– HYBRID PLAN Sample Clauses

– HYBRID PLAN. Employees hired on or after June 23, 2008, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, a Defined Contribution component. • The Defined Benefit Plan will include a 1.25% multiplier. • The Defined Contribution portion will include 1.0% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits. o Effective July 1, 2018, the employer contribution will increase to 3%. • Vesting is Six (6) years. • Three (3) year F.A.C. (Final Average Compensation) o Effective January 1, 2019, three (3) year F.A.C. (overtime hours capped at 100). • Normal Retirement at age 60. All active Hybrid members, without regards to vesting, will be offered a one-time irrevocable option to convert to the MERS Defined Contribution Plus Plan. The conversion option will be available for no less than three months from the initial effective date of the Defined Contribution Plus Plan. XXXX will provide each active Hybrid member with educational and financial information in order to assist with making their decision to convert to the Defined Contribution Plus Plan or to remain in their current Hybrid Plan. For those electing to convert, the lump sum transfer will be made 30-45 days after the conversion date. The lump sum will be 100% vested employee dollars and will be deposited in the 401(a) portion of the Defined Contribution Plus Plan.
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– HYBRID PLAN. Employees hired on or after July 1, 2014, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, a Defined Contribution component. • The Defined Benefit Plan will include a 2.0% multiplier. • The Defined Contribution portion will include a 3% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits effective July 1, 2018. • Vesting is Six (6) years.
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– HYBRID PLAN. Employees hired on or after June 23, 2008, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, a Defined Contribution component. • The Defined Benefit Plan will include a 1.25% multiplier. • The Defined Contribution portion will include 1.0% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits. o Effective July 1, 2018, the employer contribution will increase to 3%. • Vesting is Six (6) years. • Three (3) year F.A.C. (Final Average Compensation) o Effective January 1, 2019, three (3) year F.A.C. (overtime hours capped at 100). • Normal Retirement at age 60.
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– HYBRID PLAN. Employees promoted into the bargaining unit after July 1, 2014, who were hired on or after July 1, 2014, shall continue in the pension plan they are currently enrolled in that was established for new hires in the POAM Collective Bargaining Agreement.
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– HYBRID PLAN. Employees hired on or after July 1, 2014, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, a Defined Contribution component.  The Defined Benefit Plan will include a 2.0% multiplier.  The Defined Contribution portion will include a 3% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits effective July 1, 2018.  Vesting is Six (6) years.  Three (3) year F.A.C. (Final Average Compensation).  Effective January 1, 2019, three (3) year F.A.C. (overtime hours capped at 100).  Retirement Eligibility age 55 with 25 years of service.  If you leave the employer prior to Retirement Eligibility (55/25) but are vested, you are then eligible to collect at age 60.
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– HYBRID PLAN. Employees hired on or after December 1, 2013, shall be provided with the MERS hybrid pension plan (which includes a component of a defined benefit and defined contribution) with a 1.75% multiplier. Coverage for all such employees related to Duty and Non-Duty disability benefits will be available through and subject to MERS evaluation and approval procedures. Final Average Compensation (FAC) will be computed using the average of the highest consecutive 3-year (36-month) period of earnings from the member's entire work history as reported to MERS by the Municipality. *Approved subject to ratification of the membership of Hamtramck City Council this day of August 2024. Xxxxxxx Xxxxxxxxx, City Manager Xxxx Xxxxxx, Mayor Xxxxxxx X. Xxxxxxx, City Attorney Xxxxxx Xxxxxxxx, President HFOP
Sample 1

Related to – HYBRID PLAN

  • AGGREGATION PLAN Competitive Supplier agrees that it has been provided with and had a reasonable opportunity to examine, and has examined, the Aggregation Plan, and has not discerned any conflicts between this Agreement and the Aggregation Plan. The Parties agree that the Aggregation Plan, in the form as it exists on the Effective Date, shall be construed harmoniously with this Agreement to the greatest practicable extent. Notwithstanding the foregoing, in the event of any conflict between this Agreement and the Aggregation Plan, the Agreement shall govern.

  • SEB Plan The parties agree to establish and administer a Supplemental Employment Benefits Plan (the “Plan”) as follows:

  • Plan The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Agreement. The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

  • Group Dental Plan Upon proper application, Benefit Eligible Employees will be enrolled, along with their eligible dependents, in the Employer's group dental plan and will be provided with the coverages specified therein. The Employer will pay the required premiums for the plan on a single/family composite basis.

  • Meal Plan The Student who resides in a university residence hall is required to purchase a full residential dining plan (commuter plans are not acceptable). The Student who resides in Bobcat Village may choose either a residential or a commuter plan, but is not obligated to make a dining plan purchase due to availability of kitchen in each apartment unit.

  • Dental Plan (a) The Employer shall pay the monthly premium for employees entitled to coverage under a mutually acceptable plan which provides:

  • 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.

  • Dental Care Plan The Welfare Plan will include a Dental Care Plan which will reimburse members for expenses incurred in respect of the coverages summarized in Appendix "1". The Plan will not duplicate benefits provided now or which may be provided in the future by any government program.

  • Dependent Care Salary Reduction Plan The Employer agrees to maintain the current dependent care salary reduction plan that allows eligible employees, covered by this Agreement, the option to participate in a dependent care reimbursement program for work-related dependent care expenses on a pretax basis as permitted by federal tax law or regulation.

  • Health Benefit Plan Par. 1. The Health Benefit Plan covering life insurance, sickness and accident benefits, and hospitalization insurance, or any changes thereto that are in accordance with the National Elevator Industry Health Benefit Plan and Declaration of Trust, shall be a part of this Agreement and adopted by all parties signatory thereto.

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