FOP Deferred Compensation Plan Sample Clauses

FOP Deferred Compensation Plan. The FOP may offer and administer an eligible governmental deferred compensation plan under Section 457 of the Internal Revenue Service Code and IRS Revenue Ruling 2004-57. The parties acknowledge and agree that the County shall not function as a plan fiduciary except as required by federal law, and will not be responsible for the administration and regulatory compliances of said plan, and the FOP agrees to indemnify the County against any claim or loss arising out of the operation of the plan. The County shall remit unit member contributions to said plan’s trust. Said contributions shall be authorized by the unit member with the FOP or said plan’s third party administrator, who will provide the County with data, in a format approved by the County so that the County can remit said contributions to the trust. The County’s administrative responsibility shall be limited solely to the transfer of said contributions. At that time, unit members may no longer contribute to the County’s deferred compensation plan. Unit members have a one time election to keep his or her current account balance in the County’s deferred compensation plan. If no election is made in a form and manner to be agreed by the parties, the current account balance shall be placed in the union offered 457 plan and the unit member shall be responsible for costs (back load fees), if any, associated with such transfer. Transfers of assets from the County’s deferred compensation plan must comply with all IRS rules and regulations and any such transfer shall be deemed elected by the unit member. No assets will be transferred from the County’s deferred compensation plan into said plan, unless said plan is eligible to receive said transfers. All new contributions of current unit members and new hire contributions must be contributed to the union plan. However, if a member becomes ineligible to participate in the union offered 457 plan, then they may no longer contribute to the union offered 457 plan and may elect to transfer said assets to the County plan. If no election is made, in a form and manner to be agreed, the account balance shall remain in the union offered 457 plan. The participant shall be responsible for costs (back load fees) associated with such transfer. The FOP must provide the County an opinion of counsel letter upon establishment of the plan stating that the said plan meets the definition of an eligible governmental deferred compensation plan under Section 457 of the Internal Revenu...
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Related to FOP Deferred Compensation Plan

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Deferred Compensation Program ‌ Unit members shall continue to be eligible to join the County’s Deferred Compensation Plan. Said employees will be bound by the same Plan, rules and participation agreements as are generally applicable to other County employees. DSA acknowledges that County retains the right to alter, amend, or repeal the current plan, rules, and participation agreements, at any time. The County shall not charge an administrative fee to participating employees.

  • Deferred Compensation Upon the consummation of the Initial Business Combination, the Company will cause the Trustee to pay to the Representative, on behalf of the Underwriters, the Deferred Discount. Payment of the Deferred Discount will be made out of the proceeds of the Offering held in the Trust Account. The Underwriters shall have no claim to payment of any interest earned on the portion of the proceeds held in the Trust Account representing the Deferred Discount. If the Company fails to consummate its Initial Business Combination within the time period prescribed in the Amended and Restated Certificate of Incorporation, the Deferred Discount will not be paid to the Representative and will, instead, be included in the liquidation distribution of the proceeds held in the Trust Account made to the Public Stockholders. In connection with any such liquidation distribution, the Underwriters will forfeit any rights or claims to the Deferred Discount.

  • 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.

  • 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.

  • Deferred Salary Leave Plan 1. The Board shall administer a Deferred Salary Leave Plan as determined by a separate agreement.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • 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.

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