Pension Benefits for Accidental Disability Pensioners (Non-MERS) Sample Clauses

Pension Benefits for Accidental Disability Pensioners (Non-MERS). (i) Disabled From All Employment For employees determined to be totally and permanently disabled from all employment, the monthly disability benefit payable to an employee shall be sixty-six and two- thirds percent (66 2/3%) of the employee’s annual salary at the time of the employee’s retirement date and calculated as follows: As of the accidental retirement date, the total value of the employee’s 401(a) Plan will be used to actuarially determine the monthly annuity value of the account (the “normal annuity value”). This calculation will be performed at the Town’s expense by the Town’s pension actuary. Once the normal annuity value has been determined, the monthly accidental disability payment will be reduced by the normal annuity value. For example: The employee’s annual salary at the time of accidental disability retirement is $48,000.00. The annual disability pension amount is $32,000.00 and the monthly disability pension amount is $2,667.00. The actuary’s normal annuity valuation of the employee’s 401(a) Plan is determined to be $200.00 per month. The monthly accidental disability payment would be reduced by $200.00 per month. The retiree would receive $2,467.00 per month from the disability pension plan and would be able to draw $200.00 from his 401(a) Plan to produce the total sixty-six and two thirds percent (66 2/3%) accidental disability pension. The benefit shall be paid monthly for the period of disability and shall be adjusted annually by a non-compounding COLA of three percent (3%) beginning on January 1 immediately following the employee’s retirement.
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Related to Pension Benefits for Accidental Disability Pensioners (Non-MERS)

  • 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.

  • Long Term Disability Benefits A benefit level of seventy percent (70%) of monthly earnings shall apply. Benefits would commence after a waiting period of seventeen (17) weeks, when Short Term Disability Benefits terminate. Terms of the Master Policy with the Insurance Company shall apply. Statement of Intent In order to go on LTD, the person must:

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • 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.

  • Short Term Disability Benefits Paragraph 1: The Board shall provide short term disability benefits as set forth in the Short Term Disability Summary Plan Description. Short term disability benefits for disabilities resulting from non-occupational illness or injury, shall be paid at the rate of 70% of the teacher’s regular daily rate, subject to all applicable deductions. A teacher may choose to save up to five (5) accumulated temporary leave days. Following the exhaustion of temporary leave, there is a five day waiting period before short term disability benefits begin. The five day waiting period will be waived for absences greater than 30 calendar days and short term disability payments shall be paid retroactively.

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • 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.

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