Pension Buy Back Sample Clauses

Pension Buy Back. The College will match the employee’s contribution for three (3) years of additional pensionable service for work at Selkirk College by employees who retire between the age of 55 and 65, who have ten (10) years of service with the College and who are eligible under the Pension (College) plan. Employees who wish to apply for this benefit must submit their application to the College prior to December 1 of the year prior to the fiscal year the employee wishes to retire. Enrolment in the College Pension Plan shall be provided in the Common Agreement.
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Pension Buy Back. Provision
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Pension Buy Back. Provision a) Subject to the qualifying provision contained in the Municipal Pension Plan, the City agrees to participate in such contributions as are necessary to extend pensionable service of an employee covered by this Agreement up to a maximum of six (6) months. The said extension represents that time served by the employee in a probationary capacity with the City which has not heretofore been considered as pensionable service. Such benefit to be subject to the following: i. An employee must have a vested interest in the Municipal Pension Plan and have reached the minimum retirement age in order to qualify. ii. Any eligible employee who wishes to take advantage of this benefit must give at least one (1) month notice in advance of the contemplated retirement date and make such arrangements as are necessary at that time regarding the employee's own contributions. Provided, however, the time constraints provided for in this paragraph may be waived under special circumstances by application to and with the approval of the City. iii. Cost of increased benefits, as defined by the Municipal Pension Plan, is shared 50/50 by the employee and the City as per Section 9(1)(b) of the Municipal Pension Plan. b) Where an employee has, prior to retirement, paid the full cost of extending their pensionable service as provided herein, the Employer shall, upon the employee’s retirement, reimburse the employee for one-half (½) of the cost previously paid by the employee provided the employee has reached the minimum retirement age.
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Pension Buy Back. An employee who prior to April 1, 2007 had purchased from the Municipal Pension Plan the time served by the employee in a probationary period with their current Employer (which had not before been considered as pensionable service) shall be reimbursed fifty per cent (50%) of the purchase cost by their Employer upon the employee producing the receipt and provided the employee has reached the minimum retirement age.
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Pension Buy Back. Provision a) Subject to the qualifying provision contained in Section 9(1) of the Municipal Pension Plan, the Board agrees to participate in such contributions as are necessary to extend pensionable service of an employee covered by this Agreement up to a maximum of six (6) months. The said extension to represent that time served by the employee in a probationary capacity with the Board which has not heretofore been considered as pensionable service. Such benefit to be subject to the following: i. An employee must have a vested interest in the Municipal Pension Plan and have reached the minimum retirement age in order to qualify. ii. Any eligible employee who wishes to take advantage of this benefit must give at least one (1) month notice in advance of the contemplated retirement date and make such arrangements as are necessary at that time regarding the employee's own contributions. Provided, however, the time constraints provided for in this paragraph may be waived under special circumstances by application to and with the approval of the Board. iii. Cost of increased benefits, as defined by the Municipal Pension Plan, is shared 50/50 by the employee and the Board as per Section 9(1)(b) of the Municipal Pension Plan. b) Where an employee has, prior to retirement, paid the full cost of extending their pensionable service as provided herein, the Board shall, upon the employee’s retirement, reimburse the employee for one-half (½) of the cost previously paid by the employee provided the employee has reached the minimum retirement age.
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Pension Buy Back. Where an employee has, prior to retirement, paid the full cost of extending their pensionable service by purchasing time served by the employee in a probationary capacity with the Employer which has not heretofore been considered as pensionable service, the Employer shall, upon the employee’s retirement, reimburse the employee for one-half (½) of the costs previously paid by the employee provided the employee has reached the minimum retirement age. This provision is subject to the provisions of the Municipal Pension Plan and the maximum period of time that the Employer will cost share with the employee is six (6) months.
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Pension Buy Back. Subject to the provisions of the Public Sector Pension Plans Act, the Board agrees to participate as to one-half (½) the cost determined by the Municipal Pension Plan to extend the pensionable service of a member covered by this Agreement up to a maximum of one year. It is understood that this extension shall represent that period of time served by the member in a probationary capacity as a Police Officer with the Service and which has not heretofore been considered as pensionable service. This benefit shall be subject to the following conditions: (i) Only a member who has vested interest in the Municipal Superannuation Plan and has reached the minimum age of retirement as defined in the Public Sector Pension Plans Act, or a member who has attained the age of fifty (50) years and has completed twenty-five (25) years of pensionable service, or a member who qualifies for a disability allowance under Part 6 of the Public Sector Pension Plans Act Regulation shall be eligible. (ii) A member who is eligible hereunder by reason of their qualifications for a disability allowance and wishes to take advantage of this benefit shall make their election to do so prior to terminating their employment.
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Pension Buy Back. Employees may opt to buy-back any pre-enrolment service under the terms and conditions established by the pension trustees and as permitted by applicable legislation. MDT’s are eligible and may elect to buy-back pre-enrolment service. It is understood that the MDT is responsible for payment of the full actuarial cost of the service.
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Related to Pension Buy Back

  • Pension Plan Employers and/or individuals who manage, operate, assist or own, either partially or wholly, a company or companies working non-union in the construction industry on Mainland Nova Scotia within the craft jurisdiction of xxx Xxxxxxxxxx Local 83 shall not be eligible to be appointed to serve, or to continue to serve, as trustees on any trust fund referred to within this Collective Agreement. This provision shall apply to management trustees and union trustees alike. 29.01 It is agreed that the employer shall pay into the established Pension Fund an amount per hour for each hour paid as per the wage tables in Craft Schedule “A”, “B”, “S” and Appendix “MIP”. Pension contributions shall be calculated based on the base hourly rate and vacation pay, and no premium shall affect this. For the purposes of this Article, overtime rates payable in accordance with Article 16 are not premiums. Such contributions shall be paid to the Trustees of the Pension Fund on or before the fifteenth (15th) day of the month following the month such hours were worked and shall be accompanied by a remittance report form for each employee on a form prescribed by the Trustees of the Fund. Each monthly report and contributions shall include all obligations arising from hours worked up to the preceding calendar month. 29.02 It is agreed that provisions for an increase in the Pension Plan (other than those increases listed above) will be implemented if so desired by the Local, with the employer contribution to be deducted from the wages rates contained herein, provided the employer receives sixty (60) days notice of such change. 29.03 The Pension Plan shall be professionally administered. 29.04 Neither the United Brotherhood of Carpenters and Joiners of America, Local 83, nor the Nova Scotia Construction Labour Relations Association shall incur any legal liability with regard to claims arising from the Pension Plan. 29.05 Employers bound by, or subject to the Agreement, shall be required to maintain for a two (2) year period, a complete set of employment records including: • employee’s name, address, and S.I.N. • number of hours worked by the employee in each week • employee’s wage rate and gross earnings, amount(s) and description of deductions from the employee’s wages • particulars of pay allowances or other payments or benefits to which the employee is entitled.

  • Pension Plans Any of the following events shall occur with respect to any Pension Plan (a) the institution of any steps by the Borrower, any member of its Controlled Group or any other Person to terminate a Pension Plan if, as a result of such termination, the Borrower or any such member could be required to make a contribution to such Pension Plan, or could reasonably expect to incur a liability or obligation to such Pension Plan, in excess of $10,000,000; or (b) a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA.

  • Multiemployer Plan “Multiemployer Plan” shall mean any “multiemployer plan,” as defined in Section 3(37) or 4001(a)(3) of ERISA, which any Seller or any ERISA Affiliate maintains, administers, contributes to or is required to contribute to, or maintained, administered, contributed to or was required to contribute to, or under which any Seller or any ERISA Affiliate has or may have any Liability.

  • 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.

  • of ERISA The Company has not sponsored, maintained or contributed to any employee pension benefit plan and is not required to contribute to any retirement plan pursuant to the provisions of any collective bargaining agreement establishing the terms and conditions of employment of any of the Company's employees other than the plans set forth on SCHEDULE 2.15. The Company is not now, and will not as a result of its past activities become, liable to the Pension Benefit Guaranty Corporation (the "PBGC") or to any multi employer employee pension benefit plan under the provisions of Title IV of ERISA. All employee benefit plans listed on SCHEDULE 2.15 and the administration thereof are in substantial compliance with their terms and all applicable provisions of ERISA and the regulations issued thereunder, as well as with all other applicable federal, state and local statutes, ordinances and regulations. All accrued contribution obligations of the Company with respect to any plan listed on SCHEDULE 2.15 have either been fulfilled in their entirety or are fully reflected on the balance sheet of the Company as of the Balance Sheet Date. All plans listed on SCHEDULE 2.15 that are intended to qualify (the "Qualified Plans") under Section 401(a) of the Internal Revenue Code of 1986, as amended (the "Code"), are, and have been, so qualified and have been determined by the Internal Revenue Service to be so qualified. Except as disclosed on SCHEDULE 2.15, all reports and other documents required to be filed with any governmental agency or distributed to plan participants or beneficiaries have been timely filed or distributed, and the most recent copies thereof are included as part of SCHEDULE 2.15. Neither the Stockholder, nor any plan listed in SCHEDULE 2.15 nor the Company has engaged in any transaction prohibited under the provisions of Section 4975 of the Code or Section 406 of ERISA. No plan listed on SCHEDULE 2.15 has incurred an accumulated funding deficiency, as defined in Section 412(a) of the Code and Section 302(1) of ERISA; and the Company has not incurred any liability for excise tax or penalty due to the Internal Revenue Service or any liability to the PBGC. There have been no terminations, partial terminations or discontinuance of contributions to any such Qualified Plan intended to qualify under Section 401(a) of the Code without notice to and approval by the Internal Revenue Service; no plan listed on SCHEDULE 2.15 subject to the provisions of Title IV of ERISA has been terminated; there have been no "reportable events" (as that phrase is defined in Section 4043 of ERISA) with respect to any such plan listed on SCHEDULE 2.15; the Company has not incurred liability under Section 4062 of ERISA; and no circumstances exist pursuant to which the Company could have any direct or indirect liability whatsoever (including, but not limited to, any liability to any multi employer plan or the PBGC under Title IV of ERISA or to the Internal Revenue Service for any excise tax or penalty, or being subject to any statutory lien to secure payment of any such liability) with respect to any plan now or heretofore maintained or contributed to by any entity other than the Company that is, or at any time was, a member of a "controlled group" (as defined in Section 412(n)(6)(B) of the Code) that includes the Company.

  • Benefit Plans; ERISA (a) The Company Disclosure Schedule sets forth a complete list of all "employee benefit plans" (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA")), bonus, pension, profit sharing, deferred compensation, incentive compensation, excess benefit, stock, stock option, severance, termination pay, change in control or other material employee benefit plans, programs, arrangements or agreements currently maintained, or contributed to, or required to be maintained or contributed to, by the Company, the Majority Stockholder or any Person that, together with the Company, is treated as a single employer under Section 414 of the Code for the benefit of any current or former employees, officers, directors or independent contractors of the Company or any Subsidiary and with respect to which the Company or any Subsidiary has any liability (collectively, the "Benefit Plans"). The Company has delivered or made available to Parent true, complete and correct copies of each Benefit Plan. (b) Each Benefit Plan has been administered in accordance with its terms and in compliance with the applicable provisions of ERISA, the Code and other applicable law, except where the failure to so administer or comply would not have a Company Material Adverse Effect. (c) All Benefit Plans intended to be qualified under Section 401(a) of the Code have been the subject of determination letters from the Internal Revenue Service to the effect that such Benefit Plans are qualified and exempt from federal income taxes under Section 401(a) and 501(a), respectively, of the Code as amended at least through the statutory changes implemented under the Tax Reform Act of 1986, and no such determination letter has been revoked nor, to the knowledge of the Company, has revocation been threatened, nor has any such Benefit Plan been amended since the date of its most recent determination letter or application therefor in any respect that would adversely affect its qualification. (d) No Benefit Plan is subject to Title IV of ERISA or Section 412 of the Code and no Benefit Plan is a "multiemployer plan" (as defined in Section 3(37) of ERISA). (e) No Person has incurred any material liability under Title IV of ERISA or Section 412 of the Code during the time such Person was required to be treated as a single employer with the Company under Section 414 of the Code that would have a Company Material Adverse Effect. (f) With respect to any Benefit Plan that is an employee welfare benefit plan (as defined in Section 3(l) of ERISA), (i) no such Benefit Plan provides benefits, including without limitation, death or medical benefits, beyond termination of employment or retirement other than (A) coverage mandated by law or (B) death or retirement benefits under a Benefit Plan qualified under Section 401(a) of the Code, and (ii) each such Benefit Plan (including any such Plan covering retirees or other former employees) may be amended or terminated without liability that would have a Company Material Adverse Effect. (g) The execution of, and performance of the transactions contemplated in, this Agreement will not (either alone or upon the occurrence of any additional or subsequent events) (i) constitute an event under any Benefit Plan that will or may result in any payment (whether of severance pay or otherwise), acceleration, forgiveness of indebtedness, vesting, distribution, increase in benefits or obligation to fund benefits with respect to any employee of the Company or any of its Subsidiaries, or (ii) result in the triggering or imposition of any restrictions or limitations on the right of the Company or Parent to cause any such Benefit Plan to be amended or terminated (or which would result in any materially adverse consequence for so doing). No payment or benefit that will or may be made by the Company, Parent, or any of their respective subsidiaries or affiliates with respect to any employee of the Company or any of its Subsidiaries under any Benefit Plan in connection with the Offer and the Merger will be characterized as an "excess parachute payment," within the meaning of Section 280G(b)(1) of the Code. The parties hereby agree to use their commercially reasonable efforts to limit the application of Section 280G(b)(1) of the Code to the transactions contemplated hereby.

  • Pension and Welfare Plans During the twelve-consecutive-month period prior to the Closing Date and prior to the date of any Credit Extension hereunder, no steps have been taken to terminate any Pension Plan, and no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of ERISA. No condition exists or event or transaction has occurred with respect to any Pension Plan which might reasonably be expected to result in the incurrence by the Borrowers or any member of the Controlled Group of any material liability, fine or penalty. Except as disclosed in Item 6.11 of the Disclosure Schedule, neither any Borrower nor any member of the Controlled Group has any contingent liability with respect to any post-retirement benefit under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Title I of ERISA.

  • Benefit Plan If an employee maintains coverage for benefit plans while on maternity or parental leave, the Employer agrees to pay the Employer's share of these premiums.

  • ERISA Plan The Buyer is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974.

  • International Employee Plan Each International Employee Plan has been established, maintained and administered in material compliance with its terms and conditions and with the requirements prescribed by any and all statutory or regulatory laws that are applicable to such International Employee Plan. Furthermore, no International Employee Plan has unfunded liabilities, that as of the Effective Time, will not be offset by insurance or fully accrued. Except as required by law, no condition exists that would prevent Company or Parent from terminating or amending any International Employee Plan at any time for any reason.

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