Maintenance of Existing Retirement Provisions Sample Clauses

Maintenance of Existing Retirement Provisions. For members of the bargaining unit employed in those classifications set forth in Appendix A on the effective date of this Agreement, the City will continue to provide 3% at 50 pension benefits to said employees in Tier I and Tier II in accordance with the Public Employees’ Retirement System contract in effect on the effective date of this Agreement. Effective the first pay period after City Council adoption of this MOU, the City shall contribute on behalf of each bargaining unit member, a maximum of eight ninths (8/9) of his/her nine percent (9%) individual employee contribution. Effective April 1, 2007, the City shall contribute on behalf of each bargaining unit member, a maximum of seven ninths (7/9) of his/her nine percent (9%) individual employee contribution.
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Maintenance of Existing Retirement Provisions. For members of the bargaining unit employed in those classifications set forth in Appendix A on the effective date of the Agreement, the City will continue to provide 3 percent at 50 pension benefits to Tier I and Tier II employees in accordance with the Public Employees' Retirement System contract in effect for each of these Tiers on the effective date of this Agreement. Effective October 1, 2011, the City shall contribute to PERS on behalf of each bargaining unit member covered by this Agreement, zero percent (0%) of his or her nine percent (9%) employee contribution. Should an employee hired under Tier II, terminate service prior to retirement and elect to withdraw his/her retirement contributions from PERS, it is intended that the City will pay to the employee two percent (2%) and applicable interest of the employee’s regular compensation for that portion of service worked between April 21, 1990 through June 29, 2001. Regular compensation includes applicable wages, skill pay, incentive pay, etc., but does not include overtime, employer contributions to deferred compensation, or other forms of compensation not subject to PERS.
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Related to Maintenance of Existing Retirement Provisions

  • Maintenance of Existence The Fund shall continue to maintain its existence as a business trust under the laws of the Commonwealth of Massachusetts, with full right and power to issue the New VMTP Shares and to execute, deliver and perform its obligations under this Agreement and each Related Document.

  • Certification of Funds; Budget and Fiscal Provisions; Termination in the Event of Non-Appropriation This Agreement is subject to the budget and fiscal provisions of the City’s Charter. Charges will accrue only after prior written authorization certified by the Controller, and the amount of City’s obligation hereunder shall not at any time exceed the amount certified for the purpose and period stated in such advance authorization. This Agreement will terminate without penalty, liability or expense of any kind to City at the end of any fiscal year if funds are not appropriated for the next succeeding fiscal year. If funds are appropriated for a portion of the fiscal year, this Agreement will terminate, without penalty, liability or expense of any kind at the end of the term for which funds are appropriated. City has no obligation to make appropriations for this Agreement in lieu of appropriations for new or other agreements. City budget decisions are subject to the discretion of the Mayor and the Board of Supervisors. Contractor’s assumption of risk of possible non-appropriation is part of the consideration for this Agreement. THIS SECTION CONTROLS AGAINST ANY AND ALL OTHER PROVISIONS OF THIS AGREEMENT.

  • Preservation of Existence, Etc (a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect.

  • Early Termination of Agreement (a) The City and the Contractor, by mutual written agreement, may terminate this Agreement at any time.

  • Complete Disposal Upon Termination of Service Agreement Upon Termination of the Service Agreement Provider shall dispose or delete all Student Data obtained under the Service Agreement. Prior to disposition of the data, Provider shall notify LEA in writing of its option to transfer data to a separate account, pursuant to Article II, section 3, above. In no event shall Provider dispose of data pursuant to this provision unless and until Provider has received affirmative written confirmation from LEA that data will not be transferred to a separate account.

  • DETERMINATIONS AND NOTIFICATIONS IN RESPECT OF NOTES AND INTEREST DETERMINATION (a) The Agent shall, unless otherwise specified in the applicable Final Terms, make all the determinations and calculations which it is required to make, if any, under the Conditions, all subject to and in accordance with the Conditions.

  • Rescission and Early Termination of Contract The Illinois Commerce Commission is considering rescission and early termination of contract regulations that may afford you opportunities within certain parameters to rescind or terminate your contract without incurring an early termination fee. In addition, your DSP’s tariff (which is on file with the Illinois Commerce Commission) may contain provisions regarding penalty-free rescission periods. DES will comply with all applicable provisions and regulations concerning rescission and early termination of contract. Shortly after your election to take service from DES, your DSP should provide you an enrollment notice informing you of any rescission rights you may have and the last day for making a request to rescind. If you rescind this Agreement within the timeframe specified by your DSP, your enrollment with DES will be cancelled without penalty to you. Upon rescission in accordance with applicable law, this Agreement will be considered cancelled and neither party shall have any further obligation hereunder to each other. If you do not rescind this Agreement, you still may terminate the Agreement without any termination fee or penalty within 10 business days after the date of the first xxxx issued to you under this Agreement by calling DES toll-free at 000-000-0000 to let DES know to terminate this Agreement. You may terminate a residential electric supply agreement in this manner only one time in any 12 month period. Upon termination, you will remain responsible for all obligations, including payment for Retail Power and related costs and charges, incurred under this Agreement prior to the effective date of termination, including any applicable termination fee.

  • Application and Operation of Agreement Clause No. Title

  • OPERATION OF AGREEMENT This Agreement will be effective and binding immediately upon its execution, but, anything in this Agreement to the contrary notwithstanding, this Agreement will not be operative unless and until a Change in Control occurs. Upon the occurrence of a Change in Control at any time during the Term, without further action, this Agreement shall become immediately operative.

  • Administrative Provisions (a) Grievances and replies at Step 3 of the grievance procedure and notification to arbitrate shall be by registered mail.

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