Retirement Pension. The retirement pension is based on an indexed average salary system. The accrual is 1.75% of the pensionable salary in the year in question. This pension starts on the first day of the month in which the member turns 68. Partner's pension The partner's pension is 60% of the payable retirement pension. This pension starts on the first day of the month in which the current or former participant dies. Partner's pension is also accrued for single persons, and can be converted into a retirement pension. Orphan’s pension The orphan's pension for each child is a maximum of 14% of the total retirement pension accrued. For full orphans, this percentage is doubled. The orphan's pension for all children jointly may not exceed a maximum total of 70% of the projected retirement pension. The orphan's pension is paid until the first day following the month in which the child no longer meets one of the following criteria: − the child is under the age of 18; − the child is under 27 years of age and cannot, due to illness or disability, earn more than 55% of what a comparable healthy person of the same age can earn; this must be evidenced by a declaration from the Wajong benefit agency; − the child is under 27 years of age and is not yet able to work because the child is attending a full course of study or vocational training. The orphan's pension starts on the first day of the month in which the member dies. Pension limitation If the member's partner is more than ten years younger than the member, the partner's pension is reduced by 1.1% of the retirement pension for each full year that the age difference is greater than ten years. If the member has opted to convert the (notional) accrued partner's pension into a higher old-age pension or early retirement, there is no longer any entitlement to a partner's pension, even if the member subsequently has a partner. Options Within tax limits, members have the following options, in addition to early retirement and part-time retirement: Conversion of retirement pension and partner's pension Members may choose to convert all or part of the accrued partner's pension into a higher retirement pension at the target retirement age. Conversely, they can choose to convert all or part of the accrued retirement pension into a higher partner's pension. The member must communicate this choice to the employer at least one year before the target retirement age. Medical guarantees are not required for these conversions. However, the partner’s co...
Retirement Pension. An employee has a right to retirement pension as from the month in which he or she reaches the age of 65 or the earlier date when the employee is entitled to draw a retirement pension up to and including the month in which the em- ployee dies. Full retirement pension is payable based on the following per- centage of the pension-qualifying salary: Pension-qualifying salary portion Pension until the month 65 years of age are reached Pension from the month 65 years of age are reached — 7.5 income base amounts 65 % 10 % 7.5 — 20 income base amounts 65 % 65 % 20 — 30 income base amounts 32.5 % 32.5 % The retirement pension may be reduced, as the case may be, under Section 4. Retirement pension before the age of 65 calculated on the basis of pensiona- ble salary up to 7.5 x Income Base Amount shall be reduced by the following benefits under the Swedish Social Insurance Code (SFB) or the Swedish Oc- cupational Injury Insurance Act: • Sickness benefits if the employee at the retirement date is drawing disability pension, however, not less than 5 percent of the retirement pension on salary up to 7,5 income base amounts will always be paid out. • Sickness compensation or annuity. Where the retirement pension is reduced owing to the period of employment, the reduction will be by such an amount that the total benefits do not exceed full retirement pension under this agreement.
Retirement Pension. This is the pension after your employee’s personal retirement date: the lifelong retirement pension. These are the pensions that that partner and children receive after your employee’s death. They comprise a lifelong partner’s pension and a temporary orphan’s pension.
Retirement Pension. The employee's pension at retirement is the amount that can be purchased at that time with the accumulated values in their Accounts. Neither the amount available to purchase the pension, nor the purchase rates in effect at that time, can be forecast with any reasonable degree of accuracy. However, once the employees retire and their pension is purchased, their pension is then fully guaranteed. Various options are available as described below. In all cases, the amount of pension that can be purchased will depend on the accumulated value of the employee's Accounts. Employees will normally commence receiving their pension payments at age 65. Since the personal circumstances of individuals vary, the Normal Retirement Date of age 65 may not always be appropriate. To recognize this situation, an employee can elect to take an early retirement any time after age fifty-five (55). Employees receive their monthly pension for as long as they live. For an employee with a spouse at retirement, the pension will reduce, on the death of either, to 60% of the monthly amount that was payable while both were alive and will continue at this reduced level for the lifetime of the survivor. For employees without a spouse at retirement, the monthly pension will be paid for their lifetime with guarantee of 120 monthly payments. If the employee dies before the end of this period, their appointed beneficiary will receive the remaining payments. The monthly pension will be adjusted at intervals of not more than 12 months to reflect excess earnings on investments and other cost adjustments designated by the insurer as being applicable to this class of contract.
Retirement Pension. Section 1. All employees shall be included in the retirement program provided for under Retirement Act No. 345, P.A. 1937, as amended, of the State of Michigan as described in the Midland Police Officers and Fire Fighters Retirement System summary plan.
Retirement Pension. The Board will continue to provide to an employee covered by this Agreement a retirement pension as set forth in the retirement plan(s) available at the Human Resources Office.
Retirement Pension.
A. When an employee leaves District employment, he/she shall be paid in full during the pay period covering the last day actually worked, plus the value of accumulated vacation time, time off due for holidays which fell on his/her days off, and unused compensatory time off earned prior to the termination of his/her employment, such value to be calculated based on his/her basic hourly rate at the time of his/her termination.
B. All permanent employees covered under this agreement shall come under the provisions of the Minnesota Public Employees' Retirement Association.
Retirement Pension. All employees shall enroll and participate in the New Jersey Public Employees Retirement System. Employee and spouse will be entitled to health care insurance coverage upon retirement under the rules of the New Jersey State Health benefits program, effective 1, 2007, and under the following conditions: must attain the age of 62, have fifteen (15) years of employment with the Township of Montclair, and contribute twenty (20 %) percent of premium costs, with the Township contributing eighty (80%) percent.
Retirement Pension. (1) Mr. Gemmersdorfer will obtain a claim to old-age pension pursuant to Paragraphs (2) through (4) provided that he has been in the Company's services for five full years of service.
(2) Upon retirement on reaching the age of 65, Mr. Gemmersdorfer will receive an old-age pension for life of at most 50% (fifty of hundred) of the remuneration pursuant to ss. 2 Para.
(1) Thereby, the remuneration pursuant to ss. 2 Para.
(1) last received by Mr. Gemmersdorfer prior to his retirement from service will be decisive.
(3) The old age pension will for each year of service completed with KHAG after the start of this Agreement be 3% of the decisive remuneration (please see (2)), but no more than 50% of such remuneration. Only full years of service with us will be taken into consideration.
a. Should Mr. Gemmersdorfer due to cancellation, termination or non-extension retire from his employment prior to reaching the age of 65 and should be meet the conditions of Para.
(1) then his claim to old-age pension will be left to him in the amount as applicable in accordance with Para. (2) at the time of his retirement.
b. Should Mr. Gemmersdorfer pass away in such case as described in a) after reaching the age of 65, then his present wife, Mrs. Xxxxx Gemmersdorfer, and the children descending from this marriage will receive a widow's and orphan's pension pursuant to ss.sx. 00 and 12.
(5) In addition to the retirement pension listed in Paragraphs (1) through (4), the premium for a life insurance taken out by Mr. Gemmersdorfer in the amount of DM 1,800.-- p.m. will be paid by KHAG up to the gross amount of DM 25,000.-- p.a., i.e. subject to deduction of social security contributions and income tax to be paid by Mr. Gemmersdorfer. Possible income taxes and social security contributions accruing additionally will have to be borne by Mr. Gemmersdorfer. The entitlement to a pension (retirement capital share) acquired by this payment - during the term of employment - will be counted against future pension payment in accordance with ss. 9
(1) through (4). The same applies to ss.sx. 00 and 12.
Retirement Pension. 1. Xx. Xxxxxx Ruckenbrod shall be entitled to a pension pursuant to the present agreement after completing a waiting period of three full years of service as manager of the S&H Verwaltungsgesellschaft mbH.
2. The event giving rise to retirement benefits occurs in principle
2.1. upon the occasion of Xx. Xxxxxx Ruckenbrod's 62nd birthday;
2.2. if, before this date, Xx. Xxxxxx Ruckenbrod himself or the S&H Verwaltungsgesellschaft mbH contends that Xx. Xxxxxx Ruckenbrod suffers from a permanent disability rendering him incapable of performing his duties, as attested to in a health certificate signed by an official physician;
2.3. in the event that Xx. Xxxxxx Ruckenbrod dies, with respect to claims for a compassionate allowance pension for the surviving dependants;
3. If the S&H Verwaltungsgesellschaft mbH terminates Xx. Xxxxxx Ruckenbrod's employment contract (ordinary and extraordinary dismissal) for any reason other than a breach of faith on the part of Xx. Xxxxxx Ruckenbrod, Xx. Xxxxxx Ruckenbrod shall receive his pension, after the waiting period of three years subsequent to his 62nd birthday, in accordance with the present agreement in the amount of the pension rights he earned up until the end of the employment service. The amount of the pension rights is determined pursuant to Section 2 of the law for improving the company retirement pension.
4. If Xx. Xxxxxx Ruckenbrod discontinues his employment with the S&H Verwaltungsgesellschaft mbH for other reasons after the waiting period of three years of service and before his 62nd birthday, the benefits that Mr. Ruckenbrod acquired until that time based on this retirement pension arrangement shall remain in force in accordance with the provisions under the law for improving the company retirement pension. In this case, benefits in the amount of the accumulated pension rights at the time of the end of the employment shall be payable on the 62nd birthday, or if Xx. Xxxxxx Ruckenbrod becomes permanently incapacitated rendering him unable to perform his duties, or upon the death of Xx. Xxxxxx Ruckenbrod as a widow's and orphan's pension.
5. As of his 55th birthday Xx. Xxxxxx Ruckenbrod shall be entitled to receive a reduced early retirement pension. In case of early retirement the percentage shall be reduced in accordance with II. 1. (infra) by 2.5% per year of early retirement. Incomplete years are proportionately taken into consideration.
