Retirement for Employees Hired Prior to January 1, 1973 Sample Clauses

Retirement for Employees Hired Prior to January 1, 1973. A. Effective January 1, 1973, the University Non-Contributory Retirement Program ceased to exist. However, to ensure that no employee lost credit for prior years of service, the following guidelines were established to provide that an employee will receive no less than what an improved plan formula would give her/him upon retirement. B. Those persons employed prior to January 1, 1973, who were 55 years of age or older and/or had 25 years of service on January 1, 1973, could elect to remain subject to the improved University plan formula described below: 1. The formula governing the old retirement plan was improved by basing pensions onan amount equal to the highest three year average earnings, multiplied by 2 percent for each year of service, with a $3600 ceiling. 2. This new formula will be applied for each employee at retirement and will become theminimum received by the employee. 3. The annuity that could be purchased by MSU’s contribution to TIAA-CREF, Fidelity or Vanguard, will be compared to the pension amount as computed in 1 above, and the employee will receive the larger of the two figures. Provided the employee meets the minimum retirement requirements, employee contributions (retroactive to January 1, 1973) will be available as an additional annuity. 4. Those employees age 55 or over and/or those with 25 years of service not participating in TIAA-CREF will have their retirement figured solely on the improved formula plus a 10 percent addition added to the base pension prior to actuarial reduction or the selection of a survivor option. 5. Employees who "retire" without meeting the minimum provisions for vesting under theold plan; i.e., 62 years of age with 15 years of service or 25 years of service at any age (subject to normal actuarial and age deductions, if any), will receive a retirement pension solely from the contributions made to their individual contracts with TIAA-CREF or Fidelity or Vanguard.
Sample 1Sample 2
AutoNDA by SimpleDocs
Retirement for Employees Hired Prior to January 1, 1973. 188 Effective January 1, 1973, the University Retirement Program ceased to exist. However, to insure that no employee lost credit for prior years of service, the following guidelines were established to provide that an employee will receive no less than what an improved plan formula would give him or her upon retirement. -189 Those persons employed prior to January 1, 1973, who were 55 years of age or older and/or had 25 years of service on January 1, 1973, could elect to remain subject to the improved University Plan formula described below. -190 The formula governing the old Retirement Plan was improved by basing pensions on an amount, equal to the highest three (3) year average earnings, multiplied by 2% for each year of service, with a $3,600 ceiling. -191 For employees participating in TIAA-CREF and/or other retirement programs made available through the University with a University contribution, this new formula will be applied for each employee at retirement and will become the minimum received by the employee. -192 The annuity purchased by MSU's contributions to TIAA-CREF and/or other retirement programs made available through the University will be compared to the pension amount as computed in 190 above, and the employee will receive the larger of the two figures. Employee contributions (retroactive to 1-1-73) will be available as an additional annuity provided the employee meets the minimum retirement requirements. -193 Those employees not participating in TIAA-CREF and/or other retirement programs made available through the University will have their retirement figured solely on the improved formula plus a 10% addition added to the base pension prior to actuarial reduction or the selection of a survivor option.
Sample 1
Retirement for Employees Hired Prior to January 1, 1973. 255 Effective January 1, 1973, the University Retirement Program ceased to exist. However, to insure that no employee lost credit for prior years of service, the following guidelines were established to provide that an employee will receive no less than what an improved plan formula would give him or her upon retirement. -256 Those persons employed prior to January 1, 1973, who were 55 years of age or older and/or had 25 years of service on January 1, 1973, could elect to remain subject to the improved University Plan formula described below. -257 The formula governing the old Retirement Plan was improved by basing pensions on an amount equal to the highest three (3) year average earnings, multiplied by two (2%) percent for each year of service, with a $3,600 ceiling. -258 For employees participating in TIAA-CREF and/or other retirement programs made available through the University, and selected by the employee, with a University contribution, this new formula will be applied for each employee at retirement and will become the minimum received by the employee. -259 The annuity value, at the time of retirement, purchased by MSU’s contribution to TIAA- CREF and/or other retirement programs made available through the University, and selected by the employee, will be compared to the pension amount as computed in Paragraph 257 above, and the employee will receive the larger of the two figures. Employee contributions to TIAA-CREF and/or other retirement programs made available through the University, and selected by the employee, (retroactive to 1-1-73) will provide additional annuity income. -260 Those employees not participating in TIAA-CREF or other retirement programs made available through the University, and selected by the employee, will have their retirement income figured solely on the improved formula plus a ten (10%) percent addition added to the base pension prior to actuarial reduction or the selection of a survivor option. -261 Employees who terminate without meeting the minimum requirements for retirement will receive a retirement pension from the contributions made to the individual TIAA-CREF annuity contract or other retirement programs made available through the University, and selected by the employee, consistent with provisions of those contracts.
Sample 1

Related to Retirement for Employees Hired Prior to January 1, 1973

  • Public Employees Retirement System “PERS”) Members.

  • Form B - Contractor’s Annual Employment Report Throughout the term of the Contract by May 15th of each year the Contractor agrees to report the following information to the State Agency awarding the Contract, or if the Contractor has provided Contract Employees pursuant to an OGS centralized Contract, such report must be made to the State Agency purchasing from such Contract. For each covered consultant Contract in effect at any time between the preceding April 1st through March 31st fiscal year or for the period of time such Contract was in effect during such prior State fiscal year Contractor reports the: 1. Total number of Employees employed to provide the consultant services, by employment category. 2. Total number of hours worked by such Employees.

  • Probation for Newly Hired Employees (a) The Employer may reject a probationary employee for just cause. A rejection during probation shall not be considered a dismissal for the purpose of Article 11.2

  • RESTRICTIONS ON EMPLOYMENT OF FORMER STATE OFFICER OR EMPLOYEE The Engineer shall not hire a former state officer or employee of a state agency who, during the period of state service or employment, participated on behalf of the state agency in this agreement’s procurement or its negotiation until after the second anniversary of the date of the officer’s or employee’s service or employment with the state agency ceased.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • SALARY DETERMINATION FOR EMPLOYEES IN ADULT EDUCATION [Not applicable in School District No. 62 (Sooke)]

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Restricted Employment for Certain State Personnel Contractor acknowledges that, pursuant to Section 572.069 of the Texas Government Code, a former state officer or employee of a state agency who during the period of state service or employment participated on behalf of a state agency in a procurement or contract negotiation involving Contractor may not accept employment from Contractor before the second anniversary of the date the Contract is signed or the procurement is terminated or withdrawn.

  • Employees; Employee Benefits (a) For the 12-month period following the Closing Date (the “Continuation Period”), Buyer shall provide, or shall cause the Company to continue providing, to each individual who is a Business Employee as of the Closing (each, a “Continuing Employee”): (i) a base salary or hourly wage rate, as applicable, that is at least equal to the base salary or hourly wage rate provided to such Continuing Employee immediately prior to the Closing, (ii) annual or other short-term cash bonus opportunities (for the avoidance of doubt, excluding equity and equity based rights) that are substantially comparable to those provided to such Continuing Employee immediately prior to Closing, and (iii) medical and defined contribution retirement benefits that are substantially comparable, in the aggregate, to those provided to similarly situated employees of Buyer or its Affiliates. If Buyer terminates, or causes the Company to terminate, any Continuing Employee in the 6-month period following the Closing Date (each, a “Terminated Employee”), Buyer or the Company, as the case may be, shall provide to such Terminated Employee the amount of severance, as determined by Buyer in good faith, to which such Terminated Employee would have been entitled under the Company’s existing severance plan in place as of the Closing Date. (b) For all purposes, including vesting, eligibility to participate and level of benefits (other than benefits under defined benefit pension plans) under the Employee Benefit Plans of Buyer or its Affiliates (as applicable) providing benefits to Continuing Employees after the Closing in which such Continuing Employees are eligible to participate (the “New Plans”), each Continuing Employee in such plans shall be credited with his or her years of service with the Company and its predecessors prior to the Closing, to the same extent as such Continuing Employee was entitled, before the Closing, to credit for such service under any similar Employee Benefit Plan in which such Continuing Employee participated or was eligible to participate immediately prior to the Closing (such plans, collectively, the “Old Plans”); provided, however, that the foregoing shall not apply to the extent that its application would result in a duplication of benefits with respect to the same period of service. In addition, and without limiting the generality of the foregoing, Buyer shall undertake commercially reasonable efforts to provide that (i) each Continuing Employee shall be immediately eligible to participate, without any waiting time, in any and all New Plans to the extent coverage under any such New Plan replaces coverage under any Old Plan and (ii) for purposes of each New Plan providing medical, dental, pharmaceutical, vision, disability, life insurance and/or other welfare benefits to any Continuing Employee (collectively, the “New Welfare Plans”), Buyer shall cause (A) all pre-existing conditions, exclusions or limitations, eligibility waiting periods and actively-at-work requirements of such New Welfare Plans to be waived for such Continuing Employee and his or her covered dependents (to the extent such conditions, exclusions, limitations, periods and requirements were waived or satisfied as of immediately prior to the Closing under comparable Old Plans), and (B) any eligible expenses incurred by each Continuing Employee and his or her covered dependents during the portion of the plan year of the Old Plan ending on the date such Continuing Employee’s participation in the corresponding New Welfare Plan begins to be taken into account under such New Welfare Plan for purposes of satisfying all deductible, co-payment, coinsurance and maximum out-of-pocket requirements applicable to such Continuing Employee and his or her covered dependents for the applicable plan year as if such amounts had been paid in accordance with such New Welfare Plan. (c) As of the Closing, Seller and its Affiliates (other than the Group Companies) shall assume and/or retain sponsorship of and be solely responsible for all Liabilities relating to or at any time arising under or in connection with or pursuant to any Employee Benefit Plan or other plan, program, arrangement, or agreement providing compensation or benefits to any current or former director, officer, employee or other service provider of Seller or its Affiliates. (d) Nothing contained in this Section 7.3 or elsewhere in this Agreement, express or implied, shall confer upon any current or former Business Employee or Business Service Provider any right to continued employment or service (or resumed employment or service) subsequent to the Closing. This Section 7.3 shall operate exclusively for the benefit of the Parties and not for the benefit of any other Person, including any current or former Business Employees or the Continuing Employees, which Persons shall have no rights to enforce this Section 7.3 of this Agreement. Nothing in this Section 7.3 shall: (i) create any third party rights in any current or former Business Employee or Business Service Provider (including any beneficiary or dependent thereof) or (ii) be treated as an amendment of any Employee Benefit Plan or restrict the ability of the Parties or their Affiliates to amend, modify, discontinue or terminate any Employee Benefit Plan or any other employee benefit plan, practice or policy established or maintained by the Parties or their Affiliates.

  • in Employment If the total value of this contract is in excess of $10,000, Pur- chaser agrees during its performance as follows:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!