Pension Plan for Wage Employees Sample Clauses

Pension Plan for Wage Employees. The Defined Benefit Pension Plan described below shall be applicable to all employees on the seniority list as of September 8, 2010. For Employees hired after September 8, 2010 the Defined Contribution Pension Plan described in B below shall apply. Those employees on the seniority list as of September 8, 2010 who wish to convert their pension plan membership to the Defined Contribution Plan may do so on a voluntary basis by irrevocably electing to do so in writing to the Company Human Resources Department. Those employees currently on the seniority list as of September 8, 2010 who have never been members of the Defined Pension Plan and who wish to join the Defined Contribution Plan may voluntarily elect to do so in writing. Further, those employees on the seniority list as of September, 8, 2010 who are not, as of September 8, 2010, eligible to join the Defined Benefit Plan shall have the option to join either of the two (2) Plans. Defined Benefit Plan: DB Pension Plan for Wage Employees:  Eligible after one year of service Maximum years of eligibility:  Increases to 45 years effective February 1, 1994. (subject to D.N.R. dollar maximum) Cost to employee:  3.4% of earnings to the Year’s Maximum Pensionable Earnings (YMPE) under C.P.P. in that year and  5% of earnings which are in excess of the YMPE in that year. Pension Indexing Formula:  75% of C.P.I. minus 1% (C.P.I. capped at 8%).  First increase January 1, 1993 for all employees receiving a pension on January 1, 1992. Pension Formula:  The pension formula which determines the amount of pension to be indexed is as follows: The lesser of: Total pension income; or Number of years pensionable service x 1.3% x employee average Y.M.P.E. at time of retirement. Company Cost: Company shall be liable and contribute the balance of the cost of the Plan and shall comply with any funding and solvency requirements of any applicable legislation relating thereto.
Sample 1
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Pension Plan for Wage Employees. The Defined Benefit Pension Plan described below shall be applicable to all employees on the seniority list as of September 8, 2010. For Employees hired after September 8, 2010 the Defined Contribution Pension Plan described in B below shall apply. Those employees on the seniority list as of September 8, 2010 who wish to convert their pension plan membership to the Defined Contribution Plan may do so on a voluntary basis by irrevocably electing to do so in writing to the Company Human Resources Department. Those employees currently on the seniority list as of September 8, 2010 who have never been members of the Defined Benefit Pension Plan and who wish to join the Defined Contribution Pension Plan may voluntarily elect to do so in writing. Further, those employees on the seniority list as of September 8, 2010 who are not, as of September 8, 2010, eligible to join the Defined Benefit Pension Plan shall have the option to join either of the two (2) Plans.
Sample 1
Pension Plan for Wage Employees. (a) Cost to employee will be 3.4% of earnings to the year’s Maximum Pensionable Earnings (YMPE) under C.P.P. in that year and 5% of earnings which are in excess of the YMPE in that year.
Sample 1
Pension Plan for Wage Employees 
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Related to Pension Plan for Wage Employees

  • 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:

  • Promoted Employees 1. An employee who has served one-half (1/2) or more of the time required to be considered for their next step increase, shall upon promotion to a position in a higher wage range in the Bargaining Unit, be placed at Step A of the higher range or such other step as will provide an increase of two

  • Casual Employees A casual employee is one who is not regularly scheduled to work other than during periods that such employee shall relieve a regular full-time or regular part-time employee. Casual employees accumulate seniority on an hourly basis and are entitled to such benefits as are contained in the “Addendum - Casual Employees”.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Shift Employees Employees who work rotating shift patterns or those who work qualifying shifts shall be entitled, on completion of 12 months employment on shift work, to up to an additional 5 days annual leave, based on the number of qualifying shifts worked. The entitlement will be calculated on the annual leave anniversary date. Qualifying shifts are defined as a shift which involves at least 2 hours work performed outside the hours of 8.00am to 5.00pm, excluding overtime. Number of qualifying shifts per annum Number of days additional leave per annum 121 or more 5 days 96 – 120 4 days 71 – 95 3 days 46 – 70 2 days 21 – 45 1 day

  • RETIREE HEALTH SAVINGS PLAN Effective, December 24, 2006, or as soon as administratively possible, the County shall establish a retiree health savings plan (RHSP) by contributing an amount of $25.00 to the employee’s RHSP each biweekly pay period.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Newly Hired Employees All employees hired to an insurance eligible position must make their benefit elections by their initial effective date of coverage as defined in this Article, Section 5C. Insurance eligible employees will automatically be enrolled in basic life coverage. If employees eligible for a full Employer Contribution do not choose a health plan administrator and a primary care clinic by their initial effective date, and do not waive medical coverage, they will be enrolled in a Benefit Level Two clinic (or Level One, if available) that meets established access standards in the health plan with the largest number of Benefit Level One and Two clinics in the county of the employee’s residence at the beginning of the insurance year. If an employee does not choose a health plan administrator and primary care clinic by their initial effective date, but was previously covered as a dependent immediately prior to their initial effective date, they will be defaulted to the plan administrator and primary care clinic in which they were previously enrolled.

  • TIME EMPLOYEES 61.01 Definition Part-time employee means an employee whose weekly scheduled hours of work on average are less than those established in Article 24 (Hours of Work) but not less than those prescribed in the Federal Public Sector Labour Relations Act.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

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