Pension Plan Deductions Sample Clauses

Pension Plan Deductions. Once qualified as above, Pension Plan deductions for Regular Reduced Hours employees will be based on base earnings for the position and then pro-rated in proportion to the ratio of normal (scheduled reduced) hours to base hours. Example: Base rate (earnings) $45,000 Base hours 35 Normal hours 20 YMPE for year $32,200 Calculate 4% of the base earnings up to the first $32,200 (4/100 x $32,200 = $1,288) Calculate 6% of the portion of base earnings exceeding the first $32,200 ($45,000 - $32,200 = $12,800) (6/100 x $12,800 = $768) Calculate proportional Pension Plan contributions ($1,288 + $768 = $2,056) (20/35 x $2,056 = $1,174.86). Calendar service will be used to determine eligibility for retirement and death benefits (currently for pension purposes as Eligible Service or Continuous Employment). Service credit to define the years of Pension Plan membership (years of membership in the Pension Plan) for pension calculation purposes (currently defined by the Effective Date on Pension and Insurance) is prorated. See pension calculation example below. The Service Credit starts from the date of joining the Pension Plan. Service for termination benefits is to be credited on a calendar basis starting with the date of hire and is not prorated.
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Pension Plan Deductions. Once qualified as above, Pension Plan deductions for Regular Reduced Hours employees will be based on base earnings for the position and then pro-rated in proportion to the ratio of normal (scheduled reduced) hours to base hours. Example: Base rate (earnings) $45,000 Base hours 35 Normal hours 20 YMPE for year $32,000 Calculate 4% of the base earnings up to the first $32,000 (4/100 x $32,000 = $1,280) Calculate 6% of the portion of base earnings exceeding the first $32,000 ($45,000 - $32,000 = $12,800) (6/100 x $12,800 = $768) Calculate proportional Pension Plan contributions ($1,280 + $768 = $2,048) (20/35 x $2,048 = $1,170.29). Calendar service will be used to determine eligibility for retirement and death benefits (currently for pension purposes as Eligible Service or Continuous Employment). Service credit to define the years of Pension Plan membership (years of membership in the Pension Plan) for pension calculation purposes (currently defined by the Effective Date on Pension and Insurance) is prorated. See pension calculation example below. The Service Credit starts from the date of joining the Pension Plan. Service for termination benefits is to be credited on a calendar basis starting with the date of hire and is not prorated.
Sample 1Sample 2
Pension Plan Deductions. Once qualified as above, Pension Plan deductions for Regular Reduced Hours employees will be based on base earnings for the position and then pro-rated in proportion to the ratio of normal (scheduled reduced) hours to base hours. Example: Base rate (earnings) $45,000 Base hours 35 Normal hours 20 YMPE for year $32,000 Calculate 4% of the base earnings up to the first $32,000 (4/100 x $32,000 = $1,280) Calculate 6% of the portion of base earnings exceeding the first $32,000 ($45,000 - $32,000 = $12,800) (6/100 x $12,800 = $768) Calculate proportional Pension Plan contributions ($1,280 + $768 = $2,048) (20/35 x $2,048 = $1,170.29). Calendar service will be used to determine eligibility for retirement and death benefits (currently defined for pension purposes as Eligible Service or Continuous Employment). Service credit to define the years of Pension Plan membership (years of membership in the Pension Plan) for pension calculation purposes (currently defined by the Effective Date on Pension and Insurance) is prorated. See pension calculation example below. The Service Credit starts from the date of joining the Pension Plan. Service for termination benefits, currently defined by the Pension Termination Service Date (PTSD), is to be credited on a calendar basis starting with the date of hire. Service related to the PTSD is not prorated.
Sample 1

Related to Pension Plan Deductions

  • 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 Plan 15.01 The CLAC Pension Plan (“the Plan”), a defined contribution pension plan, is registered with the Canada Revenue Agency. The Plan applies to all employees covered by this Agreement.

  • BENEFIT FUND The Trustees are authorized and directed to establish a study committee to review the legality, feasibility and desirability of setting up and maintaining an employee funded Section 125 Flexible Spending Account (FSA). If an FSA is determined to be legal, feasible and desirable in this context, the Trustees are further authorized and directed to establish such an arrangement and offer it to employees covered by this Agreement; provided that the FSA shall not be offered to employees of any Employer who is unwilling or unable to permit employee participation in the FSA.

  • Pension Contributions 19.2.3.1 Unless required by law to commence receiving a pension prior to the Member’s actual retirement date (i.e., currently December 31 of the year in which the Member attains age sixty-nine (69)) the Member who postponed retirement beyond his or her TRD will continue to make pension contributions.

  • 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.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • 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 not yet eligible for membership in the plan shall, as a condition of employment, enroll in the plan when eligible in accordance with its terms and conditions.

  • Pension Plans Any of the following events shall occur with respect to any Pension Plan:

  • How Are Contributions to a Xxxxxxxxx Education Savings Account Reported for Federal Tax Purposes? Contributions to a Xxxxxxxxx Education Savings Account are reported on IRS Form 5498-ESA.

  • Benefit Accrual Seniority, for the purpose of vacation, pension and sick leave accrual shall be based upon an employee’s continuous length of service with WSF. Seniority, for the purpose of all other benefit accrual, shall be by bargaining unit-wide seniority based upon an employee’s continuous length of service or adjusted length of service within the bargaining unit.

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