Medical Retirement Subsidy Plan Sample Clauses

Medical Retirement Subsidy Plan. The City provides a Retirement Health Savings Plan (“RHS”). A. The City shall contribute four percent (4%) of base salary, plus pay additives each pay period into the individual accounts of Association members established with the City’s plan administrator. 1. Employees shall continue to contribute one half of one percent (.50%) of base salary, plus pay additives, each pay period into their individual RHS accounts established with the plan administrator. 2. In addition to the contributions referenced above, an Association member may contribute unused sick leave, vacation, and other benefits to the trust as defined by the plan guidelines. 3. The program is not intended to create any form of lifetime insurance subsidy, benefit or entitlement. B. For employees newly hired from outside the City following City Council adoption of this MOU, the City shall contribute one percent (1%) of base salary plus pay additives each pay period into the individual accounts of employees established with the City’s plan administrator. Additionally, said employees shall contribute one and one-quarter percent (1.25%) of base salary, plus pay additives, each pay period into their individual RHS accounts established with the plan administrator.
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Medical Retirement Subsidy Plan. The City provides the “Vantage Care” Retirement Health Savings Plan (“RHS”), which designated ICMA-RC as the administrator of the plan. A. The City shall continue to contribute one and three-quarter percent (1.75%) of base salary, plus pay additives each pay period into the individual accounts of Association members established with plan administrator ICMA-RC. 1. Employees covered by this MOU shall continue to contribute one half of one percent (.50%) of base salary, plus pay additives, each pay period into their individual RHS accounts established with plan administrator ICMA-RC. 2. In addition to the contributions referenced above, an Association member may contribute unused sick leave, vacation, and other benefits to the trust as defined by the plan guidelines. 3. The program is not intended to create any form of lifetime insurance subsidy, benefit or entitlement.
Sample 1
Medical Retirement Subsidy Plan. Based on the first payroll period in October, 2001 and no later than October 31st each year thereafter for the term of this Agreement, the City shall contribute to a fund an amount of money equal to one percent (1%) of the bargaining unit=s salary base plus pay additives for the purpose of providing a retiree health insurance subsidy plan. Eligibility for and the specific payments made to members of the bargaining unit pursuant to this plan shall be designated at the sole discretion of the Association. Members represented by this Agreement who are not or have not been enrolled in any of the City=s medical insurance plans shall remain eligible for this benefit. Members covered by this Agreement who participated in the Medical Retirement Subsidy Plan with the Santa Xxx Firemen=s Benevolent Association (SAFBA) and have promoted into the Fire Management Association (FMA) shall retain his/her investment with the SAFBA=s Medical Retirement Subsidy and continue to receive benefits in accordance with the SAFBA Medical Retirement Subsidy Plan. The plan shall be administered by the City, at no cost to the Association or its members pursuant to the written directives of the Association. The funds contributed by the City will be maintained in such a manner as to insure that the funds are invested in a reasonably secure plan that bears a reasonable rate of interest/growth given current financial markets. For purposes of this Agreement, investments made pursuant to the then current Statement of Investment Policy for the City of Santa Xxx, shall be deemed to meet the requirements of this section. This program is for medical insurance premium reduction only and will be implemented by February 1, 2002 for an employee retiring after July 1, 2001. If an employee retires between July 1, 2001 and February 1, 2002, he or she will be eligible to participate in said plan; however, in no event, will he or she be eligible to utilize this program until February 1, 2002. Additionally, in no event shall said employee(s) be eligible for retroactive medical premium reduction assistance between the date of retirement and February 1, 2002. Effective July 1, 2004 and July 1, 2005, respectively, the City shall contribute an amount of money equal to one percent (1%) of the bargaining unit’s base salary, including pay additives, for the purpose defined herein. Effective July 1, 2006 and July 1, 2007, respectively, the City shall contribute an additional three­quarters of one percent (.75%) fo...
Sample 1

Related to Medical Retirement Subsidy Plan

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • 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.

  • Public Employees Retirement System “PERS”) Members.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • 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.

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