Retirement Income Benefits. Employees will be provided retirement benefits through the Xxxxxx Permanente Northwest Pension Plan (KPNPP), a defined benefit plan, and/or the Oregon Federation of Nurses and Health Professionals - Xxxxxx Foundation Health Plan Retirement Plan and Trust (OFNHP- KFHP RP&T), a defined contribution plan, as follows:
Retirement Income Benefits. 24.01 The parties to this Agreement agree that there will be no change, suspension or discontinuance of the Retirement Income program, as summarized, herein, until August 31, 2014, except through mutual agreement by the parties to this Agreement or through Government legislation. If, at any time, it shall be necessary or appropriate to make any revision in the Retirement Income Plan (1981) (the "Plan") to obtain or retain any acceptance or approval by tax authorities or to comply with any applicable law, either party may negotiate appropriate adjustments, providing however that the pension benefits accrued pursuant to this Agreement prior to the date of adjustment are not reduced.
Retirement Income Benefits. Major improvements to GE Pension Plan The contract incorporates major improvements to the GE Pension Plan, helping to ensure that eligible employees continue to be well-positioned for retirement. Reduced employee Pension contributions that increase take home pay by up to $600 a year Renewed and improved supplements bridge you to Social Security providing up to $48,530 for a 30-year employee who retires under the contract A one-time update that raises the Regular Pension for eligible long-service union employees by an average of 15.9% Improvements of up to 6.25% in the Guaranteed Pension table Guaranteed Pension benefits go up across the board The Guaranteed Pension is improving, with monthly benefits going up across the board by $1 per year of Pension Benefit Service (PBS). The top benefit increases even more, jumping to $85 per year of PBS for those with final average pay of at least $86,000 —an improvement of 6.25% from the current $80. These changes will be effective July 1, 2015. Increases in Regular Pension for many long-service employees A sizable one-time update will increase the average Regular Pension of long- service union employees by 15.9%. The update calculates a benefit under an alternate formula that is based on your PBS and your three highest consecutive years pay (including overtime) during the years 2009 through 2014. Regular or Guaranteed Pension: You get the greater amount The GE Pension Plan uses two formulas to calculate benefits: The Regular Pension and the Guaranteed Pension. Both consider your pay and service, and when you retire, you’ll receive the one that pays the higher amount. Significant improvements to both will help ensure that the plan continues to provide targeted levels of replacement income. If the alternate amount is greater than the Regular Pension you have already earned, your Regular Pension will be increased to the higher level. This updates your benefit to more closely reflect your current pay, helping to ensure the plan continues to provide targeted levels of replacement income. Regular Pension formula also improved Under the Regular Pension, you earn a benefit each year that’s equal to 1.45% of your pay up to a certain amount (called the breakpoint) plus 1.9% of your pay over the breakpoint. That year’s benefit is added to what you’ve earned in previous years to determine your total Regular Pension benefit at retirement. The breakpoint in the formula was scheduled to increase, to about $58,000 in 2016, and conti...
Retirement Income Benefits. 5 (a) Eligibility to Participate (b) Normal Retirement (c)
Retirement Income Benefits. (a) NORMAL RETIREMENT A Participant who retires on his/her Normal Retirement Date shall he entitled to a Retirement Income Benefit in the form of a monthly benefit, payable for one hundred eighty (180) months, commencing at Normal Retirement Date payable to the Participant or his/her Beneficiary equal to:
Retirement Income Benefits. In addition to the foregoing, if the Executive survives for two (2) years following such termination or Constructive Termination of employment:
Retirement Income Benefits
