Excess Benefit Fund Sample Clauses

Excess Benefit Fund. The Contractor agrees to pay a portion of the Pension Fund contribution due under this Collective Bargaining Agreement to the Michigan Regional Council of Carpenters Excess Benefit Fund (hereinafter referred to as the Excess Benefit Fund). The amount of the contribution to the Excess Benefit Fund shall be determined by the administrator of the Excess Benefit Fund based on its funding requirements. Said contributions shall not be cumulative with the pension contributions. The amount of the Contractor’s contribution to the Pension Fund shall be reduced by the amount of the contribution to the Excess Benefit Fund. It is the intent of the parties that the full amount of the pension contribution, prior to any reduction for the contribution to the Excess Benefit Fund, shall be used in determining the benefit amount of covered employees. To that end, the Trustees shall also investigate the implementation of a second Defined Benefit Pension Plan and Trust in order to eliminate the need for the Excess Benefit Plan in the future. If the limitation on benefits imposed by Section 415, this Amendment shall automatically terminate for the first Plan year after the effective date of the elimination of Section 415 of the Code. The foregoing notwithstanding, the obligations described herein shall terminate automatically on the second anniversary of the adoption of the Excess Benefit Plan, unless the term of it is extended thereafter by its Trustees.
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Excess Benefit Fund. The Employer agrees to pay a portion of the Pension Fund contribution due under this Collective Bargaining Agreement to the Michigan Regional Council of Carpenters Excess Benefit Fund (hereinafter referred to as “Excess Benefit Fund”). The administrative manager of xxx Xxxxxxxxxx Pension Trust Fund - Detroit and Vicinity (hereinafter “Pension Fund”) shall, on a monthly basis, determine the amount of benefits to be paid to participants and beneficiaries of the Excess Benefit Fund in the following month, based on the funding requirements set forth in the Excess Benefit Plan. Before the pension contributions made by Employers are allocated to the Pension Fund, the administrative manager shall cause the monies necessary to pay the total amount determined hereunder to be deducted and paid to the Excess Benefit Fund for distribution. That amount shall be the aggregate of all benefits calculated in accordance with the Pension Fund’s Plan in excess of the payment permitted under Section 415 of the Internal Revenue Code, increased to reflect FICA, FUTA and any other similar taxes applicable thereto, together with any administrative expenses. The amount of the Employer’s contribution paid over to the Pension Fund shall be reduced by the amount of the contribution allocated to the Excess Benefit Fund hereunder. The foregoing notwithstanding, the full amount of the pension contributions, prior to the aforesaid reduction for the contribution to the Excess Benefit Fund, shall be used in determining the pension benefit amount of Covered Employees. If the limitation on benefits imposed by Section 415 of the Code is eliminated or modified such that no current, past or future participant’s benefit amount will be affected by Section 415, this provision shall automatically terminate, as of the effective date of such law.
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Excess Benefit Fund. A Section 415 Excess Benefit Fund shall be established for the purpose of providing alternative benefit to any employees of the Employer who become unable to receive the entire amount of the accrued pension benefits to which they would be entitled under one or more of the pension plans sponsored by their Employer because of limitations estab- lished by Section 415 of the Internal Revenue Code. The Employer may be required and directed by the Board of Trustees of the Excess Benefit Fund to contribute a por- tion of its agreed-upon “pension” contribution to the Section 415 Excess Benefit Fund and shall not increase the Employer’s cost beyond the amount that the Employer is obligated to contribute to the Laborers’ Pension Fund and that the funding of the Section 415 Excess Benefit Fund shall be fully tax deductible to the Employer for Federal Income Tax purposes. The Employer hereby agrees that the Board of Trustees of any such Section 415 Excess Benefit Fund shall be authorized to determine each year the amount that will be contributed by the Employer and the amount to be credited to the account of any eligi-
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Excess Benefit Fund. The parties hereby agree to create an Excess Benefit Plan Fund (“Fund”) to pay any benefits in excess of the Section 415 Limits. 1. The Administrator of the Iron Workers’ Local No. 25 Pension Plan (“Plan”) will, on a monthly basis determine the amounts to be paid to beneficiaries from the Fund in the following month. Said amount being the mathematical calculated Defined Benefit in excess of the payment permitted under IRC §415. Said amount is to be further increased to reflect the F.I.C.A. taxes due thereon so that the payment net of the F.I.C.A. taxes to be paid to the Employee would be the same amount he would be entitled to without the payment being subject to said taxes. 2. Prior to the payment of the Employer contributions to the Plan, the Administrator shall deduct the necessary monies to pay the aforementioned amount to the Fund. 3. The payments to each of the beneficiaries for the month will be first remitted from the Plan in the amount as restricted pursuant to IRC §415, and supplemented by any amount determined to be paid to them from the Excess Benefit Fund. I. Any person who performs work covered by Article 2 of this Agreement (Jurisdiction) and who has any direct or indirect financial interest in his Employer (e.g., proprietor, partner, shareholder, etc.) will make contributions to the Funds based either on the most hours worked by any ironworker employee or on the actual hours worked by such person, whichever is greater, for any month in which such person performs covered work. Contributions are not required for any month in which such person performs no covered work. J. The Health, Pension, Training, Vacation Pay and Excess Benefit Funds shall be administered jointly by an equal number of representatives of the Employers and Union, in accordance with the respective Agreements and Declarations of Trust pursuant to which they are established. Said Agreements and declarations of Trust shall conform to all requirements of law and copy of same, together with any amendments thereto, shall be considered as part of this Agreement as though they were set forth herein at length. Iron Workers’ Local Union No. 25 shall elect, designate or appoint the Union Trustees, and the Great Lakes Fabricators and Erectors Association shall appoint the Employer Trustees to the Health, Pension, Training, Vacation Pay and Excess Benefit Funds. K. If, in doing work outside the geographical jurisdiction of the Union, an Employer is required to make contribution to anoth...
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Related to Excess Benefit Fund

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • 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).

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

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

  • 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.

  • Public Benefit It is Reaction Retail’s understanding that the commitments it has agreed to herein, and actions to be taken by Reaction Retail under this Settlement Agreement, would confer a significant benefit to the general public, as set forth in Code of Civil Procedure § 1021.5 and Cal. Admin. Code tit. 11, § 3201. As such, it is the intent of Reaction Retail that to the extent any other private party initiates an action alleging a violation of Proposition 65 with respect to Reaction Retail’s failure to provide a warning concerning exposure to DEHP prior to use of the Products it has manufactured, distributed, sold, or offered for sale in California, or will manufacture, distribute, sell, or offer for sale in California, such private party action would not confer a significant benefit on the general public as to those Products addressed in this Settlement Agreement, provided that Reaction Retail is in material compliance with this Settlement Agreement.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

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