Money Purchase Pension Plan. A. The District will continue to deposit an amount equivalent to six and sixty−five one hundredth’s percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty−three dollars and thirty−three cents [$133.33] paid during the month) up to a maximum annual contribution of one thousand eight hundred and sixty−eight dollars and sixty−five cents ($1,868.65) into a Money Purchase Pension Plan for employees. The base rate monthly compensation equals one hundred seventy−three and one third (173.33) hours times base straight time hourly rate.
B. Additional Contributions to Employees’ Money Purchase Pension Plan or Retiree Health Benefits Trust during PERS Superfunding.
1. Except as provided below, beginning October 1, 2001, and for the period(s) during which the District’s PERS account is superfunded, the District shall make an additional contribution to each employee’s Money Purchase Pension Plan account in the amount of 3.5% of gross straight−time wages. This contribution is 50% or one half of the 7% PERS Employer Paid Member Contribution (EPMC). The other 3.5% will be available to the District for discretionary obligations and purposes. The 7% EPMC will be discontinued during the period(s) of superfunding.
2. If the District’s employer PERS account becomes superfunded in any fiscal year commencing before the fiscal year beginning July 1, 2034, and if in the next fiscal year the RHBT has an unfunded actuarial liability as determined by the District’s actuaries, then the District shall, at the commencement of the fiscal year after superfunding status begins, discontinue its payment of the EPMC for members of the bargaining units from the operating budget and shall instead direct an equal amount into the District’s Retiree Health Benefit Trust. If the District’s employer PERS account loses superfunding status, the payments provided in section B.1 or B.2 of this section, whichever applies, shall cease and the District shall resume payment of the employee PERS contribution from the operating budget.
Money Purchase Pension Plan. Participation in the Money Purchase Pension Plan is subject to provisions of the Income Tax Act. Those who are already pensioners under the plan are not eligible to contribute. Participation in the Group Life Insurance is limited to active employees up to the earlier of their retirement date, or December 31st of the year in which the employee attains age seventy- one (71). Participation in the Money Purchase Pension Plan is also subject to having completed an appointment to teach at least 7.5 units in a period of one to three terms (summer session and subsequent fall and spring) within the previous three years.
Money Purchase Pension Plan. If this Plan is adopted as a Money Purchase Pension Plan, the Employer Contribution made by the Employer and each Participating Affiliate for each Plan Year shall be an amount equal to the sum of the contribution for each Active Participant as determined under the formula specified in the Adoption Agreement. The Forfeitures for each Plan Year shall be
Money Purchase Pension Plan. The Employer shall contribute to the Trust Fund each Plan Year such amount, including any forfeitures to be applied, set forth in the Adoption Agreement.
Money Purchase Pension Plan. If this Plan is adopted as a Money Purchase Pension Plan, the Forfeitures and the Employer Contribution actually made under section 5.2 (as adjusted, if applicable, in accordance with section 12.3(h)
Money Purchase Pension Plan. Except as provided in Provision 5.4 of this Agreement, for civilian employees, the District will continue to deposit an amount equivalent to six and sixty-five hundredths percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty-three dollars and thirty- three cents ($133.33) paid during the month) up to a maximum annual contribution of one thousand eight hundred and sixty- eight dollars and sixty-five cents ($1,868.65) into a Money Purchase Pension Plan. The base rate monthly compensation equals one hundred seventy-three and one-third (173.33) hours X base straight time hourly rate.
Money Purchase Pension Plan. A. The District will deposit an amount equivalent to six and sixty-five hundredths percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty-three dollars and thirty-three cents [$133.33] paid during the month) up to a maximum annual contribution of one thousand eight hundred sixty- eight dollars and sixty-five cents ($1,868.65) into a Money Purchase Pension Plan (MPPP) for employees. The base rate monthly compensation equals one hundred seventy-three and one third (173.33) hours X base straight time hourly rate.
B. The District shall contribute the one and six hundred twenty-seven thousandths percent (1.627%) of payroll to the District’s Money Purchase Pension Plan.
C. The District shall retain .0888% of the 1.627% MPPP contribution as specified in Subsection D.1 of Section 10.11 - PERS Medical and Prescription Drug Benefit and shall deduct thirty-seven dollars ($37) from the 1.627% MPPP contribution as specified in Subsections B.2 and D.1 of Section 10.11.
D. The District shall retain the remainder of the 1.627% MPPP contribution to the extent necessary to compensate the District for paying the difference between the actual Annual Required Contribution (ARC) and the baseline ARC to assist in the funding of the Retiree Health Benefit Trust. The District shall retain this amount through June 30, 2034. In any year in which the actual ARC does not exceed the baseline ARC by an amount equal to the amount of the retained 1.627% MPPP contribution, the District shall pay the appropriate portion of the 1.627% into the employees’ MPPP accounts, but only to the extent that the difference between the actual ARC and the baseline ARC is less than the dollar value of the retained MPPP 1.627%.
Money Purchase Pension Plan. A. The District will continue to deposit an amount equivalent to six and sixty five hundredth’s percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty three dollars and thirty three cent [$133.33] paid during the month) up to a maximum annual contribution of one thousand eight hundred and sixty eight dollars and sixty-five cents ($1,868.65) into a Money Purchase Pension Plan (MPPP) for employees. The base rate monthly compensation equals one hundred seventy three and one- third (173.33) hours X base straight time hourly rate.
B. Effective January 18, 1982, the District, in addition to the above described deposits, began contributions at one and six hundred twenty seven thousandth’s percent (1.627%) of payroll to the District’s Money Purchase Pension Plan. The District agrees to continue these contributions for the life of this Agreement.
C. Effective July 1992, the District shall begin contribution of the one and six hundred twenty-seven thousandth’s percent (1.627%) of payroll to the Public Employees’ Retirement System (PERS) to provide for the two percent (2%) at 55 “miscellaneous” retirement feature. This payment shall continue until June 30, 2012. After that date the District shall begin contribution of this amount to the District’s Money Purchase Pension Plan.
D. During the term of the 2013-2017 Agreement, the District shall retain .0888% of the 1.627% MPPP contribution as specified in subsection D.5 of Section 33 • PERS Medical and Prescription Drug Benefit and shall deduct thirty-seven dollars ($37) from the 1.627% MPPP contribution as specified in subsections B.2 and D.5 of Section 33.
E. Effective July 1, 2013, the District shall retain the remainder of the 1.627% MPPP contribution to the extent necessary to compensate the District for paying the difference between the actual Annual Required Contribution (ARC) and the baseline ARC to assist in the funding of the Retiree Health Benefit Trust. The District shall retain this amount through June 30, 2034. In any year in which the actual ARC does not exceed the baseline ARC by an amount equal to the amount of the retained 1.627% MPPP contribution, the District shall pay the appropriate portion of the 1.627% into the employees’ MPPP accounts, but only to the extent that the difference between the actual ARC and the baseline ARC is less than the dollar value of the retained MPPP 1.627%. (See Section 33 – PERS Medical and Prescription Drug Benefit)
F...
Money Purchase Pension Plan. FHP sponsors the FHP Money Purchase Pension Plan (the "Pension Plan"), which covers Xxxxxxx Individuals, as well as employees of FHP and its subsidiaries. A portion of the assets and liabilities of the Pension Plan are attributable to Xxxxxxx Individuals. As soon as administratively feasible following the Expiration Date, Holdings will establish a plan (and accompanying trust) to which the account balances attributable to Xxxxxxx Individuals in the Pension Plan will be directly transferred. Such plan will comply with all applicable provisions of the Code, including, without limitation, Code Section 411(d). As soon as administratively feasible following the Expiration Date, Holdings will submit such plan and trust to the Internal Revenue Service for a determination of its qualified status and tax-exempt status under Code Sections 401 and 501(a). Holdings will amend such plan and trust as and if requested by the Internal Revenue Service as a condition of granting a favorable determination of the tax- qualified and tax-exempt status of such plan and trust. As soon as administratively feasible following the Expiration Date, FHP will cause the trustee of the Pension Plan to transfer to the trust established by Holdings the assets and liabilities of the Pension Plan attributable to Xxxxxxx Individuals. Such assets (other than the real estate assets) will be distributed in-kind based on the investments of the accounts of the Xxxxxxx Individuals, and a tenancy in common interest will be transferred with respect to the real estate assets. Holdings will be responsible for all required governmental compliance testing, reporting, disclosure and funding with respect to the plan established by Holdings pursuant to this Section 2.1 (including without limitation, the obligation to file Forms 5500). Holdings will have the same power and authority to amend or terminate coverage under said successor plan as held by FHP under the Pension Plan. Notwithstanding anything else contained herein to the contrary, the parties to this Agreement anticipate that the Investment Committees of the Pension Plan and the plan established by Holdings (the "Holdings Plan") will enter into an agreement (the "Real Estate Disposition Agreement") to provide for the prompt disposition and maintenance pending disposition of certain real estate assets which will be held as a tenancy in common following the Expiration Date by the trustee of the Pension Plan and the trustee of the Holdings Plan. Consist...
Money Purchase Pension Plan. Participation in the Money Purchase Pension Plan is subject to provisions of the Income Tax Act, Pension Benefits Standards Act of BC, and the Pension Plan. Those who are already pensioners under the Pension Plan are not eligible to contribute.
