Post-Retirement Medical Benefit Defined Contribution Plan Sample Clauses

Post-Retirement Medical Benefit Defined Contribution Plan. A trust agreement and plan document for a Post-Retirement Medical Benefit Defined Contribution Plan (“trust” and “plan” respectively) was adopted by the City Council and approved by the IAFF L-1401 in April 2005 which governs and controls the terms and conditions of the administration of the plan. The IAFF L-1401 reserves its right to adopt a successor trust agreement and plan document that would be administered by the IAFF L-1401 and that would replace the one administered by the City provided that said plan shall be in compliance with all applicable Internal Revenue requirements and the City shall be relieved of any responsibility for said successor plan except to make the contributions required pursuant to this Agreement. The City shall contribute four percent (4.0%) of bargaining unit members’ salary and salary related benefits, to the Retiree Medical Benefits Program described in this section. The parties acknowledge that the City’s four percent (4.0%) contribution described in this section was and continues to be funded by IAFF L-1401’s decision to redirect funds from negotiated salary increases to the Post-Retirement Medical Benefit Defined Contribution Plan. The City’s four percent (4.0%) contribution includes the following funds redirected by IAFF 1401: Effective Date Amount of Redirected Funds July 1, 2002 One and one-half percent (1.5%) of salary and salary related benefits. June 29, 2003 One-half percent (0.5%) of salary and salary related benefits. July 1, 2004 One percent (1.0%) of salary and salary related benefits. January 4, 2009 One (1.0%) of salary and salary related benefits. Total City Contribution Four percent (4.0%) of salary and salary related benefits.
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Related to Post-Retirement Medical Benefit Defined Contribution Plan

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Defined Contribution Plans The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Retirement Plans (a) 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 (“Qualified 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, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

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