Multiple Option Retirement Program Sample Clauses

Multiple Option Retirement Program. Oakland shall offer a Multiple Option Retirement Program for all full-time faculty members, except as noted in paragraph 139. Oakland shall contribute to the Multiple Option Retirement Program as follows:
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Multiple Option Retirement Program. Oakland shall offer a Multiple Option Retirement Program for all full-time faculty members, except as noted in paragraph 139. Oakland shall contribute to the Multiple Option Retirement Program as follows: a. For each participating non-visiting faculty member hired without tenure or job security: until such person has attained two years of full-time service and has been approved by Oakland for continued employment subsequent to the initial term of hire, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fourteen percent (14%) of the salary paid to each faculty member under the provisions of paragraphs 74-88; and shall pay contributions as provided in paragraph 153. For faculty hired without tenure or job security after September 14, 2003, and who satisfy the conditions set forth above, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fifteen percent (15%) of the salary paid to each faculty member (as defined above) for the next two years of the faculty member’s employment term. b. For each participating full-time visiting faculty member hired after September 14, 2003: in the third and fourth year of employment, Oakland shall contribute to said plan, over and above all other compensation, an amount equal to fourteen percent (14%) of the salary paid to each such faculty member. c. For other participating faculty members: Oakland shall contribute to said plan, over and above all other compensation, an amount equal to sixteen percent (16%) of the salary paid to each faculty member under the provisions of paragraphs 74-88; and shall pay contributions as provided in paragraph 153. Two tax-deferred retirement plans are available: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit Services Office. Oakland and the Association may agree to add other plans or to disassociate from any of the above-named plans. As new options from these vendors become available, Oakland shall make such options available to faculty.
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Multiple Option Retirement Program. 50.1 The Employer will make available to all non-temporary full-time employees and to all employees who regularly work at least thirty (30) hours per week and who have completed at least three (3) years of service a Multiple Option Retirement Program (MORP) with these provisions: a) Two (2) tax-deferred retirement plans are available in the Multiple Option Retirement Program: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services Office. The Employer and the Association may mutually agree to add other options or to disassociate from any of these plans. b) Employees may enroll in the program after completion of three (3) years of active service with a regular work schedule of thirty (30) or more hours per week. If employees fail to enroll when first eligible, they may enroll at any time thereafter, but participation cannot be made retroactive. c) The Employer shall contribute thirteen percent (13%) of each participating employee’s salary on a monthly basis. For any benefit eligible custodians hired on or after January 1, 2012, the Employer shall contribute six and one half percent (6.5%) of their salary on a monthly basis. d) Employees newly enrolled after that date must specifically authorize any elective employee contribution to the program at the time they enroll. e) The Employer’s contribution and any employee contribution are fully vested and the dollar value is based on interest and earnings experience of the vehicle selected. The Employer does not guarantee a return of principal or earnings on investments. 50.2 Employees who are participating in the Multiple Option Retirement Program and who “retire” or terminate without meeting the age and service requirements identified in 49.1, 49.2, or 49.3 shall receive a pension solely from contributions to the Multiple Option Retirement Program and shall not qualify for Hospital-Medical insurance for Retirees (see paragraph 49.7). 50.3 Employees participating in the Multiple Option Retirement Program, who have Frozen Non-Con Benefits, and who meet the age and service requirement identified in 49.1, 49.2 or 49.3 shall be eligible upon retirement for pension benefits from Multiple Option Retirement Program contributions, for pension benefits from the Frozen Non-Con Plan and for Hospital medical Insurance in accordance with the provisions of paragraph 49.7. 50.4 Employees who “Retire” after meeting the age and service requirements of 49.1, 49.2, and 49.3 ...
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Multiple Option Retirement Program. The Employer shall provide all full-time employees who have completed two (2) or more years of service the option of participating in the Multiple Option Retirement Program. Two tax-deferred retirement plans are available in the program: TIAA and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services. Employees may enroll in the program within sixty (60) days of the completion of two (2) or more years of such service, or at any time thereafter. However, participation cannot be made retroactive. A. The Employer’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The Employer does not guarantee a return of principal or earnings on investments. For employees hired prior to January 1, 2015, the Employer shall contribute thirteen percent (13%) of each participating employee's base salary on a monthly basis. For employees hired on or after January 1, 2015, the following contribution levels will apply: • If the employee contributes zero percent (0%) of base pay, the University will make a ten percent (10%) of base pay contribution; • If the employee contributes three percent (3%) of base pay, the University will make a thirteen percent (13%) of base pay contribution.
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Multiple Option Retirement Program a. The University shall provide all employees who are regularly scheduled to work thirty (30) or more hours per week and who have completed three (3) or more years of service the option of participating in the Multiple Option Retirement Program. Employees may enroll in the program after completion of thirty-six (36) months of active service. If employees fail to enroll when first eligible, they may enroll at any time thereafter, but participation cannot be made retroactive. b. Two (2) tax-deferred retirement plans are currently available: TIAA and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services Office. The University and the Association may mutually agree to add other plans or to disassociate from any of the above plans. c. Effective July 1, 1999, the University shall contribute fourteen percent (14%) of each participating employee’s salary on a monthly basis. The University’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The University does not guarantee a return of principal or earnings on investments.
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Multiple Option Retirement Program a. The University shall provide all employees who are regularly scheduled to work thirty (30) or more hours per week and who have completed three (3) or more years of service the option of participating in the Multiple Option Retirement Program. Employees may enroll in the program after completion of thirty-six (36) months of active service. If employees fail to enroll when first eligible, they may enroll at any time thereafter, but participation cannot be made retroactive. b. Oakland currently sponsors 403(b)/457(b) defined contribution retirement plans (the “Plan(s)”) providing for: (i) employer contributions as provided in this Agreement; and (ii) participant elective deferrals up to the maximum allowed by law. The Plan(s) shall include multiple participant investment options spanning the risk spectrum. The University shall select one or more third-party recordkeeper(s) to administer the Plan(s). The initial recordkeeper(s), and any successor recordkeeper(s), will be selected through an RFP or RFQ process that includes a selection committee. The University will invite one Association member to participate on the selection committee. The selection committee will make a final recommendation to the Plan(s) fiduciary(ies). If the Plan(s) fiduciary(ies) intends to select a recordkeeper(s) other than Fidelity or TIAA, then the parties shall begin to bargain over the selection of the recordkeeper(s), within thirty (30) calendar days of the Plan(s) fiduciary’s(ies’) written notice to the Association of their intent. In addition, meetings of the Investment Committee may be attended by a representative of the Association. c. Effective July 1, 1999, the University shall contribute fourteen percent (14%) of each participating employee’s salary on a monthly basis. The University’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The University does not guarantee a return of principal or earnings on investments.
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Multiple Option Retirement Program. The University shall provide all employees who are regularly scheduled to work thirty (30) or more hours per week and who have completed three (3) or more years of service the option of participating in the Multiple Option Retirement Program. Employees may enroll in the program after completion of thirty-six (36) months of active service. If employees fail to enroll when first eligible, they may enroll at any time thereafter, but participation cannot be made retroactive.
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Multiple Option Retirement Program. 50.1 The Employer will make available to all non-temporary full-time employees and to all employees who regularly work at least thirty (30) hours per week and who have completed at least three (3) years of service a Multiple Option Retirement Program (MORP) with these provisions: a) Oakland currently sponsors 403(b)/457(b) defined contribution retirement plans (the “Plan(s)”) providing for: (i) employer contributions as provided in this Agreement; and
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Multiple Option Retirement Program. The Employer shall provide all full-time employees who have completed three (3) or more years of service the option of participating in the Multiple Option Retirement Program. Two tax-deferred retirement plans are available in the program: TIAA-CREF and Fidelity. Information regarding these plans is available from the Benefit and Compensation Services. Employees may enroll in the program within sixty (60) days of the completion of three (3) years of such service, or at any time thereafter. However, participation cannot be made retroactive. A. The Employer shall contribute thirteen percent (13%) of each participating employee's base salary on a monthly basis. The Employer’s contribution and any additional employee contributions are fully vested and the dollar value is based on entry date, earnings, and years of participation, coupled with interest and earnings experience of the vehicle selected. The Employer does not guarantee a return of principal or earnings on investments.
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Related to Multiple Option Retirement Program

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • 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.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • 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.

  • 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.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • 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.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Employment Option If the State determines that it would be in the State’s best interest to hire an employee of the Contractor, the Contractor will release the selected employee from any non-competition agreements that may be in effect. This release will be at no cost to the State or the employee.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

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