Pension Reform Sample Clauses

The Pension Reform clause outlines changes to the structure, funding, or administration of pension plans within an organization or under a contract. Typically, this clause specifies new contribution rates, eligibility requirements, or benefit calculations, and may set forth timelines for implementing these changes. Its core practical function is to update pension arrangements to reflect new financial realities, regulatory requirements, or organizational goals, thereby ensuring the sustainability and compliance of retirement benefits.
Pension Reform. In the event that there are any changes in Illinois law which increase the financial obligation of the Board to implement the foregoing retirement benefit, including but not limited to a cost-shift of pensions to local school districts, the Board and the NSSEA shall reopen negotiations regarding the retirement benefit and modify the retirement benefit to avoid the increase in cost to the Board. Pending the conclusion of such negotiations, the Board shall not be obligated to implement a retirement benefit for which Board costs have increased due to changes in Illinois law. The Board and the NSSEA may agree to postpone the negotiations if litigation is filed which challenges the relevant change(s) in Illinois law that increase the cost to the Board. However, if the parties negotiate an alternative benefit and a court decision later declares that the change in Illinois law is invalid, the original benefit shall be reinstated for the remainder of this Agreement, and the alternative negotiated benefit rescinded, as best as practicable and in a manner that is cost-neutral to the Board. (i.e., “cost-neutral” means that the Board’s aggregate cost to implement a negotiated alternative benefit and the return to the original benefit will not exceed the cost of the original benefit).
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Pension Reform. Notwithstanding the provisions above, effective January 1, 2013, new members as defined by California Public Employees’ Pension Reform Act of 2013 (hereinafter “AB 340”) will be covered under the 2% at 62 Miscellaneous retirement formula or the 2.7% at 57 Safety retirement formula, with a final compensation measurement period of the average of the highest three (3) consecutive years, as well as all other statutory requirements of AB 340. Effective January 1, 2014, new employees and/or members as defined by AB 340 shall contribute half the normal cost for benefits, as defined by AB 340; the City will not pay any portion of these employees’ required contributions. As provided under the law, some new City employees may qualify as “classic” employees by virtue of their prior government service.
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Pension Reform. Support to the Borrower for the implementation of pension sector reforms aimed at establishing a sustainable pension system through: (i) carrying out independent audits and actuarial review of the present pension system; (ii) carrying out an information system needs assessment; and (iii) producing a new investment policy, an assessment of valuation rules and of reporting and disclosure standards, a civil service integration cost analysis, a study of the development of contractual savings and of regulatory and supervision issues, an analysis of the social assistance scheme, and a coverage strategy; all through the provision of technical advisory services, training, carrying out of workshops, and acquisition of equipment. Part B: Enhancing Private Sector Competitiveness
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Pension Reform. In the event that the Public Employees Benefits Reform Initiative and/or the Public Employees Benefits Reform Act (“the Act”) becomes effective as a matter of State law as a result of a vote of the electors of this State in an election occurring in 2008 the Act will, pursuant to its terms, apply to all employees hired after July 1, 2009. If a court of competent jurisdiction later finds the Act to be invalid, this provision will have no further force and effect.
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Pension Reform. OCMA will participate in any countywide discussions which occur during the term of the contract regarding pension reform.
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Pension Reform. The Pensions (Public Service) Act was passed in the Houses of Parliament and assented by the Governor General on October 23, 2017. THE PARTNERS AGREE that The Act will become effective on a day to be appointed by the Minister by ▇▇▇▇▇▇ published in the Gazette. The PARTNERS agree that the Regulations to the Act will be finalized after consultations with the unions through a working group established for that purpose.
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Pension Reform. They are the people who create the prosperity of our country. Therefore, everyone deserves to know that he is financially secure when he is old. We will prepare a reform that reflects merit and also promotes intergenerational solidarity in families as well. The reform of the pension system will be built on society-wide consensus, which will ensure a long-term perspective.
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Related to Pension Reform

  • 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.

  • Pension and Benefit Plans The Company hereby represents and warrants to Acquiror that: (a) Schedule 5.14(a) contains a correct and complete list identifying each material “employee benefit plan,” as defined in Section 3(3) of ERISA, each employment, severance, change in control or similar contract, plan, arrangement or policy and each other plan or arrangement providing for compensation, profit-sharing, stock option or other stock-related rights or other forms of incentive or deferred compensation, insurance (including any self-insured arrangements), health or medical benefits, disability or sick leave benefits, post-employment or retirement benefits and fringe benefits (each, an “Employee Plan”) which is maintained, administered or contributed to by the Company or any ERISA Affiliate and covers any Employee or Former Employee of the Company or any ERISA Affiliate. Copies of such plans and arrangements (and, if applicable, related trust or funding agreements or insurance policies) and all amendments thereto and written interpretations thereof have been furnished to Acquiror. Such plans are referred to collectively herein as the “Employee Plans.” (b) None of the Company, any of its ERISA Affiliates and any predecessor thereof sponsors, maintains or contributes to, or has in the past sponsored, maintained or contributed to, any Employee Plan subject to Title IV of ERISA or any defined benefit plan. (c) None of the Company, any ERISA Affiliate of the Company and any predecessor thereof contributes to, or has in the past contributed to, any Multiemployer Plan, as defined in Section 3(37) of ERISA (a “Multiemployer Plan”). (d) Neither the Company nor any ERISA Affiliate sponsors any Employee Plans. (e) There is no current or projected Liability in respect of post-employment or post-retirement health or medical or life insurance benefits for retired, former or current Employees, except as required to avoid excise tax under Section 4980B of the Code. (f) As to all Employees Plans: (i) all such Plans comply and have been administered in all material respects in form and in operation with all applicable Laws, all required returns (including without limitation information returns) have been prepared in accordance with all applicable Laws and have been timely filed in accordance with applicable Laws, and neither the Company nor any ERISA Affiliate has received any outstanding written notice from any Governmental or quasi-Governmental Body questioning or challenging such compliance; (ii) all Employee Plans intended to qualify to comply with Section 401 of the Code maintained or previously maintained by the Company or any ERISA Affiliate comply and complied in form and in operation with all applicable requirements of the Code and ERISA, a favorable determination letter has been received from the IRS with respect to each such Plan (or the sponsor of the Plan is entitled to rely on a favorable opinion letter issued to the Plan’s prototype sponsor by the IRS) and no event has occurred that will or could reasonably be expected to give rise to disqualification of any such Plan or to a tax under Section 511 of the Code; (iii) there are no non-exempt “prohibited transactions” (as described in Section 406 of ERISA or Section 4975 of the Code) with respect to any Employee Plan and neither the Company nor any of its ERISA Affiliates has otherwise engaged in any prohibited transaction; and (iv) there have been no acts or omissions by the Company or any ERISA Affiliate that have given rise to or could reasonably be expected to give rise to material fines, penalties, taxes or related charges under Sections 502(c), 502(i) or 4071 of ERISA or Chapter 43 of the Code for which the Company or any ERISA Affiliate may be liable and neither the Company nor any ERISA Affiliate nor any of their respective directors, officers, employees or any other fiduciary has committed any breach of fiduciary responsibility imposed by ERISA that would subject the Company or any ERISA Affiliate or any of their respective directors, officers or employees to liability under ERISA. (g) All individuals considered by the Company and any ERISA Affiliate to be independent contractors are, and could only be reasonably considered to be, in fact “independent contractors” and are not “employees” or “common law employees” for tax, benefits, wage, labor or any other legal purpose. (h) No Employee is entitled to, nor shall any Employee accrue or receive, additional benefits, services, accelerated rights to payment of benefits or accelerated vesting, whether pursuant to any Employee Plan or otherwise, including the right to receive any parachute payment as defined in Section 280G of the Code, or become entitled to severance, termination allowance or other similar payments as a result of this Agreement and the transactions contemplated hereunder. (i) All options that have been granted by the Company to Employees that purport to be “incentive stock options” under the Code comply with all applicable requirements necessary to qualify for such tax status, and no option is subject to the provisions of Section 409A of the Code. (j) Neither the Company nor any ERISA Affiliate maintains any “nonqualified deferred compensation plan” subject to Section 409A of the Code.

  • Retirement, Welfare and Fringe Benefits During the Period of Employment, the Executive shall be entitled to participate in all employee pension and welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company’s employees generally, in accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time.

  • Health and Welfare Benefits applies to full-time nurses only)

  • Retirement and Welfare Benefits During the Term, the Executive shall be eligible to participate in the Company’s health, life insurance, long-term disability, retirement and welfare benefit plans and programs, pursuant to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any Affiliate of the Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date.