Retirement Benefit Plans. The Corporation shall cause the Executive to become fully vested in any qualified and non-qualified plans, programs or arrangements in which the Executive participated if the plan, program, or arrangement does not address the effect of a change in control. The Corporation also shall contribute or cause a Subsidiary to contribute to any account of the Executive under a 401(k) plan, retirement plan, or profit-sharing plan the matching and voluntary contributions, if any, that would have been made had the Executive's employment not terminated before the end of the plan year.
Retirement Benefit Plans. Factors stated hereinafter shall constitute the retirement benefit plans of the Corporation and shall be counted as a part of the cost of any salary agreement between the Board and the Association. The Board shall provide the following retirement plans for teachers:
1. IRS Code 401(a) – VALIC Retirement Account Effective during the term of this Agreement the parties agree that the Board shall contribute an amount equal to 3% of a teacher’s base salary to the Corporation’s 401(a) plan each pay period. The provider of the plan shall be selected as provided for in Article IX(L)(7) of this Agreement. Corporation contributions will become vested in this plan according to the following schedule. Until such time of becoming vested, all contributions by the Board shall not be available to the participant and upon termination of employment for any reason, other than permanent total disability, and to the extent allowed by IRS regulations, any funds forfeited by a teacher as a result of the teacher separating from employment will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s administrative expenses, and/or offset future contributions. In the event of termination due to total disability, the affected contributions made by the Corporation on behalf of the disabled participant will be considered vested. Vesting Schedule: Ten (10) years of employment 100% Vested Years counted for vesting are all Franklin Township Community School Corporation years of service since the teacher was hired by the Corporation. A year of service will be defined according to INPRS guidelines.
2. IRS Code 403(b) – VALIC Match Effective during the term of this Agreement the Board shall contribute a match amount of .5% of each teacher’s base salary to the Corporation’s 403(b) plan each pay period, if the teacher’s contribution to such plan equals or exceeds .5% of his/her base salary amount for that pay period. Contributions made by the Corporation become vested upon completion of three (3) years of service by the teacher with the Corporation. Until such time of becoming vested, all amounts contributed by the Board shall not be available to the participant and upon termination of employment for any reason, other than permanent, total disability, and to the extent allowed by IRS regulations, any funds forfeited by a teacher as a result of the teacher separating from employment will be placed in the plan’s forfeiture suspense account, used to pay for the plan’s adm...
Retirement Benefit Plans. The parties recognize that the Corporation’s benefit plans do not provide any benefit coverage for Retirees over the age of 65.
Retirement Benefit Plans. The Corporation shall cause the Executive to become fully vested in any qualified and non-qualified plans, programs or arrangements in which the Executive participated if the plan, program, or arrangement does not address the effect of a change in control. The Corporation also shall contribute or cause a Subsidiary to contribute to any account of the Executive under a 401(k) plan, retirement plan, or profit-sharing plan the matching and voluntary contributions, if any, that would have been made had the Executive's employment not terminated before the end of the plan year. In the event the Corporation is unable to fully vest the Executive in a qualified plan that does not address the effect of a change in control due to operation of law, the Executive will be paid in a single cash lump sum distribution the present value of the cash equivalent of the amount of benefits the Executive would have received if he were fully vested in such plan, with such payment made at the same time the cash severance is payable pursuant to Section 2(a)(1) of this Agreement.
Retirement Benefit Plans. The Executive shall be entitled to participate in all of the Company's pension, retirement, thrift profit-sharing, 401(k), savings and similar plans, in accordance with the terms thereof, that permit participation by the Company's U.S. executives or employee directors.
Retirement Benefit Plans. (a) Except as provided in Schedule 4.6, neither the Company nor any ERISA Affiliate contributes to any Plan or Benefit Arrangement or has contributed to or sponsored any Plan or Benefit Arrangement in the five-year period ending with the Closing Date. As to all Plans and Benefit Arrangements listed in Schedule 4.6:
(i) all such Plans and Benefit Arrangements comply and have been administered in all material respects in form and in operation in compliance with all applicable Legal Requirements, all required returns (including without limitation information returns) have been prepared in accordance with all applicable Legal Requirements and have been timely filed in accordance with applicable Legal Requirements with respect to any such Plan or Benefit Arrangement, and neither the Company nor any ERISA Affiliate has received any outstanding written notice from any governmental authority (including, without limitation, the Pension Benefit Guaranty Corporation) questioning or challenging such compliance;
(ii) all Qualified Plans maintained or previously maintained by the Company or any ERISA Affiliate comply and complied in form and in operation with all applicable requirements of the Code and ERISA, a favorable determination letter has been received from the Internal Revenue Service with respect to each such Plan or the sponsor of the Plan is entitled to rely on a favorable opinion letter issued to the prototype sponsor by the Internal Revenue Service with respect to each such Plan, and no event has occurred that will or could reasonably be expected to give rise to disqualification of any such Plan or to a tax under Section 511 of the Code;
(iii) none of the assets of any Qualified Plans are invested in securities of the Company or an ERISA Affiliate or employer real property and each asset may be liquidated or terminated without the imposition of any redemption or surrender charge or comparable liability;
(iv) there are no non-exempt "prohibited transactions" (as described in Section 406 of ERISA or Section 4975 of the Code) with respect to any Qualified Plan and neither the Company nor any of its ERISA Affiliates has otherwise engaged in any prohibited transaction;
(v) there have been no acts or omissions by the Company or any ERISA Affiliate that have given rise or could reasonably be expected to give rise to material fines, penalties, taxes or related charges under Sections 502(c), 502(i) or 4071 of ERISA or Chapter 43 of the Code for which the Company or ...
Retirement Benefit Plans. A. Annuity Plan
1. At time of hire, all teachers will be enrolled in an annuity plan selected by a joint SE-GFT committee established for said purpose. The Xxxxxxxx Public Schools will match a teacher’s contribution to the annuity up to a maximum of one percent (1%) of the teacher’s base salary throughout the teacher’s tenure in the school system. Funds deposited into this account are immediately vested with the teacher.
B. VEBA
1. At time of hire, all teachers will be enrolled in a VEBA program. The Xxxxxxxx Public Schools shall contribute to the VEBA one percent (1%) of the teacher’s base salary throughout the teacher’s tenure in the school system. Vesting requirement shall be ten (10) years of continuous Xxxxxxxx Public School service and qualification for non-reduced Indiana State Teachers Retirement Fund retirement. Forfeited funds revert back to the school corporation and are re-allocated at the end of the school year among the accounts of active employees.
Retirement Benefit Plans. You may be eligible to receive the account balances of the profit sharing and 401(k) plans presently credited to your account(s), if any. You must contact your plan administrator if you desire a distribution from those plans. You also will retain your vested interest, if any, in the pension plan, payable in accordance with the plan's provisions. Amounts paid to Xxxxxx Xxxxxx, Inc. Employee Stock Purchase Plan for the calendar quarter will be promptly refunded.
Retirement Benefit Plans. Executive’s eligibility to participate in the Company’s pension and 401(k) retirement savings plans shall cease as of the Separation Date, but Executive shall be entitled to receive the value of his vested accounts or benefits pursuant to the applicable terms of each such plan.
Retirement Benefit Plans. U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) Summary of Significant Accounting Policies Xxxxx’s . . . . . . . . . . . . . . . . . . . . . . . . . . (1) Summary of Significant Accounting Policies Xxxxx’s Co-op . . . . . . . . . . . . . . . . . . . . (22) Transactions with Related Parties