New Hire Choice of Cash Balance or Traditional Pension Plan Sample Clauses

New Hire Choice of Cash Balance or Traditional Pension Plan. An employee first hired into a position represented by Local 223 on or after January 1, 2011, who has never been previously employed with a DTE Energy enterprise company, will be offered a choice of the tradi- tional defined benefit pension plan as described above or the New Horizon Cash Balance Plan. The New Horizon Cash Balance Plan is a hypothetical account in the defined benefit pension plan that increases annually with Company contributions equal to 7% of eligible earnings at the end of each year for each year the employee has less than 30 years of credited service plus 7.5% of eligible earnings at the end of each year for each year the employee has 30 or more years of credited service, plus interest credits based on 30-year Treasury rates for September of the prior year. Interest on each year’s January 1 benefit is added the following December 31 or benefit commencement date, if earlier. (The interest credit does not apply to the current year’s contri- bution). Participants are 100% vested in the New Horizon Cash Balance Plan following the completion of three years of vesting service with the Company. For those new employees hired under the Gas pro- visions of this Agreement who elect the New Horizon Cash Balance Plan, it is understood that the provisions of Article 10 of the Gas Addendum (Total and Permanent Disability) shall not apply. Such employees shall instead be eligible for the provisons of Article 10 Section 15 (Long Term Disability).
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Related to New Hire Choice of Cash Balance or Traditional Pension Plan

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