Retirement Medical Compensation Program Sample Clauses

Retirement Medical Compensation Program a. Employees hired as a City of Coconut Creek Police Officer/Trainee/Sergeant prior to January 1, 2002 and who retire with at least 55 years of age and 15 years of City service (or at any age with 25 years of City service) shall receive a one-time deposit into a Retirement Health Savings (RHS) Plan, calculated as follows: i. Effective FY 2023, the amount of the one-time deposit shall equal three hundred dollars ($300.00) times the number of months between retirement and the month the retiree would turn age 65 (capped at 120 months), i.e., excluding the month of retirement and the month of the retiree’s 65th birthday. ii. Employees meeting the age and years of service requirements shall be eligible regardless of choice to enroll in the City’s group health insurance plan upon retirement. b. Individuals retiring during the term of this Agreement shall receive no more than the amounts detailed in this Agreement. c. Employees in the unit who were hired as a City of Coconut Creek Police Officer/Trainee/Sergeant on or after January 1, 2002, shall receive a City contribution in the amount of two-percent (2%) of annual salary (including overtime) to a Retirement Health Savings plan while employed by the City. Fifty percent (50%) of the account balance shall be vested upon the employee’s completion of two years of City service, with full vesting reached upon retirement with at least 55 years of age with 15 years of City service or any age with 25 years of City service. Employees are eligible to use vested funds for eligible expenses upon separation from City employment. Note: Although employees transferring/promoting/demoting to a position ineligible for this benefit will no longer receive contributions, such employees will continue to vest while continuously employed with the City and will be eligible to use funds under the terms and conditions (including vesting requirements) provided in the agreement that is in effect at the time of employment separation for the final position in which the employee was eligible for the benefit.
Sample 1Sample 2Sample 3See All (9)
AutoNDA by SimpleDocs
Retirement Medical Compensation Program a. Employees hired as a City of Coconut Creek Police Officer/Trainee/Corporal prior to January 1, 2002 and who retire with at least 55 years of age and 15 years of City service (or at any age with 25 years of City service) shall receive a one-time deposit into a Retirement Health Savings (RHS) Plan, calculated as follows: The Retirement Medical Compensation Program provides a stipend to retirees who retire with at least 55 years of age and 10 years of City service or at any age with 25 years of City service, who were hired as a City of Coconut Creek Police Officer/Trainee/Corporal/Sergeant prior to January 1, 2002, payable as follows: i. The amount of the one-time deposit shall equal two hundred fifty dollars ($250.00) times the number of months between retirement months), i.e., excluding the month of retirement and the month of the retiree’s 65th birthday. Retirees who opt to continue participation in the City’s group medical insurance plan shall receive the stipend equivalent to three hundred dollar ($300) per month until such time that he/she is no longer enrolled in the group health insurance plan or he/she reaches the prevailing Medicare eligibility age, whichever comes first. ii. Employees meeting the age and years of service requirements shall be eligible regardless of choice to enroll in the City’s group health insurance plan upon retirement.Retirees who do not participate or do not continue participation in the City’s group health insurance plan immediately upon retirement shall receive a one-time taxable lump sum payment upon retirement equivalent to two hundred dollars ($200) for each month between retirement and the month he/she would turn age 65. b. Individuals retiring during the term of this Agreement shall receive no more than the amounts detailed in this Agreement. c. Effective October 1, 2009, eEmployees in the unit who were hired as a City of Coconut Creek Police Officer/Trainee/Corporal/Sergeant on or after January 1, 2002, shall receive a City contribution in the amount of two-percent (2%) of annual salary (including overtime) to a Retirement Health Savings plan while employed by the City. Fifty percent (50%) of the account balance shall be vested upon the employee’s completion of two years of City service, with full vesting reached upon retirement with at least 55 years of age with 10 15 years of City service or any age with 25 years of City service. Employees are eligible to use vested funds for eligible expenses upon separation from...
Sample 1
Retirement Medical Compensation Program a. Employees hired as a City of Coconut Creek Police Officer/Trainee/Corporal prior to January 1, 2002 and who retire with at least 55 years of age and 15 years of City service (or at any age with 25 years of City service) shall receive a one-time deposit into a Retirement Health Savings (RHS) Plan, calculated as follows: i. The amount of the one-time deposit shall equal two hundred fifty dollars ($250.00) times the number of months between retirement and the month the retiree would turn age 65 (capped at 120 months), i.e., excluding the month of retirement and the month of the retiree’s 65th birthday. ii. Employees meeting the age and years of service requirements shall be eligible regardless of choice to enroll in the City’s group health insurance plan upon retirement. b. Employees hired as a City of Coconut Creek Police Officer/Trainee/Corporal on or after January 1, 2002, shall receive a City contribution in the amount of two percent (2%) of annual salary (including overtime) to a Retirement Health Savings plan while employed by the City. Fifty percent (50%) of the account balance shall be vested upon the employee’s completion of two (2) years of City service, with full vesting reached upon retirement with at least 55 years of age with 15 years of City service or any age with 25 years of City service. Employees are eligible to use vested funds upon separation from City employment. c. Individuals retiring during the term of this Agreement shall receive no more than the amounts detailed in this Agreement.
Sample 1
Retirement Medical Compensation Program 
Sample 1

Related to Retirement Medical Compensation Program

  • 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.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

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

  • 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.

  • 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.

  • SERP Executive is a participant in the BB&T Corporation Non-Qualified Defined Benefit Plan (the “SERP”). The SERP was formerly known as the Branch Banking and Trust Company Supplemental Executive Retirement Plan. The SERP is a non-qualified, unfunded supplemental retirement plan which provides benefits to or on behalf of selected key management employees. The benefits provided under the SERP supplement the retirement and survivor benefits payable from the Pension Plan. Except in the event the employment of Executive is terminated by the Employer or BB&T for Just Cause and except in the event Executive terminates Executive’s employment for any reason other than Good Reason and such termination does not occur within twelve (12) months after a Change of Control (or, if later, within ninety (90) days after a MOE Revocation), the following special provisions shall apply for purposes of this Agreement: (i) The provisions of the SERP shall be and hereby are incorporated in this Agreement. The SERP, as applied to Executive, may not be terminated, modified or amended without the express written consent of Executive. Thus, any amendment or modification to the SERP or the termination of the SERP shall be ineffective as to Executive unless Executive consents in writing to such termination, modification or amendment. The Supplemental Pension Benefit (as defined in the SERP) of Executive shall not be adversely affected because of any modification, amendment or termination of the SERP. In the event of any conflict between the terms of this Section 1.7.7(i) and the SERP, the provisions of this Section 1.7.7 (i) shall prevail. Executive hereby agrees and consents to Employer’s amendment of the SERP to comply with Section 409A.

  • Medical Benefits The Company shall reimburse the Employee for the cost of the Employee's group health, vision and dental plan coverage in effect until the end of the Termination Period. The Employee may use this payment, as well as any other payment made under this Section 6, for such continuation coverage or for any other purpose. To the extent the Employee pays the cost of such coverage, and the cost of such coverage is not deductible as a medical expense by the Employee, the Company shall "gross-up" the amount of such reimbursement for all taxes payable by the Employee on the amount of such reimbursement and the amount of such gross-up.

  • 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:

  • 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.

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