– 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 1% 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, the employer contribution will increase to 3%. • Vesting is Six (6) years.
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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 January 1, 2010, 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 a 1% 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, 2019, 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, 2020, three (3) year F.A.C. (overtime hours capped at 100). • Normal Retirement at age 60.
Sample 1
– 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.
Sample 1
– 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. SECTION 43.4 Effective July 3, 1999, employer shall match contributions of non-probationary employees to the ICMA-RC deferred compensation program up to a maximum of 3% of salary as defined by the Municipal Employees= Retirement System (MERS). The 3.0% match will be computed on a per- pay basis. SECTION 43.5 Employees who have at least ten (10) years of credited service with the City of Port Huron may purchase military or generic service credit based upon their years of military service, as permitted under the rules of the Michigan Employees' Retirement System (MERS) at 100% employee expense.
Sample 1

Related to – HYBRID PLAN

  • 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.

  • Meal Plan 18. Residents are required to purchase a meal plan for both semesters. Refer to xxx.xxxxxxxx.xx/xxxx for details on meal plan rates. Residents may contract for a meal plan of a higher value than stipulated in the fee schedule. 19. The meal plan may only be used to purchase food and beverages at Food Service outlets designated by the University. Meal plans cannot be used to purchase alcohol or gift certificates from any of our Off Campus Partners or to pay any other fees owed to the University of Windsor. 20. Selling of unused meal plan money is not permitted. 21. The University accepts no liability for lost, misplaced or stolen student cards and reserves the right to confiscate without recourse, any student card which bears evidence of alterations. 22. Any unused balance remaining in the meal plan accounts of the Resident on the termination date of this Agreement, will be subject to the University of Windsor Meal Plan Carry-Forward Policy. 23. Residents may add money to their meal plan at the Food Services office, J01 in Vanier Hall or the UwinCard Office in the CAW Student Centre (lower level). 24. The meal plan account is HST exempt on most purchases made at Food Service outlets on campus, except on taxable items at the Bru in Alumni Hall or with our Off Campus Partners. This is a current meal plan tax policy and is subject to change in accordance with provincial or federal legislation. 25. Meal plan fees or hours of operation are subject to change as deemed necessary or when due to circumstances beyond Food Services' control. The University reserves the right to increase or otherwise change the prices of items available for purchase in its Food Service outlets. Residents will be given reasonable notice of changes to the plan and such changes will be made fairly and in due consultation with student representatives.

  • Dental Plan (a) The Employer shall pay the monthly premium for employees entitled to coverage under a mutually acceptable plan which provides: (1) Part A, 100% coverage; (2) Part B, 65% coverage (3) Part C, 55% coverage. (b) Orthodontic services are subject to a lifetime maximum payment of $3,500 per patient.

  • 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.

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator. Subd. 1. All ASF Members who receive severance pay as defined in Section A of this article must participate in the health care savings plan. Subd. 2. All severance pay as defined in Section B of this article shall be transferred to the severed employee's health care savings plan account. At the time of separation, if an ASF Member has an approved exception to participation in the health care savings plan account from the plan administrator, then the ASF Member shall receive this payment in one lump sum payment of cash.

  • Incentive Programs During the Term of Employment, the ------------------ Executive shall be entitled to participate in any annual and long-term incentive programs adopted by the Company and which cover employees in positions comparable to that of the Executive.

  • Unfunded Plan The Grantee acknowledges and agrees that any rights of the Grantee relating to the Grantee’s Restricted Stock Units and related dividend equivalents and any other related rights shall constitute bookkeeping entries on the books of the Company and shall not create in the Grantee any right to, or claim against, any specific assets of the Company or any Subsidiary, nor result in the creation of any trust or escrow account for the Grantee. With respect to the Grantee’s entitlement to any payment hereunder, the Grantee shall be a general creditor of the Company.

  • Prescription Plan The PPO plan will include a comprehensive prescription 29 program:

  • Contribution Formula Dental Coverage Faculty Member Coverage. For faculty member dental coverage, the Employer contributes an amount equal to the lesser of ninety percent (90%) of the faculty member premium of the State Dental Plan, or the actual faculty member premium of the dental plan chosen by the faculty member. However, for calendar years beginning January 1, 2006, and January 1, 2007, the minimum employee contribution shall be five dollars ($5.00) per month.

  • Incentive Plans During the Term of this Agreement, Executive shall be entitled to participate in all bonus, incentive compensation and performance based compensation plans, and other similar policies, practices, programs and arrangements of the Company, now in effect or as hereafter amended or established, on a basis that is commensurate with his position and no less favorable than those generally applicable or made available to other executives of the Company. The Executive's participation shall be in accordance with the terms and provisions of such plans and programs. Participation shall include, but not be limited to:

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