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Non-contributory benefit Sample Clauses

Non-contributory benefitThe product of: (a) one of the following benefit factors : $790.04 if the member’s retirement date is after January 1, 2015, or $805.84 if the member’s retirement date is after January 1, 2016, or $821.96 if the member’s retirement date is after January 1, 2017; (This represents a 2% increase year over year of the agreement). and (b) The member’s “Credited Service” (as defined in the Plan) earned under the Plan after July 1, 2002. By way of example, the annual basic non-contributory benefit payable under the Plan to a member who retires after January 1, 2015 but prior to January 1, 2016 at normal retirement age, with 4 years of credited service, would be $3,160.16 ($790.04 x 4). This would result in a monthly benefit of $263.35 ($3,160.16 / 12).
Non-contributory benefitThe product of: (a) one of the following benefit factors : $838.40 if the member’s retirement date is after January 1, 2018, or $855.17 if the member’s retirement date is after January 1, 2019, or $878.69 if the member’s retirement date is after January 1, 2020; (This represents a 2% increase for 2018 and 2019 and a 2.75% increase for 2020). and (b) The member’s “Credited Service” (as defined in the Plan) earned under the Plan after July 1, 2002. By way of example, the annual basic non-contributory benefit payable under the Plan to a member who retires after January 1, 2018 but prior to January 1, 2019 at normal retirement age, with 4 years of credited service, would be $3,353.60 ($838.40 x 4). This would result in a monthly benefit of $279.47 ($3,353.60 / 12).

Related to Non-contributory benefit

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Death Benefits Upon the Executive’s death during the Contract Period, the Executive’s estate shall not be entitled to any further benefits under this Agreement.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Assignment; Benefit This Agreement is personal and may not be assigned by Employee. This Agreement may be assigned by Employer and shall inure to the benefit of and be binding upon the successors and assigns of Employer.

  • Economic Benefit The Bank shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.

  • PERSONAL INJURY BENEFITS A. 1. Whenever a teacher is absent from duty as a result of personal injury caused by an accident or an assault and/or battery upon the teacher arising out of and in the course of employment, the teacher will be paid full salary (less the amount of any worker's compensation paid for said injury) for the period of such absence not to exceed 189 working days.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • 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.