Common use of PENSION-RETIREMENT Clause in Contracts

PENSION-RETIREMENT. 25.1 Effective December 31, 2021, employees who presently participate in the Medical Center’s Defined Benefit Plan (the "Plan") and who are covered by this Agreement shall: (i) transition to full participation in the Medical Center’s 401(k) plan, including employer contribution and matching components without losing currently vested benefits; (ii) cease earning benefits in the Plan and (iii) the accrual of additional years of benefit service, and benefits under the Plan will be frozen, as of December 31, 2021. Such employees will continue to be credited with service for vesting purposes under the Plan, if not already vested. Any salary increases after December 31, 2021 shall not be included in the benefit calculations under the Plan. All participants in the Defined Benefit Plan ages 50 or older and with 10 or more years of service as of December 31, 2021 will receive an additional 3% of pay “Transition Credit” into the Medical Center’s Defined Contribution Plan in the 2022 and 2023 Plan years. .

PENSION-RETIREMENT. 25.1 Effective December 31, 2021, employees who presently participate in the Medical Center’s Defined Benefit Plan (the "“Plan"”) and who are covered by this Agreement shall: (i) transition to full participation in the Medical Center’s 401(k) plan, including employer contribution and matching components without losing currently vested benefits; (ii) cease earning benefits in the Plan and (iii) the accrual of additional years of benefit service, and benefits under the Plan will be frozen, as of December 31, 2021. Such employees will continue to be credited with service for vesting purposes under the Plan, if not already vested. Any salary increases after December 31, 2021 shall not be included in the benefit calculations under the Plan. All participants in the Defined Benefit Plan ages 50 or older and with 10 or more years of service as of December 31, 2021 will receive an additional 3% of pay “Transition Credit” into the Medical Center’s Defined Contribution Plan in the 2022 and 2023 Plan years. .

PENSION-RETIREMENT. 25.1 Effective December 31, 2021, employees who presently participate in the Medical Center’s Defined Benefit Plan (the "“Plan"”) and who are covered by this Agreement shall: (i) transition to full participation in the Medical Center’s 401(k) plan, including employer contribution and matching components without losing currently vested benefits; (ii) cease earning benefits in the Plan and (iii) the accrual of additional years of benefit service, and benefits under the Plan will be frozen, as of December 31, 31 2021. Such employees will continue to be credited with service for vesting purposes under the Plan, if not already vested. Any salary increases after December 31, 2021 shall not be included in the benefit calculations under the Plan. All participants in the Defined Benefit Plan ages 50 or older and with 10 or more years of service as of December 31, 2021 will receive an additional 3% of pay “Transition Credit” into the Medical Center’s Defined Contribution Plan in the 2022 and 2023 Plan years. .

PENSION-RETIREMENT. ‌ 25.1 Effective December 31, 2021, employees who presently participate in the Medical Center’s Defined Benefit Plan (the "“Plan"”) and who are covered by this Agreement shall: (i) transition to full participation in the Medical Center’s 401(k) plan, including employer contribution and matching components without losing currently vested benefits; (ii) cease earning benefits in the Plan and (iii) the accrual of additional years of benefit service, and benefits under the Plan will be frozen, as of December 31, 31 2021. Such employees will continue to be credited with service for vesting purposes under the Plan, if not already vested. Any salary increases after December 31, 2021 shall not be included in the benefit calculations under the Plan. All participants in the Defined Benefit Plan ages 50 or older and with 10 or more years of service as of December 31, 2021 will receive an additional 3% of pay “Transition Credit” into the Medical Center’s Defined Contribution Plan in the 2022 and 2023 Plan years. .