Retirement Pension Benefits Sample Clauses

Retirement Pension Benefits. The Employer shall abide by the Illinois Pension Code with respect to employer contributions to the Chicago Teachers’ Pension Fund (“CTPF”) for licensed teachers.
Sample 1Sample 2
AutoNDA by SimpleDocs
Retirement Pension Benefits. Currently, bargaining unit employees participate in one of two retirement plan designs: Enhanced Cash Balance, or Traditional Pension. It is the Medical Centers’/Hospitals’ objective to streamline its retirement plan by moving all bargaining unit employees to the Enhanced Cash Balance Design. Effective on dates to be identified by the Medical Centers/Hospitals following the date of ratification of the successor Agreement:
Sample 1Sample 2
Retirement Pension Benefits. (a) Eligibility for Waiver of Early Retirement Pension -------------------------------------------------- Discount. If the Key Employee remains in active service with Xxxx -------- Atlantic through July 1, 1998 in accordance with the terms of this Agreement, the Key Employee shall at any time thereafter be entitled, subject to signing and delivering the Release, to retire with a two- year waiver of any applicable early retirement pension discount under the terms of the Xxxx Atlantic Senior Management Retirement Income Plan or any successor to that plan which applies to Senior Managers, as that plan may be amended from time to time ("RIP"), as more fully described in the following paragraph. The parties acknowledge that the pension enhancement described in this Section is part of the consideration given by Xxxx Atlantic in exchange for the Release and the non-compete and proprietary information covenants granted by the Executive under Sections 10 and 11 of this Agreement. (b)
Sample 1
Retirement Pension Benefits. Upon your termination of employment as of the Termination Date, you will be entitled to receive benefits in accordance with the terms of the Nexen Pension Plan, the Nexen Savings Plan, and the Nexen
Sample 1
Retirement Pension Benefits. Currently, bargaining unit employees participate in one of two retirement plan designs: Enhanced Cash Balance, or Traditional Pension. It is the Medical Center’s objective to streamline its retirement plan by moving all future bargaining unit employees to the Enhanced Cash Balance Design. a. Employees hired into bargaining unit positions will participate in the Enhanced Cash Balance Design only, and not the Traditional Pension Design. This change will occur as soon as administratively feasible, but no earlier than fourteen (14) days following the ratification of the successor Agreement. b. Current bargaining unit employees who are enrolled in the Traditional Pension Design as of the date of ratification of this agreement will be grandfathered and allowed to remain in the Traditional Pension Design for as long as they have continuous employment in a CPMC-NUHW bargaining unit position. A transfer to a position outside of the CPMC-NUHW bargaining unit, or any termination of employment, will end this grandfathering and future participation in the Traditional Pension Design. If employees return to work in the bargaining unit after transferring to a non-bargaining unit position or after a termination of employment, they will be enrolled in the Enhanced Cash Balance Design for all future service. c. On January 1, 2023, the minimum interest crediting rate for the Enhanced Cash Balance Design will increase from 2.5% to 3.5%. In accordance with the foregoing, the Collective Bargaining Agreement will be amended to reflect these changes.
Sample 1
Retirement Pension Benefits. A. The City agrees to continue to participate in the Maine Public Employees Retirement and Social Security programs at current benefit levels except as modified below: B. During the term of this Agreement the City shall keep in effect the Consolidated Plan of the Maine Public Employees Retirement System - changeover as of July 1, 1995. C. Effective July 1, 2002, the City will adopt the necessary changes to implement COLA benefits (cost of living adjustments) for all regular, full time employees enrolled in Maine Public Employees Retirement System. The COLA benefit will be calculated using future service only, i.e.; for service earned after July 1, 2002. There will not be any COLA benefit for service credit prior to July 1, 2002. Effective July 1, 2002 all eligible current employees of the City, may retire on the MainePERS AC plan which provides a service retirement allowance based on one-half (1/2) of their Average Final Compensation (average of three highest years of earnable compensation). Employees who enrolled in membership with MainePERS on or before June 30, 2014 are eligible to retire with full benefits at age 60 upon completing 25 years of service. Employees hired on or after July 1, 2014 are eligible to retire with full benefits at age 65 upon completing 25 year of service. Employees may contact MainePERS directly for further details on the AC plan. Those employees who do not participate in Maine State Retirement System shall be afforded the opportunity to participate in an ICMA contribution retirement plan. The City will not contribute to the ICMA retirement plan, except that the City agrees to contribute one thousand five hundred dollars ($1,500) annually to the ICMA plan for any employee who is ineligible or opts not to participate in the Maine State Retirement System but is eligible to participate and elects to participate in the ICMA plan.
Sample 1
Retirement Pension Benefits 
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs

Related to Retirement Pension Benefits

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Pension Benefits Each party reserves the right to retain as his or her sole and absolute separate property, the entire interest in pension benefits now vested, or that become vested in the future, and the right to manage, control, transfer, and convey all such property and dispose of the same by will, beneficiary designation or otherwise, without any interference from the other. The parties acknowledge that this Agreement shall constitute an effective waiver of any rights in the other's pension benefit plans. Furthermore, each party agrees to execute whatever additional waiver document may be necessary or useful to confirm such waiver of rights to the other party's pension benefit plans.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Early Retirement Benefits If elected in the Adoption Agreement, an Early Retirement benefit may be available to individuals who meet the age and Service requirements that are specified in the Adoption Agreement. A Participant who attains his or her Early Retirement Date will become fully vested, regardless of any vesting schedule which otherwise might apply. If a Participant separates from Service with a nonforfeitable benefit before satisfying the age requirements, but after having satisfied the Service requirement, the Participant will be entitled to elect an Early Retirement benefit upon satisfaction of the age requirement.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

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