Pension Enhancements Sample Clauses

Pension Enhancements. An amount payable under the SERP equal to the positive difference, if any, between: (1) the lump sum value of Executive’s benefit, if any, under the SERP, calculated as if Executive had: (A) become fully vested in all benefits under the SERP and the tax-qualified defined benefit plan maintained by the Company in which the Executive is a participant (the “Pension Plan”, (B) to the extent age is relevant under the Pension Plan covering Executive, attained as of the Termination Date an age that is 2.0 years greater than Executive’s actual age and that includes the number of years of age credited to Executive pursuant to any other agreement between the Company and Executive, (C) to the extent that service is relevant under the Pension Plan covering Executive, accrued a number of years of service (for purposes of determining the amount of such benefits, entitlement to - but not commencement of - early retirement benefits, and all other purposes of the Pension Plan and the SERP) that is 2.0 years greater than the sum of the number of years of service actually accrued by Executive as of the Termination Date and that includes the number of years of service credited to Executive pursuant to any other written agreement between the Company and the Executive, and (D) received the benefits specified in Section 4.1(a)(ii) and 2.0 years of the benefits specified in Section 4.1(a)(vi) as covered compensation in equal monthly installments during the Severance Period, minus (2) the aggregate amounts paid or payable to Executive under the SERP.
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Pension Enhancements. The parties hereby incorporate the pension plan enhancements outlined in the Letter of Understanding dated December 12, 2000 (Schedule “A”, Memorandum of Settlement dated December 21, 2000). These enhancements, effective July 1, 2000, are: 1. To increase the pension payable to survivors following the death of a member from 64% to 66- 2/3% of the member’s pension. 2. To increase the pension by lowering the offset percentage from 0.625% to 0.50%. The percentage used to calculate the additional pension to age 65 will remain at 0.625%. 3. Members shall be entitled to retire without penalty when their age and years of service with the employer total 82 points. All other members shall be entitled to retire according to the existing schedules. 4. Effective July 1, 2016 8.5% to 8.65% on pensionable earnings up to the YMPE and 9.2% to 9.35% on pensionable earnings above the YMPE, These increases are in effect only as long as the Going Concern deficit remains greater than $10.0 million. Should this deficit fall below that amount (to be determined annually), the pension contribution percentages will revert back to 6.65% on pensionable earnings up to the YMPE and 7.35% on pensionable earnings above the YMPE. The parties recognize that the pension contribution trigger which was created in support of the health of the plan was met January 1, 2017. The parties agree to suspend the pension contribution trigger between January 1, 2017 and September 30, 2017. 5. Effective October 1, 2017 decrease employee pension contributions from 8.65% below YMPE and 9.33% above YMPE to 7.75% on pensionable earnings below and above the YMPE. Effective July 1, 2018 increase employee pension contributions from 7.75% to 8.25% on pensionable earnings below and above the YMPE. Effective July 1, 2019 increase employee pension contributions from 8.25% to 8.75% on pensionable earnings below and above the YMPE. 6. Employee pension contributions will start on the first day of the month immediately following or coincident with appointment to regular or probationary employment. 7. During the term of this Collective Agreement, ESA will make contributions to the ESA Pension Plan, which equates to not less than the contributions of the Society-represented employees.
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Pension Enhancements. An amount equal to the positive difference, if any, between (1) the lump sum value of Executive’s benefit under the SERP, calculated as if Executive had (A) become fully vested in all benefits, (B) attained as of the Termination Date an age that is three years greater than Executive’s actual age, (C) accrued a number of years of service (for purposes of determining the amount of such benefits, entitlement to - but not commencement of - early retirement benefits, and all other purposes of such defined benefit plans) that is three years greater than the sum of the number of years of service actually accrued by Executive as of the Termination Date and that includes the number of years of service credited to Executive pursuant to any other written agreement between the Company and the Executive, and (D) received the severance benefits specified in Sections 4.1(a)(ii) and 4.1(a)(vi) as covered compensation in equal monthly installments during the Severance Period, (2) the aggregate amounts paid or payable to Executive under the SERP.
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Pension Enhancements. An amount equal to the positive difference, if any, between (1) the lump sum value of Executive's benefit under the SERP, calculated as if Executive had (A) become fully vested in all benefits, (B) attained as of the Termination Date an age that is [THREE/TWO AND ONE-HALF] years greater than Executive's actual age, (C) accrued a number of years of service (for purposes of determining the amount of such benefits, entitlement to - but not commencement of - early retirement benefits, and all other purposes of such defined benefit plans) that is [THREE/TWO AND ONE-HALF] years greater than the number of years of service actually accrued by Executive as of the Termination Date and that includes the number of years of service credited to Executive pursuant to [ANY OTHER AGREEMENT BETWEEN THE COMPANY AND THE EXECUTIVE/SPECIFY AGREEMENT], and (D) received the severance benefits specified in Sections 4.1(a)(ii) and 4.1(a)(vi) as covered compensation in equal monthly installments during the Severance Period, (2) the aggregate amounts paid or payable to Executive under the SERP.
Sample 1
Pension Enhancements. An amount equal to the positive difference, if any, between (1) the lump sum value of Executive’s benefit under the SERP, calculated as if Executive had (A) become fully vested in all benefits, (B) accrued a number of years of service (for purposes of determining the Executive’s benefit credits, but not investment credits) that is two years greater than the number of years of service actually accrued by Executive as of the Termination Date and that includes the number of years of service credited to Executive pursuant to any other written agreement between the Company and the Executive, and (C) received two-thirds of the severance benefits specified in Sections 4.1(a)(ii) and 4.1(a)(vi) as covered compensation in equal annual installments during the first two years of the Severance Period, minus (2) the aggregate amounts paid or payable to Executive under the SERP.
Sample 1
Pension Enhancements. In October 2006 changeG had to be made to the way redundancy paymentG are calculated following the introduction of the Age DiGcrimination RegulationG. ThiG waG becauGe the method of calculating redundancy paymentG waG linked to the age of an employee in a way that did not comply with the Gtatutory redundancy calculation. Although the redundancy calculation changed in October we agreed with Nationwide to delay any change to the way penGion enhancementG are calculated under SERA. PenGion enhancementG provide an additional payment to an employee'G penGion upon redundancy provided they meet the eligibility criteria - critically having had 10 yearG' Gervice in the penGion fund and aged over 40. We Gought the delay becauGe we wanted to fully underGtand the implicationG of the Age regulationG in relation to PenGion ProviGionG. ThiG part of the regulationG did not come into force until 1 December 2006. I am pleaGed to adviGe memberG that having worked with Nationwide for the paGt Gix monthG or Go we are now able to confirm that PenGion EnhancementG within SERA will be retained for exiGting penGion fund memberG and for anyone joining the penGion fund up until 31 March 2007. It haG, however, been neceGGary to amend the way in which the enhancementG are calculated - with total length of Gervice with Nationwide being a new determinant rather than length of memberGhip in the PenGion Fund and age. ThiG meanG there will be no loGG of benefit and for thoGe whoGe length of Gervice exceedG their memberGhip of the fund there will be a modeGt benefit in the event of redundancy. PenGion enhancementG are an unuGual feature of modern redundancy agreementG and therefore I am delighted that we have been able to Gecure thiG benefit for exiGting fund memberG.
Sample 1

Related to Pension Enhancements

  • Pension Contributions While on leave pursuant to Section B. of this Article, an employee may make contributions to the appropriate State pension system and will receive service credit for the time the employee is on unpaid leave.

  • Pension All present employees enrolled in the Hospital's Pension Plan shall maintain their enrolment in the Plan subject to its terms and conditions. New employees and employees employed but not yet eligible for membership in the Plan shall, as a condition of employment, enrol in the Plan when eligible in accordance with its terms and conditions.

  • 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.

  • 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.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • Pension Matters Schedule 7.17 sets forth, as of the Closing Date, a complete and correct list of, and that separately identifies, (i) all Title IV Plans, (ii) all Multiemployer Plans and (iii) all material Benefit Plans. Each Benefit Plan, and each trust thereunder, intended to qualify for tax exempt status under Section 401 or 501 of the Code or other Laws so qualifies. Except for those that could not, in the aggregate, reasonably be expected to result in a Material Adverse Effect, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Laws, (y) there are no existing or pending (or to the knowledge of any Obligor or any of its Subsidiaries, threatened) claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Benefit Plan to which any Obligor or Subsidiary thereof incurs or otherwise has or could have an obligation or any liability or Claim and (z) no ERISA Event is reasonably expected to occur. The Borrower and each of its ERISA Affiliates has met all applicable requirements under the ERISA Funding Rules with respect to each Title IV Plan, and no waiver of the minimum funding standards under the ERISA Funding Rules has been applied for or obtained. As of the most recent valuation date for any Title IV Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least sixty percent (60%), and neither any Obligor nor any of its ERISA Affiliates knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment percentage to fall below sixty percent (60%) as of the most recent valuation date. As of the Closing Date, no ERISA Event has occurred in connection with which obligations and liabilities (contingent or otherwise) remain outstanding. No ERISA Affiliate would have any Withdrawal Liability as a result of a complete withdrawal from any Multiemployer Plan on the date this representation is made.

  • Benefit Arrangements Each Benefit Arrangement has been maintained in compliance, in all material respects, with its terms and with the requirements prescribed by any and all statutes, orders, rules and regulations which are applicable to such Benefit Arrangement, including without limitation, the Code, and with all plan documents. Except as set forth in SCHEDULE 4.8 and except as provided by law, the employment of all persons presently employed or retained by the Company is terminable at will.

  • PENSIONS AND ANNUITIES 1. Subject to the provisions of paragraph 2 of Article 19, pensions and other similar remuneration paid to a resident of a Contracting State in consideration of past employment and any annuity paid to such a resident shall be taxable only in that State. 2. The term "annuity" means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Flexible Spending Accounts Employees in the unit shall have access to the County’s flexible spending account program, which provides employees with the options of dependent care assistance benefits with a calendar year maximum of $5,000, and medical expense reimbursement benefits with a calendar year maximum of $2,400. The County shall maintain this plan in compliance with IRC §125. Employee premiums for flexible spending account benefits shall be deducted on a pre-tax basis from employee pay.

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