Social Security Replacement Benefit (SSRB Sample Clauses

Social Security Replacement Benefit (SSRB. In January 1971, following a vote of all affected employees, the City withdrew from participation in Social Security. As part of the savings that resulted from the City’s withdrawal from Social Security, currently all SEIU employees accrue $10.79 per pay period (prorated for regular part-time employees), which is paid annually. Effective the first pay period ending in July 2013, SEIU employees have agreed to reduce, on an ongoing basis, the SSRB benefit to $5.7692 per pay period (prorated for regular part-time employees), which is paid annually. Effective the first pay period ending in July 2015, SEIU employees have agreed to modify SSRB payments based upon the number of employees in each pension formula and the total cost to the City of the payments. The City and SEIU intend that these modifications will be cost-neutral to the City based on a cost of $22,150 in FY 2014-15. The annual SSRB payment for employees on the 2.0@62 retirement formula will be $425. The annual payment for employees on the 2.7@55 retirement formula will be based upon the number of SEIU PEPRA employees during pay period 25. Employees on the 2.7@55 retirement formula are eligible for up to $120 annually, however, the annual payment will be reduced over time as additional employees are hired into the 2.0@62 formula in accordance with the chart below. The parties agree that once the SEIU PEPRA employee population reaches 46 employees, Classic employees’ SSRB payment will be reduced to $0 on an ongoing basis and the parties will meet and confer on reducing the SSRB payment to PEPRA employees in order to avoid incurring new City costs. SEIU PEPRA EMPLOYEE POPULATION (in pay period 25) CLASSIC SEIU EMPLOYEE SSRB PAYMENT 0 to 15 $120 16 to 20 $105 21 to 25 $95 26 to 30 $80 31 to 35 $70 36 to 40 $50 41 to 45 $35 46 and greater $0 SSRB payments will be paid annually to all employees employed during pay period 25; payments will not be made to employees who separate from employment over the course of the year. SSRB benefits will continue to be paid on a pro-rated basis to regular part-time employees.
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Social Security Replacement Benefit (SSRB. In January 1971, following a vote of all affected employees, the City withdrew from participation in Social Security. As part of the savings that resulted from the City's withdrawal from Social Security, currently all SEIU employees accrue $10.79 per pay period (prorated for regular part-time employees), which is paid annually. Effective the first pay period ending in July 2013, SEIU employees have agreed to reduce, on an ongoing basis, the SSRB benefit to $5.7692 per pay period (prorated for regular part-time employees), which is paid annually.
Sample 1

Related to Social Security Replacement Benefit (SSRB

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • Insurance Benefit The Employer may elect to provide incidental life insurance benefits for insurable Participants who consent to life insurance benefits by signing the appropriate insurance company application form. The Trustee will not purchase any incidental life insurance benefit for any Participant prior to an allocation to the Participant's Account. At an insured Participant's written direction, the Trustee will use all or any portion of the Participant's nondeductible voluntary contributions, if any, to pay insurance premiums covering the Participant's life. This Section 11.01 also authorizes the purchase of life insurance, for the benefit of the Participant, on the life of a family member of the Participant or on any person in whom the Participant has an insurable interest. However, if the policy is on the joint lives of the Participant and another person, the Trustee may not maintain that policy if that other person predeceases the Participant. The Employer will direct the Trustee as to the insurance company and insurance agent through which the Trustee is to purchase the insurance contracts, the amount of the coverage and the applicable dividend plan. Each application for a policy, and the policies themselves, must designate the Trustee as sole owner, with the right reserved to the Trustee to exercise any right or option contained in the policies, subject to the terms and provisions of this Agreement. The Trustee must be the named beneficiary for the Account of the insured Participant. Proceeds of insurance contracts paid to the Participant's Account under this Article XI are subject to the distribution requirements of Article V and of Article VI. The Trustee will not retain any such proceeds for the benefit of the Trust. The Trustee will charge the premiums on any incidental benefit insurance contract covering the life of a Participant against the Account of that Participant. The Trustee will hold all incidental benefit insurance contracts issued under the Plan as assets of the Trust created under the Plan.

  • 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.

  • Group Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be a paid or unpaid leave, contact the District’s Human Resources Department.

  • 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.

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

  • 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.

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • 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.

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