One Time Optional Employee Conversion From Defined Sample Clauses

One Time Optional Employee Conversion From Defined. Benefit To Defined Contribution Retirees’ Health Plan Employees with fifteen (15) years of City of Mountain View service or less as of July 1, 2015, who are more than five (5) years from the retirement age designated by their pension formula (55 for those on the 2.7@55 pension formula; 62 for those on the 2.0@62 formula) will be given an opportunity to make a one-time, irrevocable election to convert from the Retirees’ Health DB Plan to the Retirees’ Health DC Plan. Employees already retired from the City are not eligible for this conversion. Employees with more than 15 years of City of Mountain View service as of July 1, 2015, who are less than 5 years from the retirement age designated by their pension formula (55 for those on the 2.7@55 pension formula; 62 for those on the 2.0@62 formula) and who are interested in the conversion will be considered on a case-by-case basis after the number of eligible and interested employees and the associated total cost are known. Employees electing to convert from the DB to the DC plan will receive a one-time City contribution to an RHS account established for them, and will receive ongoing City contributions in accordance with the schedule set forth in Section 6.8.3. The City’s one-time contribution is listed below and is based on the approximate value of money that would have been deposited into an employee’s DC plan had a DC plan been available at the time of employee’s hire and had they chosen the DC election at that time, with two percent (2%) annual growth as follows: Years of Service Date of Hire Approximate Value 2 or less 7/1/2013 - 6/30/15 $ 6,000 Equal to 3 and Greater than 2 7/1/2012 - 6/30/13 $ 8,000 Equal to 4 and Greater than 3 7/1/2011 - 6/30/12 $ 11,000 Equal to 5 and Greater than 4 7/1/2010 - 6/30/11 $ 14,000 Equal to 6 and Greater than 5 7/1/2009 - 6/30/10 $ 18,000 Equal to 7 and Greater than 6 7/1/2008 - 6/30/09 $ 22,000 Equal to 8 and Greater than 7 7/1/2007 - 6/30/08 $ 25,000 Equal to 9 and Greater than 8 7/1/2006 - 6/30/07 $ 29,000 Equal to 10 and Greater than 9 7/1/2005 - 6/30/06 $ 33,000 Equal to 11 and Greater than 10 7/1/2004 - 6/30/05 $ 37,000 Equal to 12 and Greater than 11 7/1/2003 - 6/30/04 $ 42,000 Equal to 13 and Greater than 12 7/1/2002 - 6/30/03 $ 46,000 Equal to 14 and Greater than 13 7/1/2001 - 6/30/02 $ 51,000 Equal to 15 and Greater than 14 7/1/2000 - 6/30/01 $ 56,000 The election will be offered one time in FY 2015-16 and is not intended to be offered again. The City will provide...
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Related to One Time Optional Employee Conversion From Defined

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Continuation of Optional Coverages During Unpaid Leave or Layoff An employee who takes an unpaid leave of absence or who is laid off may discontinue premium payments on optional policies during the period of leave or layoff. If the employee returns within one (1) year, the employee shall be permitted to pick up all optionals held prior to the leave or layoff. For purposes of reinstating such optional coverages, the following limitations shall be applicable. For the first twenty-four (24) months of long-term disability coverage after such a period of leave or layoff during which long-term disability coverage was discontinued, any such disability coverage shall exclude coverage for pre-existing conditions. For disability purposes, a pre-existing condition is defined as any disability which is caused by, or results from, any injury, sickness or pregnancy which occurred, was diagnosed, or for which medical care was received during the period of leave or layoff. In addition, any pre-existing condition limitations that would have been in effect under the policy but for the discontinuance of coverage shall continue to apply as provided in the policy. The limitations set forth above do not apply to leaves that qualify under the Family Medical Leave Act (FMLA).

  • Are There Penalties for Early Distribution from a Xxxx XXX As indicated above, earnings on your contributions, as well as amounts contributed to a Xxxx XXX as a rollover from a Traditional IRA, that are distributed before certain events are subject to various taxes. Please see IRS Publication 590 for further information about Xxxx XXX rules and restrictions.

  • Automatic Renewal Limitation for TIPS Sales No TIPS Sale may incorporate an automatic renewal clause that exceeds month to month terms with which the TIPS Member must comply. All renewal terms incorporated into a TIPS Sale Supplemental Agreement shall only be valid and enforceable when Vendor received written confirmation of acceptance of the renewal term from the TIPS Member for the specific renewal term. The purpose of this clause is to avoid a TIPS Member inadvertently renewing an Agreement during a period in which the governing body of the TIPS Member has not properly appropriated and budgeted the funds to satisfy the Agreement renewal. Any TIPS Sale Supplemental Agreement containing an “Automatic Renewal” clause that conflicts with these terms is rendered void and unenforceable.

  • Optional Benefits Optional Group Life Insurance This plan is available on an optional, employee-pay-all basis and you may apply to purchase additional group life insurance coverage for you and/or your spouse. Coverage is available from a minimum of $10,000 to a maximum of $300,000 in increments of $10,000.

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Incentive Eligibility Conditions The IPTVO shall be entitled to avail of the Incentives, within the Territory, with effect from the date of execution of this Addendum, subject to the IPTVO meeting each of the following conditions (“Incentive Eligibility Conditions”):

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

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