Pension Benefits. Each party reserves the right to retain as his or her sole and absolute separate property, the entire interest in pension benefits now vested, or that become vested in the future, and the right to manage, control, transfer, and convey all such property and dispose of the same by will, beneficiary designation or otherwise, without any interference from the other. The parties acknowledge that this Agreement shall constitute an effective waiver of any rights in the other's pension benefit plans. Furthermore, each party agrees to execute whatever additional waiver document may be necessary or useful to confirm such waiver of rights to the other party's pension benefit plans.
Pension Benefits. (a) The Executive will continue to participate in the registered pension plan and unfunded supplemental plan in which the Executive is enrolled on the date of commencement of the Termination Leave (the "Pension Plans") on the following terms:
(i) for the purposes of any contribution (notional or actual) provision of the Pension Plans, the amounts paid to the Executive pursuant to section 4.1(a) of the Agreement shall be treated in the same manner that payments of salary to the Executive were recognized prior to the date of commencement of the Executive's Termination Leave, and the amounts paid to the Executive pursuant to section 4.1(c) of the Agreement shall be treated in the same manner that payments under the Corporation's incentive compensation programs were recognized prior to the date of commencement of the Executive's Termination Leave;
(ii) if on the Termination Date the Executive has not satisfied a vesting condition under the Pension Plans, the Executive will be deemed to have satisfied this condition;
(iii) upon the completion of the Executive's Termination Leave, the Executive shall become entitled to benefits under the Pension Plans on the basis that the Executive terminated employment with the Corporation on that date.
(b) If the circumstances described in section 4.2 of the Agreement arise, the Executive shall immediately stop accumulating further benefits under the Pension Plans, and, without limitation, any payment the Executive becomes entitled to pursuant to section 4.2(a) of the Agreement shall not be recognized under any contribution (actual or notional) provision of the Pension Plans. SCHEDULE B TREATMENT OF BENEFITS AND PERQUISITES ON ELECTION OF LUMP SUM SETTLEMENT All benefits, privileges and perquisites the Executive might formerly have received as a result of employment with the Corporation will cease as of the Effective Date except as expressly set out below:
Pension Benefits. Pension benefits for an employee covered by this Agreement who is a member of the Employees' Retirement System of Milwaukee (ERS) shall be the benefits defined in Chapter 36 of the Milwaukee City Charter that are applicable to a "policeman." Except as provided below, these pension benefits shall continue unchanged during the term of this Agreement.
1. Chapter 36 of the Milwaukee City Charter regarding pension benefits for employees covered by this Agreement who are members of the Employees' Retirement System of Milwaukee (ERS) may be amended to the extent necessary for such plan to remain qualified under Section 401(a) and 501(c) of the Internal Revenue Code of 1986 as amended.
2. The City agrees that it will never seek to increase the age/service requirements applicable to employees in active service and enrolled in the Employees’ Retirement System as “policemen” prior to December 20, 2016 that are provided for under section 36.05(1)(f) of the ERS Act. Effective Pay Period 1, 2016, an employee newly eligible for service credit as a “policemen” in the Employees’ Retirement System will be eligible for a normal service retirement benefit no earlier than age 50 with twenty-five years of service as a “policemen”.
3. Employees who are entitled to service credit as a "policeman" under the Employee's Retirement System of Milwaukee pension plan shall receive such service credit at the rate of 2.5% per annum of Final Average Salary for all such years or parts thereof.
4. Effective Pay Period 1, 2016, employees enrolled in the Employees’ Retirement System as a “policemen” prior to October 3, 2011, shall contribute 7% of their earnable compensation toward the member contribution for their pension.
5. Subject to the conditions contained therein, the parties agree to abide by the pension provisions of the October 29, 1999 Final Global Settlement Agreement for Active Police Officers, as amended by Charter Ordinance. If any portion of the Global Pension Settlement Agreement or implementing Charter Ordinance is held invalid, or if compliance with it is restrained by operation of law or by any court of competent jurisdiction, the parties shall immediately enter into collective bargaining for the purpose of arriving at a mutually satisfactory replacement for such portion of the Global Pension Settlement Agreement or Charter Ordinance. This paragraph shall in no way affect or restrict other benefits unrelated to pension benefits in the Global Settlement Agreement.
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Pension Benefits. The Board shall allow a teacher on pension with the Ontario Teachers' Pension Plan, and/or spouse, and dependent children of a deceased teacher, to continue participation in all Board Benefit Plans as they existed prior to October 1, 2004, providing the teacher, spouse or dependent children pay(s) the full amount in a manner approved by the Human Resource Services Office. Participation is subject to the conditions of the Plans and the requirements of the carrier(s) at the effective date(s).
Pension Benefits. (i) No later than 30 days following the Termination Date, the Company shall pay the Employee an amount (in one lump sum cash payment) equal to the Present Value of the sum of the pension benefits the Employee is entitled to receive under (A) the Restated Ingersoll-Rand Company Supplemental Pension Plan (the "Sectxxx 000 Xxxxxx Plan"), (B) the Ingersoll-Rand Company Elected Officers Supplemental Prograx (xxx "Xxxxxxd Officer Supplemental Program" or the "Program"), and (C) the Executive Supplementary Retirement Agreement (the "Ten Year Annuity"), all as in effect immediately prior to the Change of Control Event (collectively the "Pension Benefit").
(ii) In calculating the portion of the Pension Benefit under section 1.1 of the Section 415 Excess Plan the Company shall credit the Employee with five additional years of Credited Service (within the meaning of the Plan and including wage, vesting and age credit) and five additional years of age for purposes of the Section 415 Excess Plan but not the Qualified Pension Plan. (If, after crediting five years of age, the Employee is less than fifty- five years old, it will be assumed that the benefit commencement age is fifty-five).
(iii) In calculating the portion of the Pension Benefit under the Elected Officer Supplemental Program, the Company shall: (A) credit the Employee with an additional five Years of Service and an additional five years of age for purposes of computing the amount of the Pension Benefit; and (B) define "Final Average Salary" in Section 1.8 of the Program as 1/3 of the severance amount determined pursuant to Section 5(b) of this Agreement.
Pension Benefits. Seller shall cause The Coca-Cola Company Pension Plan to fully vest the Nonrepresented Transferred Employees in their accrued benefit effective immediately prior to his or her termination of employment with Seller. In addition, Seller shall cause The Coca-Cola Company Pension Plan to provide an additional benefit accrual to each Nonrepresented Transferred Employee, as of the date immediately before such employee’s termination of employment with Seller, an amount equal to the difference between (i) the benefit accrual such employee would have received under The Coca-Cola Company Pension Plan if he or she had remained employed by Seller or its Affiliates from the date of his or her termination of employment with Seller until the second anniversary of the Closing Date, minus (ii) the excess (if any) between Buyer’s 401(k) matching formula and Seller’s 401(k) matching formula. Buyer and Seller will share the cost and expense of such full vesting and additional pension amount as mutually agreed by the parties. Notwithstanding the foregoing or any provision herein to the contrary, if Seller determines in good faith, that such additional benefit accrual under The Coca-Cola Company Pension Plan may cause the plan to violate Section 401(a) of the Code or is otherwise impermissible or inadvisable for any reason, Seller may, in its sole discretion, provide the amount set forth herein to the Nonrepresented Transferred Employees in a lump-sum cash payment, subject to applicable tax withholding.
Pension Benefits. Neither the Borrower nor any Subsidiary maintains a "Plan" as defined in Section 3 of the Employees Retirement Income Security Act of 1974 ("ERISA"), or each such entity is in compliance with the minimum funding requirements with respect to any such "Plan" maintained by it and it has not incurred any material liability to the Pension Benefit Guaranty Corporation ("PBGC") or otherwise under ERISA in connection with any such Plan.
Pension Benefits. The District participates in the California Public Employees’ Retirement System (CalPERS) Plan. Pension benefits and plan participation are determined in accordance with applicable law and are generally based on an employee’s date of hire and any previous membership in CalPERS. The District contracts with CalPERS to make the following pension plans available to eligible employees:
a. Employees Hired before May 10, 2012:
(i) 2.5 % @ 55 retirement plan. One‐year Final Compensation.
(ii) Employees will pay one hundred percent (100%) of the employee contribution, which is 8% of base salary.
b. Employees Hired on or after May 10, 2012 through December 31, 2012 and “Classic” CalPERS Members hired on or after January 1, 2013:
(i) 2.0 % @ 55 retirement plan, three‐year Final Compensation.
(ii) Employees will pay one hundred percent (100%) of the employee contribution, which is 7% of base salary.
c. Employees Hired on or after January 1, 2013 (“PEPRA” Members):
Pension Benefits. In addition to the benefits to which the Executive is entitled under any pension or retirement plan or arrangement established by the Corporation:
(i) The Executive will be credited with pensionable contributions in the Canadian Defined Contribution Savings Plan (the “Supplemental Pension Plan”), as may be amended from time to time or any successor plan thereto, for each of the 24 months included in the Severance Period;
(ii) For purposes of Section 4.0(e)(i), the Executive’s pensionable earnings shall be calculated based on the lesser of: (i) 40% of the Executive’s Severance Salary Rate; and (ii) the Average Bonus; and
(iii) On or prior to the 15th business day following the Date of Termination, the Executive will receive a lump sum cash payment of her accrued entitlements under the Supplemental Pension Plan, payable on the Payment Date, such amount to be determined: (A) without any gross up or other adjustment for income tax and not taking in to account the non-registered status of the Supplemental Pension Plan, and (B) assuming the Executive’s accrued entitlement under the Supplemental Pension Plan is fully vested.
Pension Benefits. The Corporation shall pay to the Executive the maximum contribution that the Corporation or a subsidiary thereof would have been required to make on behalf of the Executive under the Encana (USA) Retirement Plan at the percentage of salary specified therein in respect to the Severance Period based on:
(i) The Executive’s annual base salary (using the Severance Salary Rate) if he were fully employed until the end of the 24th calendar month following the Date of Termination; and
(ii) The lesser of the Average Bonus and 40% of the amount of the annual base salary (using the Severance Salary Rate) the Executive would have earned had he continued to be employed until the end of the 24th calendar month following the Date of Termination. This payment will be made to the Executive in a lump sum on the Payment Date.
