Retirement System Vesting Sample Clauses

Retirement System Vesting. A. Members participating in the basic MPSERS or the optional state retirement program (MIP), provided under authority of the MPSERS, shall become vested pursuant to the Michigan Public School Employees’ Retirement Act, as amended. B. Members participating in the FSU Tax-Deferred Annuity Plan shall be fully vested, subject to the provisions of the Plan, in amounts attributable to the contributions properly made under Section 17.2.B.
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Retirement System Vesting. 1. Members participating in the basic MPSERS or the optional state retirement program (MIP), provided under authority of the MPSERS, shall become vested pursuant to the Michigan Public School Employees’ Retirement Act, as amended. 2. Members participating in the University Tax-Deferred Annuity Plan shall be fully vested immediately, subject to the provisions of the Plan, in amounts attributable to the contributions properly made under Article 23, Section 2, paragraph 3. 3. Members participating in the University Tax-Deferred Annuity Plan shall be fully vested, subject to the provisions of the Plan, in amounts attributable to the contributions made under Article 23, Section 2, paragraph 2 according to the following schedule: ♦ After one year of University service: 12.5% vested ♦ After two years of University service: 25.0% vested ♦ After three years of University service: 37.5% vested ♦ After four years of University service: 50.0% vested ♦ After five years of University service: 62.5% vested ♦ After six years of University service: 75.0% vested ♦ After seven years of University service: 87.5% vested ♦ After eight years of University service: 100.0% vested
Sample 1
Retirement System Vesting. A. Members participating in the basic MPSERS or the optional state retirement program (MIP), provided under authority of the MPSERS, shall become vested pursuant to the Michigan Public School Employees’ Retirement Act, as amended. B. Members participating in the FSU Tax-Deferred Annuity Plan shall be fully vested immediately, subject to the provisions of the Plan, in amounts attributable to the contributions properly made under Article 25, Section 2, paragraph 3. C. Members participating in the FSU Tax-Deferred Annuity Plan shall be fully vested, subject to the provisions of the Plan, in amounts attributable to the contributions made under Article 25, Section 2, paragraph 2 according to the following schedule: • After one year of University service: 12.5% vested • After two years of University service: 25% vested • After three years of University service: 37.5% vested • After four years of University service: 50% vested • After five years of University service: 62.5% vested • After six years of University service: 75% vested • After seven years of University service: 87.5% vested • After eight years of University service: 100% vested Section 4. - General A. The Union will have two (2) representatives on any future retirement committees which may be established by Human Resources. B. Employees hired after January 1, 1996 will be eligible upon retirement of participating in the University’s health insurance program under the provisions of COBRA. The premium cost for COBRA coverage will be the sole responsibility of the employee. C. Employees who retire under the defined contribution plan whose eligibility for health insurance coverage under COBRA has ended may apply for coverage under a conversion policy offered by a vendor selected by the University. D. The Employer will continue to seek a group health insurance plan for retirees to be paid at the retiree’s expense.
Sample 1
Retirement System Vesting. A. Members participating in the basic MPSERS or the optional state retirement program (MIP), provided under authority of the MPSERS, shall become vested pursuant to the Michigan Public School Employees’ Retirement Act, as amended. B. Members participating in the FSU Tax-Deferred Annuity Plan shall be fully vested immediately, subject to the provisions of the Plan, in amounts attributable to the contributions properly made under Article 25, Section 2, paragraph 3. C. Members participating in the FSU Tax-Deferred Annuity Plan shall be fully vested, subject to the provisions of the Plan, in amounts attributable to the contributions made under Section 24.2.B. according to the following schedule: (change is from 8-year vesting to 5-year vesting) After one year: 20% vested After two years: 40% vested After three years: 60% vested After four years: 80% vested After five years: 100% vested
Sample 1

Related to Retirement System Vesting

  • Public Employees Retirement System “PERS”) Members.

  • Retirement System The withdrawal of employee contributions made on or after January 1, 2014 may also be withdrawn but only on an actuarially neutral basis. The actuarial present value of the pension reduction shall be equal to the amount of accumulated member contributions withdrawn. The actuarial present value shall computed using the interest rate used in the annual actuarial valuation and the mortality table used in the annual actuarial valuation with a 50% unisex blend.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.

  • 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.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Normal Vesting Subject to the Plan and this Agreement, if the Participant has been in Continuous Employment through the Vesting Date as set forth in Section 1, then the RSUs subject to such Vesting Date will become nonforfeitable (“Vest” or similar terms).

  • 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.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any director, officer or employee of Metropolitan or its Subsidiaries, or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (i) for normal individual increases in compensation to employees in the ordinary course of business consistent with past practice, (ii) for other changes that are required by applicable law, and (iii) to satisfy Previously Disclosed contractual obligations existing as of the date hereof.

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