (4) Each person receiving coverage set forth in this Section 2 shall pay the same amounts of the cost associated ·with said medical coverage as active bargaining unit employees, until he/she reaches age 65 in accordance with the reasonable guidelines established by the Finance Department of the City and/or the Business Office of the Boa...
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Establishment of Defined Contribution Plan. On and after May 2, 2011 any new employee shall not be a participant in the pension plan described in this Exhibit R but shall have as his/her exclusive retirement vehicle, the Defined Contribution Plan set forth below.
Sample 1
Establishment of Defined Contribution Plan. Buyer shall establish (or cause the Company to establish) effective January 1, 1998 a defined contribution plan ("Buyer's Hourly Savings Plan") for the benefit of those employees of the Company or its Subsidiaries who were participants in the PEPC Pension Plan on the date of termination thereof and who, on the Closing Date, became employees of the Buyer or any of its affiliates ("Transferred Hourly Savings Participants"). Buyer's Hourly Savings Plan shall provide, to the extent not inconsistent with Section 401(a)(4) and Section 410(b) of the Code, benefits pursuant to the requirements listed on Section 5.8 of the Disclosure Schedule. The Buyer's Hourly Savings Plan shall provide Transferred Hourly Savings Participants credit for service with the Company, its Subsidiaries, their affiliates and their respective predecessors prior to the Closing Date for purposes of vesting and participation.
Sample 1

Related to Establishment of Defined Contribution Plan

  • 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

  • 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.

  • Implementation Plan The Authority shall cause to be prepared an Implementation Plan meeting the requirements of Public Utilities Code Section 366.2 and any applicable Public Utilities Commission regulations as soon after the Effective Date as reasonably practicable. The Implementation Plan shall not be filed with the Public Utilities Commission until it is approved by the Board in the manner provided by Section 4.9.

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended. 2.2 In accordance with the procedures established in Schedule 2.1 entitled “Third Party Administrator Procedures,” as may be amended by the Transfer Agent and the Fund from time to time (“Schedule 2.1”), the Transfer Agent shall: (a) Treat Shareholder accounts established by the Plans in the name of the Trustees, Plans or TPAs, as the case may be, as omnibus accounts; (b) Maintain omnibus accounts on its records in the name of the TPA or its designee as the Trustee for the benefit of the Plan; and (c) Perform all Services under Section 1 as transfer agent of the Funds and not as a record-keeper for the Plans. 2.3 Transactions identified under Sections 1 and 2 of this Agreement shall be deemed exception services (“Exception Services”) when such transactions: (a) Require the Transfer Agent to use methods and procedures other than those usually employed by the Transfer Agent to perform transfer agency and recordkeeping services; (b) Involve the provision of information to the Transfer Agent after the commencement of the nightly processing cycle of the TA2000 System; or (c) Require more manual intervention by the Transfer Agent, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System, than is normally required.

  • Implementation of Corrective Action Plan After the Corrective Action Plan is finalized, the Purchasers shall use reasonable best efforts to implement the finalized Corrective Action Plan on the timeline set forth therein and provide periodic reports (as provided for therein) to the Sellers on the status of their implementation of the Corrective Action Plan.

  • Initial Contribution of Trust Property; Organizational Expenses The Property Trustee acknowledges receipt in trust from the Depositor in connection with the Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses.

  • Transition Plan In the event of termination by the LHIN pursuant to this section, the LHIN and the HSP will develop a Transition Plan. The HSP agrees that it will take all actions, and provide all information, required by the LHIN to facilitate the transition of the HSP’s clients.

  • Organizational Contributions In connection with the formation of the Partnership under the Delaware Act, the General Partner made an initial Capital Contribution to the Partnership in the amount of $20.00, for a 2% General Partner Interest in the Partnership and has been admitted as the General Partner of the Partnership, and the Organizational Limited Partner made an initial Capital Contribution to the Partnership in the amount of $980 for a 98% Limited Partner Interest in the Partnership and has been admitted as a Limited Partner of the Partnership. As of the Closing Date, the interest of the Organizational Limited Partner shall be redeemed; and the initial Capital Contribution of the Organizational Limited Partner shall thereupon be refunded. Ninety-eight percent of any interest or other profit that may have resulted from the investment or other use of such initial Capital Contributions shall be allocated and distributed to the Organizational Limited Partner, and the balance thereof shall be allocated and distributed to the General Partner.

  • Contribution Procedure Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party (“contributing party”), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available. Each Underwriter’s obligations to contribute pursuant to this Section 5.3 are several and not joint.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

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