Retirement and Savings Plans. During the Term of Employment, the Executive shall be eligible to participate in all pension, retirement, savings, 401(k) and other employee pension benefit plans, policies and programs (the “Retirement Plans”) maintained by the Company from time to time for the benefit of senior executives and/or other employees. However, nothing in this Section 5.3 shall be construed to require the Company to establish or maintain any such Retirement Plans.
Retirement and Savings Plans. Effective as of the Termination Date, the Executive’s interest in all Relevant Plans shall become fully vested and nonforfeitable and the Executive’s right to and interest in all subsequent accruals provided for in the remainder of this Section 1.2(b) under any of the Relevant Plans shall also be fully vested and nonforfeitable. For the period beginning on the day after the Termination Date and ending eighteen months, to the day, after the Termination Date (the “Section 1.2 Benefit Period”), Key shall cause the Executive to continue to be covered by and to participate in all of the Relevant Plans in the same manner and to the same extent as if the Executive continued in the full-time employ of Key throughout the Section 1.2 Benefit Period, except that, if Key determines that such coverage or participation in any one or more of the Relevant Plans is Impermissible, the Executive shall continue to be covered by and participate as aforesaid in all of the Relevant Plans as to which such coverage or participation is not Impermissible and, with respect to each Relevant Plan as to which such continued coverage or participation is Impermissible, Section 1.4(b) shall apply. With respect to each Discontinued Plan, Section 1.4(c) shall apply.
Retirement and Savings Plans. During the Term of Employment and to the extent eligible, the Executive shall be entitled to participate in all pension, retirement, savings and other employee benefit plans and programs applicable to peer executives of the Company.
Retirement and Savings Plans. Effective as of the Termination Date, the Executive's interest in all Relevant Plans shall become fully vested and nonforfeitable and the Executive's right to and interest in all subsequent accruals provided for in the remainder of this Section 1.2(b) under any of the Relevant Plans shall also be fully vested and nonforfeitable. For the period beginning on the day after the Termination Date and ending eighteen months, to the day, after the Termination Date (the "
Retirement and Savings Plans. (i) If Executive was participating in any Retirement Plan or Savings Plan (each as defined in Exhibit A) immediately prior to an Involuntary Termination prior to, or after the second anniversary of, a Change of Control, the Executive will continue to accrue or be deemed to accrue benefits during the Compensation Period under such Retirement Plans and Savings Plans for purposes of benefit accrual and employer matching contributions, as applicable, based on the same formula and matching amount as in effect immediately prior to such Termination. If the Executive will have attained age 50 at the end of the Compensation Period with 10 years of service (including the Compensation Period), the Executive will, subject to the conditions of Paragraph 6, be deemed retired with the consent of the Company for the purposes of welfare and executive compensation plans but not for the purposes of any Retirement or Savings Plan. Notwithstanding any provision herein to the contrary, upon such a Termination pension benefits under any Retirement Plan based on "Average Final Compensation" will be calculated applying the rate of one year's Full Pay and the Executive's Annual Flexible Perquisite Allowance for each year in the Compensation Period.
(ii) If Executive was participating in any Retirement Plan immediately prior to an Involuntary Termination during the two (2) year period beginning on a Change of Control, the Executive will be deemed to accrue benefits during the Compensation Period under such Retirement Plans for purposes of benefit accrual based on the same formula as in effect immediately prior to such Termination. If the Executive will have attained age 50 at the end of the Compensation Period with 10 years of service (including the Compensation Period), the Executive will, subject to the conditions of Paragraph 6, be deemed retired with the consent of the Company for the purposes of welfare and executive compensation plans but not for the purposes of any Retirement. Notwithstanding any provision herein to the contrary, upon such a Termination pension benefits under any Retirement Plan based on "Average Final Compensation" will be calculated applying the rate of one year's Base Cash for each year in the Compensation Period.
Retirement and Savings Plans. 1. The University maintains several retirement and savings plans for eligible University employees. Currently, such plans include but are not limited to, the UC Retirement Plan (UCRP), Tax-Deferred 403(b) Plan, Defined Contribution Plan (DCP) and 457 (b) Deferred Compensation Plan, which collectively constitute the University of California Retirement System (UCRS). The University may at its option, alter, amend or terminate the existing UCRS plans and establish new retirement and/or saving plans for the UCRS. Such alterations include, but are not limited to altering eligibility criteria; altering or deleting current benefits; implementing the UCRP 2013 Tier for employees hired or who become UCRP eligible on or after July 1, 2013; altering employee and University rates of contribution, and changing the carrier or administrator for established plans or programs. In the event the University makes such alterations, (or proposes changes pursuant to Section B.5 below), the changes will apply to employees eligible for retirement benefits within the unit in the same manner as they apply to other eligible staff employees in the same tier. Where the University makes such alterations to a particular UCRP Tier (e.g., 1976, 2013), the changes will apply to eligible unit employees in the same manner as they apply to the other eligible staff employees in the same UCRP Tier, except in the earliest retirement age, age factors and employment contribution rates described in Section B.2. below shall not be reduced during the term of this Agreement.
2. For UCRP-eligible employees hired or rehired following a break in service or who become UCRP eligible on or after July 1, 2013 but prior to July 1, 2018, the pension benefits shall be as follows: The 2013 Tier benefit provisions shall apply, with two exceptions: The earliest retirement age and age factors shall be the same as for the 1976 Tier (2.5% age factor at age 60, eligible for early retirement at age 50). Retiring employees may elect either a lump sum cash-out of pension benefits or annuitized payments (same as 1976 Tier payment option). All UCRP-eligible bargaining unit employees (regardless of date of hire or UCRP tier placement) shall contribute a gross rate of 9% to UCRP effective the first full bi-weekly pay period on or after July 1, 2014. The contributions for employees who are 1976 Tier members will continue to be offset by $19 per month.
3. UCRP 2013 Modified Tier After ratification, all new or rehired employees ...
Retirement and Savings Plans. Any participation by you in, and any terminating distributions and vested rights under, the Xxxxxx Dodge Retirement Plan, the Xxxxxx Dodge Employee Savings Plan, the Xxxxxx Dodge Corporation Supplemental Retirement Plan, and the Xxxxxx Dodge Corporation Supplemental Savings Plan, or any other retirement or savings plan sponsored by the Corporation, regardless of whether such plan qualifies for favorable tax treatment, shall be governed by the terms and conditions of those respective plans, as they may be amended from time to time.
Retirement and Savings Plans. Section 1. Attached and made part of this Agreement as Appendix C, as it applies to the employees described in Article 2 is the following:
(a) That solely for the purpose of calculating an employee’s pension benefits, the employee’s earnings shall not be reduced because of fees or other compensation paid; such employee by the civil authorities for the jury duty referred to in Article 18 nor by the military for the employee’s military services referred to in Section 1 of Article 20.
(b) That for the sole purpose of calculating an employee’s pension benefits, an employee’s earnings shall not be reduced because of excused Union time.
(c) Employees hired after June 30, 2016 are not eligible to participate in the United Technologies Corporation Represented Employee Retirement Plan. Employees who transfer to the facility covered by this agreement from another UTC location are eligible to participate in the UTC Represented Employee Retirement Plan if their most recent date of hire was on or before June 30, 2016, and if any such employee was actively accruing a benefit in the UTC Represented Employee Retirement Plan at the UTC location from which the employee was transferring.
Section 2. Attached and made part of this Agreement as Appendix D as it applies to employees described in Article 2 is the following:
Section 3. The changes and amendments in the Retirement and Savings Plans agreed upon by the parties to this Agreement will, after approval by the Pension Administration Committee of the Company and the
Retirement and Savings Plans. Any participation by you in, and any terminating distributions and vested rights under, the Phelps Dodge Retirement Plan, the Xxxxxx Dodge Savings and Deferred Xxxxxx Sharing Plan for Salaried Employees, or any other retirement or savings plan sponsored by the Corporation, regardless of whether such plan qualifies for favorable tax treatment, shall be governed by the terms of those respective plans.
Retirement and Savings Plans. During Employee’s employment with Safeco, Employee shall be entitled to participate in all defined contribution plans and defined benefit plans or plans, including excess benefit or supplemental retirement plans or agreements, maintained by Safeco, as now or hereinafter in effect, that are applicable to Safeco’s employees generally or to its executive officers, subject to and on a basis consistent with the terms, conditions and overall administration of such plans, programs and arrangements. Benefits payable under such plans shall commence pursuant to the terms of such plans.
