RETIREMENT AND VEBA Sample Clauses

RETIREMENT AND VEBA. ‌ 12.1 Pursuant to City Ordinance as cited in the Seattle Municipal Code, eligible employees shall be covered by the Seattle City Employees Retirement System (SCERS). 12.1.1 Effective January 1, 2017, consistent with Ordinance No. 78444, as amended, the City shall implement a defined benefit plan, SCERS II, for employees hired on or after January 1, 2017.
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RETIREMENT AND VEBA. 11.1 Pursuant to Ordinance No. 78444 as amended, employees shall be covered by the Seattle City Employees Retirement System (SCERS). 11.1.1 Effective January 1, 2017 consistent with Ordinance No. 78444, as amended, the City shall implement a defined benefit retirement plan, SCERS II, for employees hired on or after January 1, 2017. 11.2 Employees who are eligible to retire shall participate in a vote administered by the union to determine if the Voluntary Employee Benefits Association (VEBA) benefit shall be offered to employees who elect to retire. The VEBA benefit allows employees who are eligible to retire from City Service to cash out their unused sick leave balance upon retirement and place it in a VEBA account to be used for post- retirement healthcare costs as allowed under IRS regulations.
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RETIREMENT AND VEBA. ‌ 12.1 Pursuant to City Ordinance as cited in the Seattle Municipal Code, eligible employees shall be covered by the Seattle City Employees Retirement System (SCERS). 12.1.1 Effective January 1, 2017, consistent with Ordinance No. 78444, as amended, the City shall implement a defined benefit plan, SCERS II, for employees hired on or after January 1, 2017. 12.2 POST-RETIREMENT VEBA - Each bargaining unit will conduct a vote to determine whether to participate in a Health Reimbursement Account (HRA) Voluntary Employee Benefits Association (VEBA) to provide post-retirement medical expense benefits to members who retire from City service.
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RETIREMENT AND VEBA. 12.1 Pursuant to City Ordinance as cited in the Seattle Municipal Code, all eligible employees shall be covered by the Seattle City Employees Retirement System. 12.2 Employees who are eligible to retire during the term of this contract shall participate in a vote administered by the union to determine if the Voluntary Employee Benefits Association (VEBA) benefit shall be offered to employees who elect to retire during the term of this contract. The VEBA benefit allows employees who are eligible to retire from City Service to cash out their unused sick leave balance upon retirement and place it in a VEBA account to be used for post-retirement healthcare costs as allowed under IRS regulations. A. Eligibility-to-Retire Requirements: • 5 – 9 years of service and are age 62 or older • 10 – 19 years of service and are age 57 or older • 20 – 29 years of service and are age 52 or older • 30 years of service and are any age For purposes of identifying all potential eligible-to-retire employees, the City shall create a list of members who are in the City’s HRIS system as age 45 or older as of the final day of the contract term and provide this list to the union so that the union can administer the vote. 1. If the eligible-to-retire members of the bargaining unit votes to accept the VEBA, then all members of the bargaining unit who retire from City service from the date of the vote until the end of the contract term, shall either: a. place their sick leave cashout at 35% into their VEBA account, or b. forfeit the sick leave cash out altogether. There is no minimum threshold for the sick leave cash out. Members are not eligible to deposit their sick leave cashout into their deferred compensation account or receive cash.
Sample 1
RETIREMENT AND VEBA. Pursuant to Ordinance 78444 as amended, employees shall be covered by the Seattle City Employees Retirement System.
Sample 1
RETIREMENT AND VEBA. 12.1 Pursuant to City Ordinance as cited in the Seattle Municipal Code, eligible employees shall be covered by the Seattle City Employees Retirement System (SCERS). 12.1.1 Effective January 1, 2017, consistent with Ordinance No. 78444, as amended, the City shall implement a defined benefit plan, SCERS II, for employees hired on or after January 1, 2017. 12.2 Employees who are eligible to retire shall participate in a vote administered by the union to determine if the Voluntary Employee Benefits Association (VEBA) benefit shall be offered to employees who elect to retire . The VEBA benefit allows employees who are eligible to retire from City Service to cash out their unused sick leave balance upon retirement and place it in a VEBA account to be used for post- retirement healthcare costs as allowed under IRS regulations. A. Eligibility-to-Retire Requirements: • 5 – 9 years of service and are age 62 or older • 10 – 19 years of service and are age 57 or older • 20 – 29 years of service and are age 52 or older • 30 years of service and are any age For purposes of identifying all potential eligible-to-retire employees, the City shall create a list of members who are in the City’s HRIS system as age 45 or older and provide this list to the union so that the union can administer the vote. 1. If the eligible-to-retire members of the bargaining unit votes to accept the VEBA, then all members of the bargaining unit who retire from City service from the date of the vote until the end of the contract term, shall either: a. place their sick leave cashout at 35% into their VEBA account, or b. forfeit the sick leave cash out altogether. There is no minimum threshold for the sick leave cash out. Members are not eligible to deposit their sick leave cashout into their deferred compensation account or receive cash. 2. If the eligible-to-retire members of the bargaining unit vote to reject the VEBA, all members of the bargaining unit who retire from City service shall be ineligible to place their sick leave cashout into a VEBA account. Instead, these members shall have two choices: a. Members can cash out their sick leave balance at 35% and deposit those dollars into their deferred compensation account. The annual limits for the deferred compensation contributions as set by the IRS would apply; or b. Members can cash out their sick leave balance at 25% and receive the dollars as cash on their final paycheck.
Sample 1

Related to RETIREMENT AND VEBA

  • 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.

  • 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.

  • Retirement and Welfare Benefits During the Term, the Executive shall be eligible to participate in the Company’s health, life insurance, long-term disability, retirement and welfare benefit plans, and programs available to similarly-situated employees of the Company, pursuant to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any Affiliate (as defined below) of the Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date.

  • Release of Claims Under Age Discrimination in Employment Act Without limiting the generality of the foregoing, Executive agrees that by executing this Release, he has released and waived any and all claims he has or may have as of the date of this Release for age discrimination under the Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq. It is understood that Executive is advised to consult with an attorney prior to executing this Release; that he in fact has consulted a knowledgeable, competent attorney regarding this Release; that he may, before executing this Release, consider this Release for a period of twenty-one (21) calendar days; and that the consideration he receives for this Release is in addition to amounts to which he was already entitled. It is further understood that this Release is not effective until seven (7) calendar days after the execution of this Release and that Executive may revoke this Release within seven (7) calendar days from the date of execution hereof.

  • Retiree Medical Benefits If Executive is or would become fifty-five (55) or older and Executive's age and service equal sixty-five (65) and Executive has at least five (5) years of service with the Company within two (2) years of Change in Control, Executive is eligible for retiree medical benefits (as such are determined immediately prior to Change in Control). Executive is eligible to commence receiving such retiree medical benefits based on the terms and conditions of the applicable plans in effect immediately prior to the Change in Control.

  • Retirement Credit Retirement credit for such periods of leave without pay shall be governed by the rules and regulations of the Division of Retirement and the provisions of Chapter 121, Florida Statutes.

  • Retirement Accounts With respect to certain retirement plans or accounts (such as individual retirement accounts (“IRAs”), SIMPLE IRAs, SEP IRAs, Xxxx IRAs, Education IRAs, and 403(b) Plans (such accounts, “Retirement Accounts”), the Transfer Agent, at the request and expense of the Fund, provide or arrange for the provision of various services to such plans and/or accounts, which services may include custodial agent services such as account set-up maintenance, and disbursements as well as such other services as the parties hereto shall mutually agree upon.

  • Retiree Health Benefits 1. There is currently in effect a retiree health benefit program for retired members of LACERS under LAAC Division 4, Chapter 11. All covered employees who are members of LACERS, regardless of retirement tier, shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits as provided by this program. The retiree health benefit available under this program is a vested benefit for all covered employees who make this contribution, including employees enrolled in LACERS Tier 3. 2. With regard to LACERS Tier 1, as provided by LAAC Section 4.1111, the monthly Maximum Medical Plan Premium Subsidy, which represents the Kaiser 2-party non-Medicare Part A and Part B premium, is vested for all members who made the additional contributions authorized by LAAC Section 4.1003(c). 3. Additionally, with regard to Tier 1 members who made the additional contribution authorized by LAAC Section 4.1003(c), the maximum amount of the annual increase authorized in LAAC Section 4.1111(b) is a vested benefit that shall be granted by the LACERS Board. 4. With regard to LACERS Tier 3, the Implementing Ordinance shall provide that all Tier 3 members shall contribute to LACERS four percent (4%) of their pre-tax compensation earnable toward vested retiree health benefits, and shall amend LAAC Division 4, Chapter 11 to provide the same vested benefits to all Tier 3 members as currently are provided to Tier 1 members who make the same four percent (4%) contribution to LACERS under the retiree health benefit program. 5. The entitlement to retiree health benefits under this provision shall be subject to the rules under LAAC Division 4, Chapter 11 in effect as of the effective date of this provision, and the rules that shall be placed into LAAC Division 4, Chapters 10 and 11, with regard to Tier 3, by the Implementing Ordinance. 6. As further provided herein, the amount of employee contributions is subject to bargaining in future MOU negotiations. 7. The vesting schedule for the Maximum Medical Plan Premium Subsidy for employees enrolled in LACERS Tier 1 and LACERS Tier 3 shall be the same. 8. Employees whose Health Service Credit, as defined in LAAC Division 4, Chapter 11, is based on periods of part-time and less than full-time employment, shall receive full, rather than prorated, Health Service Credit for periods of service. The monthly retiree medical subsidy amount to which these employees are entitled shall be prorated based on the extent to which their service credit is prorated due to their less than full time status.

  • Plan Benefits Each year, prior to the annual enrollment period, EMPLOYEES will receive Enrollment information that will outline the benefits offered next calendar year. Information relative to specific health insurance benefits and limitations will be updated regularly and contained in the SPD. In the event there is a conflict between the provisions of the collective bargaining agreement and the SPD, the District's SPD shall control.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

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