Individual DC scheme Sample Clauses

Individual DC scheme. An individual DC scheme must at least have the following elements in addition to the other conditions in this chapter: – an accrual ambition of 1.875% of the pension base per participation year; – the deductible is the minimum state pension deductible permitted by the Tax and Customs Administration; – the DC graduated scale published by the Tax and Customs Administration based on 3% actuarial interest, graduated scale 2; – the possibility to continue to invest after the retirement date. At the beginning of the consultation in connection with a request for approval procedure based on Section 27, paragraph 1a of the Works Councils Act, the employer notifies the trade unions in writing of the proposed transition to an individual DC scheme in time. At the time of the transition to an individual DC scheme, the employer determines the difference in costs between the existing and the proposed new pension scheme. The employer shares this information with the employee representation, after which it will be examined reasonably whether and, if so, which part and in which form the difference in costs can be refunded to employees. The importance of professional support in the event of such a transition is emphatically pointed out to the employee representation and reference is made, in particular, to the expertise of the trade unions.
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Related to Individual DC scheme

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  • State Employee Group Insurance Program (SEGIP) During the life of this Agreement, the Employer agrees to offer a Group Insurance Program that includes health, dental, life, and disability coverages equivalent to existing coverages, subject to the provisions of this Article. All insurance eligible employees will be provided with a Summary Plan Description (SPD) called “Your Employee Benefits”. Such SPD shall be provided no less than biennially and prior to the beginning of the insurance year. New insurance eligible employees shall receive a SPD within thirty (30) days of their date of eligibility.

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  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Compensation Scheme If you make a complaint and we are unable to meet our liabilities, you may be entitled to compensation from the Financial Services Compensation Scheme. For investment business you will be covered up to a maximum of £50,000. Further information about these amounts and limits for all other product types are available from the FSCS at xxxx://xxx.xxxx.xxx.xx/what-we-cover/products Anti-Money laundering We are required by the anti-money laundering regulations to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the information we hold is up-to-date. For this purpose we may use electronic identity verification systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning.

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  • Dependent Child If dependent children are covered under separate plans of more than one person, whether a parent or guardian, benefits for the child will be determined in the following order: • the benefits of the plan covering the parent born earlier in the year will be determined before those of the parent whose birthday (month and day only) falls later in the year; • if both parents have the same birthday, the benefits of the plan that covered the parent longer are determined before those of the plan which covered the other parent for a shorter period of time; • if the other plan does not determine benefits according to the parents' birth dates, but by parents' gender instead, the other plan’s gender rule will determine the order of benefits.

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