Individual Employee Accounts within the Retiree Benefit Fund Sample Clauses

Individual Employee Accounts within the Retiree Benefit Fund. 1. Local 2315 shall establish and administer Individual Accounts in the Retiree Benefit Fund for eligible members of the Retiree Benefit Fund, in conformance with all applicable Federal law (including but not limited to the Internal Revenue Code and applicable rules) and Florida law, to provide full or partial payments for health insurance premiums and other benefits on behalf of former employees of the Town of Davie Fire Department who retire and separate on or after the ratification date of the 2017-2020 Agreement. 2. Eligible members who separate employment after the creation of these Individual Accounts in the Retiree Benefit Fund shall include those employees who separate employment after participating in the DROP and those vested employees who retire, separate and immediately commence receiving retirement benefits under the Fire Pension Plan without participating in DROP. Participation is mandatory for all eligible members. 3. All eligible members shall be required to transfer, at the time they separate employment, the value of their accrued leave payouts, minus applicable taxes and deductions, into their Individual Accounts administered for those employees in the Retiree Benefit Fund. 4. The creation and use of these Individual Accounts in the Retiree Benefit Fund shall not increase in any way the Town’s costs or liability, including any increased costs associated with any accrued leave payouts. 5. Local 2315 agrees that the Town will have no liability or responsibility for implementation or administration of the Retiree Benefit Fund, including but not limited to any of the expenses or benefits of the Fund related to these Individual Accounts administered by the Retiree Benefit Fund. Local 2315 and the Retiree Benefit Fund shall indemnify and hold the Town harmless against claim, demand, suit, or liability, and for attorneys’ fees and legal costs arising in relation to the implementation or administration of the Retiree Benefit Fund, including these new Individual Accounts in the Fund, except to the extent that the Town’s acts or omissions give rise to its own liability. 3045 3046 3047 3048 3049 3050 3051 3052 3053 3054 3055 3056 3057 3058 3059 3060 3061 3062 3063 3064 3065 3066 3067 3068 3069 3070 3071 3072 3073 3074 3075 3076 3077 3078 3079 3080 3081 3082 3083 3084 3085 3086 3087 3088 3089
Sample 1
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Related to Individual Employee Accounts within the Retiree Benefit Fund

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Participation in Retirement and Employee Benefit Plans The Employee shall be entitled to participate in all plans relating to pension, thrift, profit-sharing, group life and disability insurance, medical and dental coverage, education, cash bonuses, and other retirement or employee benefits or combinations thereof, in which the Bank's executive officers participate.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Traditional Individual Retirement Custodial Account The following constitutes an agreement establishing an Individual Retirement Account (under Section 408(a) of the Internal Revenue Code) between the depositor and the Custodian.

  • Xxxx Individual Retirement Custodial Account The following constitutes an agreement establishing a Xxxx XXX (under Section 408A of the Internal Revenue Code) between the depositor and the Custodian.

  • Casual Employees A casual employee is one who is not regularly scheduled to work other than during periods that such employee shall relieve a regular full-time or regular part-time employee. Casual employees accumulate seniority on an hourly basis and are entitled to such benefits as are contained in the “Addendum - Casual Employees”.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

  • 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.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

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