Frozen Non-Contributory Retirement Plan Sample Clauses

Frozen Non-Contributory Retirement Plan. Benefits may be available to employees who were employed prior to June 30, 1975, and either were not eligible to remain solely in the Non-Con only plan or elected not to remain. a) Those employees whose potential benefits in the Non-Con Plan were frozen as of June 30, 1975, are also eligible to participate in the Multiple Option Retirement Program as described in Article L Multiple Option Retirement Program below. To be eligible to receive such frozen pension benefits, an employee must obtain retirement eligibility status as defined under paragraphs 49.1, 49.2, or 49.3. b) Payment of the Frozen Non-Con pension shall occur as follows: 1) The full annual Frozen Non-Con retirement pension for persons who meet the full-time service requirement of fifteen (15) years and the age requirement of at least sixty-two (62) shall commence at the first of the month following attainment of age sixty-five (65) if retirement has occurred. If retirement occurs between ages sixty-two (62) and sixty-five (65), pension benefits may begin prior to age sixty-five (65) but the benefits will be actuarially reduced to the extent retirement occurs prior to age sixty-five (65). 2) An employee who meets the service requirement of twenty-five (25) years may retire at any time with the Frozen Non-Con pension benefits to commence the first of the month following retirement. However, these benefits will be actuarially reduced to the extent retirement occurs prior to age sixty-five (65). c) The Frozen Non-Con pension benefit shall be calculated as follows: 1) Service credits for the determination of the pension benefit shall be one percent (1%) for each of the first ten (10) years of continuous employment and two percent (2%) thereafter through June 30, 1975. 2) The annual pension amount shall be determined by multiplying the employee’s annual earnings for the year ended June 30, 1975, by his/her service credits as of that date and then adding ten percent (10%). 3) The maximum annual Frozen Non-Con pension benefit shall be three thousand and five hundred dollars ($3,500.00). d) An employee retiring with a Frozen Non-Con plan pension benefit may also receive a retirement pension from contributions made to the Multiple Option Retirement Program.
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Frozen Non-Contributory Retirement Plan. Benefits may be available to employees who were employed prior to June 30, 1975, and either were not eligible to remain solely in the Non-Con only plan or elected not to remain. a) Those employees whose potential benefits in the Non-Con Plan were frozen as of June 30, 1975, are also eligible to participate in the Multiple Option Retirement Program as described in Article L Multiple Option Retirement Program below. To be eligible to receive such frozen pension benefits, an employee must obtain retirement eligibility status as defined under paragraphs 49.1, 49.2, or 49.3. b) Payment of the Frozen Non-Con pension shall occur as follows: 1. The full annual Frozen Non-Con retirement pension for persons who meet the full-time service requirement of fifteen (15) years and the age requirement of at least sixty-two (62) shall commence at the first of the month following attainment of age sixty-five (65) if retirement has occurred. If retirement occurs between ages sixty-two (62) and sixty-five (65), pension benefits may begin prior to age sixty-five (65) but the benefits will be actuarially reduced to the extent retirement occurs prior to age sixty-five (65). 2. An employee who meets the service requirement of twenty-five
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Related to Frozen Non-Contributory Retirement Plan

  • 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.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

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

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.05(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long-term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or via the Government Employees Compensation Act prevents the employee from receiving Employment Insurance or Québec Parental Insurance Plan benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.05(a), other than those specified in sections (A) and (B) of subparagraph 17.05(a)(iii), shall be paid, in respect of each week of benefits under the parental allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of the employee's rate of pay and the gross amount of his or her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.05 for a combined period of no more than the number of weeks during which the employee would have been eligible for parental, paternity or adoption benefits under the Employment Insurance or Québec Parental Insurance Plan, had the employee not been disqualified from Employment Insurance or Québec Parental Insurance Plan benefits for the reasons described in subparagraph (a)(i).

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • 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.

  • Newly Hired Employees All employees hired to an insurance eligible position must make their benefit elections by their initial effective date of coverage as defined in this Article, Section 5C. Insurance eligible employees will automatically be enrolled in basic life coverage. If employees eligible for a full Employer Contribution do not choose a health plan administrator and a primary care clinic by their initial effective date, and do not waive medical coverage, they will be enrolled in a Benefit Level Two clinic (or Level One, if available) that meets established access standards in the health plan with the largest number of Benefit Level One and Two clinics in the county of the employee’s residence at the beginning of the insurance year. If an employee does not choose a health plan administrator and primary care clinic by their initial effective date, but was previously covered as a dependent immediately prior to their initial effective date, they will be defaulted to the plan administrator and primary care clinic in which they were previously enrolled.

  • Special Maternity Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.02(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or the Government Employees Compensation Act prevents her from receiving Employment Insurance or Québec Parental Insurance Plan maternity benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.02(a), other than those specified in sections (A) and (B) of subparagraph 17.02(a)(iii), shall be paid, in respect of each week of maternity allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of her weekly rate of pay and the gross amount of her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.02 for a combined period of no more than the number of weeks during which she would have been eligible for maternity benefits under the Employment Insurance or Québec Parental Insurance Plan had she not been disqualified from Employment Insurance or Québec Parental Insurance maternity benefits for the reasons described in subparagraph (a)(i).

  • Savings Plans Employee shall be entitled to participate in Employer’s 401(k) plan, or other retirement or savings plans as are made available to Employer’s other executives and officers and on the same terms which are available to Employer’s other executives and officers.

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