Pension Rights. As from the Commencement Date, the Director shall be included in the Pension Regulations of “Stichting Philips Pensioenfonds” applicable to executives of your level, in respect of the pensionable salary up to the current statutory limit of EUR 101,519 which may change from time to time (“Statutory Pensionable Salary”) if and as soon as he meets the requirements set out in those pension regulations. In respect of the pensionable salary exceeding the Statutory Pensionable Salary, the Director shall be entitled to the pension allowance applicable to executives of your level, in accordance with the rules and conditions governing this pension allowance. The level of the pension allowance is and remains at the discretion of the Company. Currently, the pension allowance for the part of the Annual Base Compensation exceeding the Statutory Pensionable Salary is set at 25% of the Annual Base Compensation exceeding the Statutory Pensionable Salary. In addition, the Director will receive an individual transition allowance of EUR 88,236 (gross) per annum (the “Transition Allowance”) through 2019, which will be paid in monthly installments. For the years 2020 through 2022, the Director is entitled to a reduced Transition Allowance: - In 2020 he will receive 75% of the Transition Allowance; - In 2021 he will receive 50% of the Transition Allowance; - In 2022 he will receive 25% of the Transition Allowance; No Transition Allowance shall be due beyond 2022.
Pension Rights. You are entitled to a pension in conformity with the conditions contained in the Philips Executives Pension Plan of’Stichting Philips Pensioenfonds”.This plan is a combination of average pay (annual accrual percentage: 1.25%) and defined contribution (employer contribution: 20%). The target retirement age under this plan is 62.5, no employee contribution is required. The pension base is your annual gross salary, as mentioned in paragraph 3 hereof, minus the offset (so-called “franchise”). For further information, please refer to the plan rules with “Stichting Philips Pensioenfonds”.
Pension Rights. Except as provided in this Agreement, the City agrees not to change or diminish employee pension benefits provided by Chapters 34 or 36 of the City Charter. Employees covered by this Agreement, individually and collectively, expressly consent and agree to the changes in pension benefits specified in this Agreement even though their implementation by subsequent legislation may be considered a diminishment or impairment of annuities and other benefits within the meaning of Section 36.13(2) of the ERS Act.
Pension Rights. 1. Effective January 1, 2013 the existing Police Pension Plan will be closed to all new hires; All new hires after January 1, 2013 and all existing officers will be given the option to participate in the Florida Retirement System.
2. Effective January 1, 2013, for those employees who elect to remain in the existing Police Pension Plan, contributions will increase from .5% to 1.5% starting on 1/1/2013, from 1.5% to 3.5% starting on 10/1/2013 and from 3.5% to 5.2% starting on 10/1/2014.
3. On January 1, 2013, contributions to the Social Security Replacement Plan will be changed from mandatory to optional. However, the employee may elect to continue to contribute a portion of pay into the Social Security Replacement Plan, and if so, the City will continue to match up to 6.7%. (This Paragraph does not apply to those employees in the DROP before January 1, 2013).
4. Effective January 1, 2013, employees eligible to participate in the Deferred Retirement Option Program (“DROP”) will receive 1.3% interest and will not receive any Cost of Living Adjustment on their Retirement benefits during the period in which they are enrolled in DROP.
5. Effective January 1, 2013, the spousal benefit in the existing Police Pension Plan will be modified to conform to the same spousal benefits offered in the Florida Retirement System. (This Paragraph will not apply to employees who have 20 or more years of service on January 1, 2013).
6. Effective January 1, 2013 the vesting period for the Police Pension Plan will increase from 10 years to 12 years.
7. All new retirees after January 1, 2013 will receive up to a 3% Cost of Living Adjustment for 10 years after retirement. After 10 years, the Cost of Living Adjustment increase will decrease to up to 2% for the life of the retiree (and spouse, if applicable). This COLA shall be calculated in the same manner as the existing Police Pension Plan. This Paragraph does not apply to any employee who retires prior to January 1, 2013 or those employees enrolled in DROP prior to January 1, 2013.
8. Effective January 1, 2013 pensionable income will be calculated on the employee’s base pay with no overtime. Overtime which has already been earned on the date of ratification will be used toward calculating average final earnings.
9. For future service, average final compensation will be changed to the average of the last 5 years of compensation for those who retire after January 1, 2013, (This Paragraph will not apply to employees who have 20 or mo...
Pension Rights. 17.01 All Employees covered by this Agreement shall participate in a Defined Contribution pension plan as set forth in an Agreement between the Employer and Sun life Financial and outlined in 17.02. (The Defined Contribution plan – registration no. C-44803)
17.02 The Employer will make contributions equal to six percent (6.00%) of an Employee’s eligible income. Employees may voluntarily contribute up to a maximum of five point two five percent (5.25%) to their Defined Contribution Pension Plan of which the Employer will match at a rate of one-fourth (1/4) of the first four percent (4%) to a maximum of one percent (1%). Employees may make a further contribution up to an additional one and one-quarter percent (1.25%) to their Defined Contribution Pension Plan without further contribution by the Employer.
17.03 Eligibility for Pension Plan membership will commence upon date of hire. Vesting will be immediate upon date of hire. An annual statement by March 31st of the following year shall be given to each Employee participating in the pension plan stating the value of the pension credits earned. Booklets describing benefits provided under the plans shall be made available from the Human Resources contact. The official Pension Plan document provides a full description of the governing terms and conditions.
Pension Rights. There are now no employees of Town who perform the law enforcement services to be performed by employees of the County as herein provided, and there are no pension rights of any employee of Town to be provided for by virtue of this Agreement.
Pension Rights. You are entitled to a pension in conformity with the conditions contained in the Philips Executives Pension Plan of “Stichting Philips Pensioenfonds”. The pension plan is a combination of average pay (annual accrual percentage: currently 1.25%) and defined contribution (employer contribution: currently 20%). The target retirement age under this plan is 62.5. No employee contribution is required. The pension base is your annual gross salary, as mentioned in paragraph 3 hereof, minus the offset (so-called “franchise”). For further information, please refer to the plan rules with “Stichting Philips Pensioenfonds” and the chapter benefits on the attached CD-rom.
Pension Rights. As from the Commencement Date, you shall be included in the Pension Regulations of “Stichting Philips Pensioenfonds” applicable to executives, in respect of your pensionable salary up to the current statutory limit of EUR 128,810 which may change from time to time (“Statutory Pensionable Salary”) if and as soon as you meet the requirements set out in those pension regulations. In respect of your pensionable salary exceeding the Statutory Pensionable Salary, you shall be entitled to the pension allowance applicable to members of the Executive Committee, in accordance with the rules and conditions governing this pension allowance. The level of the pension allowance is and remains at the discretion of the Company. Currently the pension allowance for the part of your Annual Base Compensation exceeding the Statutory Pensionable Salary is set at 25% of your Annual Base Compensation exceeding the Statutory Pensionable Salary.
Pension Rights. You are entitled to a pension in conformity with the conditions contained in the Pension Regulations of the Stichting Philips Pensioenfonds (Annex A.), subject to the following deviations: – in your case (from a pension build up point of view) the pensionable age is 60, with the conditions being adjusted accordingly. However, it is agreed that you will continue your employment up to the age of 62, and therefore you will postpone your claim on payment of pensions to the age of 62, as provided for in the pension regulations of the “Stichting Philips Pensioenfonds”. During the period of postponement the pension level at age 60 will be increased according to the actuarial assumptions of the pension fund and the indexation policy of the pension fund; – the gross basis is your annual gross salary per April 1 of each calendar year, as mentioned under clause 3. hereof. The 10% increase in the gross basis and eventual allowances as laid down in article 3. of the pension regulations of the “Stichting Philips Pensioenfonds” do not apply to members of the Board of Management; – the pension basis is found by deducting from the gross basis such part of the members’ income as is deemed per April 1 to be covered by statutory pension provisions, the so-called franchise; – with reference to the supplementary pension arrangement laid down in our letter of November 22, 1999, for you the gross basis as laid down in article 3. of the pension regulations of the “Stichting Philips Pensioenfonds” is your annual gross salary increased by 10%.
Pension Rights. 17.01 All Employees covered by this Agreement shall participate in a Defined Contribution pension plan as set forth in an Agreement between the Employer and Sun life Financial and outlined in 17.02. (The defined contribution plan - registration no. C-44803)
17.02 The Employer will make contributions equal to 6.00% of an Employee’s eligible income. Employees may voluntarily contribute up to a maximum of five point two five percent (5.25%) to their defined contribution pension plan of which the Employer will match at a rate of one-fourth (1/4) of the first four percent (4%) to a maximum of one percent (1%). Employees may make a further contribution up to an additional one and one-quarter percent (1.25%) to their defined contribution pension plan without further contribution by the employer.
