Pension Reallocation Sample Clauses
The Pension Reallocation clause outlines how pension benefits or contributions are to be redistributed between parties, typically in the context of divorce, separation, or organizational restructuring. It specifies the method for dividing accrued pension rights, such as assigning a percentage of one party’s pension to the other or transferring funds between pension plans. This clause ensures a fair and legally compliant distribution of retirement assets, addressing potential disputes and providing clarity on each party’s entitlements.
Pension Reallocation. Any covered employee who is a participant in the Alaska Employees Pension Trust Fund (AEPTF) may elect to reallocate the contributions made by the Employer to the AEPTF according to the rules regarding the reallocation of contributions from the Defined Benefit Plan to the Defined Contribution Plan as outlined in the Trust Plan documents. If an employee makes application to the Plan Administrator for a reallocation and the application is approved, the Plan Administrator will notify the Employer of the new allocation of contributions. The Employer agrees to remit future contributions according to such instructions. The allocation will continue in effect until the Plan Administrator notifies the employer of a subsequent reallocation. Such reallocations may occur no more than once annually. Nothing in this supplemental agreement will cause the Employer to contribute more or less on behalf of an employee than the amount specified in the collective bargaining agreement.