Individual Retirement Account for Employees Not Covered by City Retirement Plan Sample Clauses

Individual Retirement Account for Employees Not Covered by City Retirement Plan. All employees in the bargaining unit who are not covered by a city retirement system shall participate in a qualified individual retirement account, such as an Internal Revenue Code Section 457 plan, in lieu of Social Security when such individual account is established and implemented by the City. Such participation shall be in accordance with the plan's requirements and with federal Social Security legislation. 14.2.1 An amount of 3.75% from both the City and such employee in the bargaining unit shall be contributed to such plan. Withholding of 3.75% from both the City and such employees shall begin on June 26, 1991. Contributions shall be placed into an interest-bearing escrow account until the final federal Social Security regulations are issued and an IRS 457 plan is established pursuant to such regulations. Upon establishment of such IRS plan, all contributions and earnings in the plan shall be one-hundred percent (100%) vested with the employee. If the employee leaves the City after June 26, 1991 but before the IRS 457 plan is established, the employee is entitled to both City and Employee contributions, to be paid once an IRS 457 plan is established. 14.2.2 Monthly administrative cost of processing 457 Plan contributions shall be split equally between the City of San Xxxx and the employee. 14.2.3 Contributions to the IRS 457 plan shall continue as long as the federal Social Security legislation qualifies an IRS 457 Plan as an allowable alternative to Social Security. In no event shall the City contribute to both an IRS 457 Plan and Social Security for employees affected by this Agreement.
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Related to Individual Retirement Account for Employees Not Covered by City Retirement Plan

  • 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.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • 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.

  • Public Employees Retirement System “PERS”) Members.

  • 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.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • 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.

  • 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.

  • Supplemental Executive Retirement Plan The Executive will participate in the Rockland Trust Supplemental Executive Retirement Plan (“SERP”), a non-qualified plan on terms and conditions and with benefits comparable to those applicable and available to similarly situated executives of the Company.

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