Retirement/401k Plan Sample Clauses

Retirement/401k Plan a. The Company shall provide each employee a 401k plan conforming to the provisions of IRS Rule 401k (and will be referred to hereafter as the “401k Plan”). The Plan shall be made available to employees. Contributions and loan payments made by payroll deduction shall be deposited in the 401k plan within one week from the day employees normally receive pay for each pay period and shall be vested 100% in each participating employee’s name on that day. Reports of earnings shall be made to all plan members on a quarterly basis (see Appendix H). Administration of the plan may be done by an investment firm or by an independent firm and may be changed from time to time at the discretion of the Company and the approval of a majority of the participants. Employees will be provided access to review their personal account activity via the internet or by phone.
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Retirement/401k Plan. Executive understands and acknowledges that Executive’s right to continue participation, if any, in any Company sponsored retirement or 401(k) Plan shall be governed by the terms of such plan and not this Agreement, and, if applicable, the Company will continue to deduct Executive contributions and make Company matching contributions, each to the limits allowed under the 401(k) Plan, pursuant to Executive’s current election unless Executive modifies such election through proper documentation.
Sample 1
Retirement/401k Plan. E ffective July 1, 2019, HCP’s who have not worked more than two-thousand (2,000) hours the Employer shall make a contribution of fifty cents ($0.50) fourty-seven ($0.47) per hour for all hours worked to the Local 8 Supplemental Retirement 401K Plan. Effective July 1, 2019, the Employer shall make a contribution of sixty-five cents ($0.65) sixty-two ($0.62) per hour for all HCP’s with two-thousand and one (2,001) or more hours for all hours worked to the OPEIU Local 8 Supplemental Retirement 401K Plan. Only employees actively on the payroll on the date of ratification will receive the 401K Plan contribution retroactive to July 1, 2019. Effective July 1, 2020, the Employer shall make a contribution of eighty cents ($0.80) seventy-seven cents ($0.77) per hour for all HCP’s with two-thousand and one (2,001) or more hours for all hours worked to the OPEIU Local 8 Supplemental Retirement 401K Plan. Effective July 1, 2021, the Employer shall make a contribution of seventy-seven cents ($0.77) per hour for all HCP’s with two-thousand and one (2,001) or more hours for all hours worked to the OPEIU Local 8 Supplemental Retirement 401K Plan. Only employees actively on the payroll on the date of ratification will receive the 401K Plan contribution retroactive to July 1, 2021. The Employer agrees to recognize pre-tax wage deferral elections made by employees covered under this Agreement and to transmit the amounts withheld from such employees’ wages on a pre-tax basis as soon as the funds can be transmitted and not later than the 15th day of the following month to the depository designated by the administrator of the Plan. Employees may elect to divert any amount up to the maximum threshold set by IRS rules governing 401K plans. The Employer agrees to provide employee information as may be needed by the administrator of the Plan including information that may be needed to complete any required IRS discrimination tests.
Sample 1

Related to Retirement/401k Plan

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Retirement Plans 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 (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, JHSS shall provide the following administrative services:

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • 401(k) Plan The Company presently offers its employees a 401k plan with a Company match to be determined annually by the Compensation Committee of the Board of Directors. You may elect to contribute pre-tax deferrals through payroll deduction pursuant to the terms of the 401k plan.

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement:

  • 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.

  • 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.

  • Termination of 401(k) Plan The Company agrees to terminate its 401(k) plan immediately prior to the Closing, unless Parent, in its sole and absolute discretion, agrees to sponsor and maintain such plan by providing the Company with notice of such election at least five days before the Effective Time.

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

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