Retirement Compensation Arrangement Sample Clauses

Retirement Compensation Arrangement. The Employer will establish and maintain a Retirement Compensation Arrangement as defined in the Federal Income Tax Act for all Employees who leave for any reason or cause. At the completion of each fiscal year, the Employer and a PEA-HESU Chapter designate shall together, find a financial institution that will provide the highest return and deposit in a Joint Trust Account, an amount based on the following formula based on the Employer’s contribution and the Employee’s years of service. Two and one half per cent (2.5%) of Employee’s gross salary for each one (1) to four (4) years of service; Three and three quarters per cent (3.75%) of Employee’s gross salary for each of five (5) to ten (10) years of service; Five per cent (5%) of Employee’s gross salary for each year over ten (10) years of service. No Retirement Allowance will be accrued during the first year of employment. Employees will be permitted to make voluntary contributions by payroll deduction to the Retirement Allowance Fund, subject to the following provisions: (a) Voluntary contributions must be for a minimum period of twelve (12) months commencing January 1st of each year. (b) Notification of the Employee’s intention to discontinue such voluntary contributions will be given to the Employer no later than December 31st in any calendar year. (c) Voluntary contributions, when combined with other Registered Retirement Savings and/or Pension Plans, are not to exceed the amounts prescribed by Federal Taxation legislation. The parties have the right to name their respective trustee. The parties agree that the HEU (Employer) will provide HEU staff to administer the Retirement Compensation Arrangement (RCA) on behalf of the Joint Trustees, PEA-HESU Chapter and HEU at no cost to the trust. The Employer will issue statements to PEA-HESU Chapter members by the end of the first quarter annually. The statements will contain the following information:  Name  Seniority dateLength of service (in years)  Salary  Employer rate of contribution, as per the Collective AgreementInterest earned in the preceding calendar year  Balance as of the end of the calendar year When a PEA-HESU Chapter member leaves the employment of HEU, they will be entitled to access their payout from the RCA either immediately or in a maximum of four (4) separate payouts over a two (2) year period. The two (2) years can cover three (3) taxation years. The Trustees will meet annually to review the manner in which the funds in th...
Sample 1
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Retirement Compensation Arrangement. 6.1 It is intended that the Plan and the Trust Fund be a retirement compensation arrangement for the purposes of the INCOME TAX ACT (CANADA).
Sample 1
Retirement Compensation Arrangement. Without limiting the generality of section 3.4 hereof: (a) the parties acknowledge that the CGCC RCA Plan has been established and that they have agreed that the Manager be included as a “Participating Employer” under the CGCC RCA Plan so that certain employees of the Manager which have been agreed upon by the parties, namely Ixxxxx Xxxxx, Lxxxxxx Xxxxx, Dxxxx Xxxxx and Gxxx Xxxxx, (who, as well as each and every other person agreed upon by the parties from time to time for the purposes of this section 3.5, may be referred to herein, collectively, as “Designated Executives” and, individually, as a “Designated Executive”) shall participate in the CGCC RCA Plan as an Executive (and shall be accorded such designations for the purpose of the CGCC RCA Plan as may be agreed upon by the Corporation and the Manager) thereunder; (b) the Corporation and Global acknowledge that it is in their interests and in keeping with the understandings among the parties and the treatment of various other Executives under the CGCC RCA Plan that the Designated Executives so participate in the CGCC RCA Plan and, accordingly, the Corporation has agreed to pay, and does hereby covenant and agree in favour of the Manager that in addition to any other amount payable hereunder it shall pay, to such person, firm or corporation as the Manager may advise the Corporation, from time to time, as additional compensation to the Manager for its services, all fees, costs, expenses, disbursements, charges, taxes, payments and other amounts whatsoever which, currently or at any time hereafter, may exist, occur or be incurred, whether pursuant to or in connection with the terms of the CGCC RCA Plan or the CGCC RCA Trust Agreement, in respect of each of the Designated Executives (which amounts may be referred to herein collectively as “RCA Additional Compensation Amounts”) by virtue of their respective participation as an Executive under the CGCC RCA Plan, all as and when the same become due pursuant thereto and whether or not any such amount may become due after the termination of this Agreement or of the Manager’s engagement by the Corporation pursuant to any other agreement; and to the extent, if any, that any RCA Additional Compensation Amounts may be included in the income of the Manager, but are not deductible by the Manager for the purposes of the Income Tax Act (Canada) and such RCA Additional Compensation Amounts would not have been so deductible by the Corporation if they had been paid dire...
Sample 1

Related to Retirement Compensation Arrangement

  • Employment Compensation Schedule 3.16 contains a true and correct list of all employees to whom Company is paying compensation, including bonuses and incentives, at an annual rate in excess of Fifteen Thousand Dollars ($15,000) for services rendered or otherwise; and in the case of salaried employees such list identifies the current annual rate of compensation for each employee and in the case of hourly or commission employees identifies certain reasonable ranges of rates and the number of employees falling within each such range.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Compensation Arrangements (a) Following receipt of an RoU Claim Notice in respect of a Type 2 Restriction of Use, Network Rail and the Train Operator shall (if they have not already done so) commence negotiations in respect of the RoU Direct Costs compensation to be paid by one party to the other in respect of such Type 2 Restriction of Use and, subject to paragraph 10, shall continue such negotiations in good faith until they are concluded. (b) Once the compensation referred to in paragraph 6.1(a) has been agreed or determined (and has been compared against any amounts calculated under paragraph 4 together with any other amounts paid or due to the Train Operator from Network Rail in relation to such Restriction of Use) then, in the event of: (i) a shortfall for the Train Operator, the compensation to be paid by Network Rail to the Train Operator shall be the full amount of the RoU Direct Costs actually incurred by the Train Operator less any amounts calculated under paragraph 4 which have already been paid or are due for such Restriction of Use and any other amounts in respect of any RoU Direct Costs received by the Train Operator from Network Rail in respect of such Restriction of Use; or (ii) an overpayment by Network Rail to the Train Operator, the compensation to be paid by the Train Operator to Network Rail shall be the difference between the amount received by the Train Operator which was calculated under paragraph 4 and the RoU Direct Costs actually incurred by the Train Operator in respect of such Restriction of Use. (c) Network Rail shall include in the statement provided by it in respect of each Period under paragraph 13.1(a) details of the compensation agreed or determined under this paragraph 6 and paragraph 10 to be payable in respect of any Type 2 Restriction of Use taken in that Period and that compensation shall be due and payable by the relevant party to the other in accordance with paragraph 13.1.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Management Compensation As compensation for your services in the management of the offering, we will pay you an amount equal to the management fee specified in the Invitation in respect of the Securities to be purchased by us pursuant to the Purchase Agreement, and we authorize you to charge our account with such amount. If there is more than one Representative, such compensation shall be divided among the Representatives in such proportions as they may determine.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • Separation Compensation In exchange for your agreement to the general release and waiver of claims and covenant not to sue set forth below and your other promises herein, the Company agrees to provide you with the following:

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

  • Unemployment Compensation The Contractor shall be solely responsible for the unemployment compensation payments on behalf of their employees and personnel. The Contractor shall not be entitled to unemployment compensation in connection with the Services performed under this Agreement.

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