Superannuation Buy-Back Sample Clauses

Superannuation Buy-Back. (a) It is understood by the parties to this collective agreement that this provision applies only to that probationary period which has been served with the Employer. Subject always to the qualifying provision contained in section 9.1 of the Pension (Municipal) Act the Employer agrees to participate in such contributions as are necessary to extend pensionable service of eligible employees covered by this Agreement up to a maximum of six (6) months, which extension represents time served by the employee in a probationary capacity which has not heretofore been considered as pensionable service. Such benefit shall be subject to the following: (i) The employee must have a vested interest in the Pension (Municipal) Act and have reached the age of minimum retirement in order to qualify. (ii) Any employee who wishes to take advantage of this benefit must give at least one (1) months notice in advance of the contemplated retirement date and make such arrangements as are necessary at the time regarding their own contributions, provided however, the time constraints provided for in this Subsection may be waived under special circumstances by application to and with the approval of the Employer. (iii) The cost of increased benefits, as defined by the Commissioner of Pension (Municipal) Act, shall be shared 50/50 by the employee and the Employer as per section 9.1(b) of the Pension (Municipal) Act. (b) Employees who are not eligible for the purchase of service provisions under 14.06(a) above may make arrangement prior to April 2007 to purchase the full amount associated with the buy-back of service and, upon the employee producing the receipt, the Employer agrees to reimburse the employee fifty percent (50%) of the purchase cost as stipulated by the Pension Corporation. This payment will be made in the year in which the employee reaches minimum retirement age upon presenting their receipt.
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Superannuation Buy-Back. Subject to the rules of the Pension Corporation, the Municipality agrees to participate in such contributions as are necessary to extend pensionable service of a member covered by this Agreement up to a maximum of ONE (1)
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Superannuation Buy-Back. An employee may elect to buy back both the employee’s and the Employer’s portions of Superannuation coverage back to their start date. The employee may elect to make payments to Superannuation through payroll deductions. March 1999
Sample 1
Superannuation Buy-Back. An employee who prior to April 1st, 2007 had purchased from the Municipal Pension Plan the time served by the employee in a probationary period with the City (which had not before been considered as pensionable service) shall be reimbursed fifty percent (50%) of the purchase cost by the City upon the employee producing the receipt and provided the employee has reached the minimum retirement age.
Sample 1
Superannuation Buy-Back. Provision (1) year. The said extension to represent that time served by the employee in a probationary capacity with the City which has not heretofore been considered as pensionable service. Such benefit to be subject to the following: (a) An employee must have a vested interest in the Pension (Municipal) Act and to have reached the age of minimum retirement in order to qualify. (b) Any employee of the Fire Department who wishes to take advantage of this benefit must give at least one (1) month's notice in advance of the contemplated retirement date and make such arrangements as are necessary at that time regarding the employee’s own contributions. Provided, however, the time constraints provided for in this paragraph may be waived under special circumstances by application to and with the approval of the City. (c) Cost of increased benefits, as defined by the Commissioner of Municipal Superannuation, is shared 50/50 by the employee and the City as per Section 9(1)(b) of the Pension (Municipal) Act.
Sample 1

Related to Superannuation Buy-Back

  • Superannuation 13.1 The Employer shall contribute, on behalf of the Employee, superannuation to a fund that will be nominated by the Employer, in accordance with the requirements of the relevant, prevailing superannuation legislation.

  • Superannuation fund Unless, to comply with superannuation legislation, the employer is required to make the superannuation contributions provided for in Clause 24(b) to another superannuation fund that is chosen by the employee, the employer must make the superannuation contributions provided for in Clause 24(b) and pay the amount authorised under Clauses 24(d)(i) or 24(d)(ii) to one of the following superannuation funds: (i) Health Employees Superannuation Trust of Australia (HESTA); (ii) any superannuation fund to which the employer was making superannuation contributions for the benefit of its employees before 12 September 2008, provided the superannuation fund is an eligible choice fund and is a fund that offers a MySuper product or is an exempt public sector scheme.

  • Standard Company Benefits Executive shall be entitled to participate in all employee benefit programs for which Executive is eligible under the terms and conditions of the benefit plans that may be in effect from time to time and provided by the Company to its employees. The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees at any time.

  • SALARY SACRIFICE ARRANGEMENTS 34.1 Employees covered by this Agreement will have access to salary sacrifice arrangements in addition to the compulsory arrangement detailed above. The requirements of any such arrangements shall ensure that: (a) Accessing a salary sacrifice arrangement is a voluntary decision to be made by the individual Employee. (b) An Employee wishing to enter into a salary sacrifice arrangement will be required to notify their Employer in writing of the intention to do so and have sought expert advice in relation to entering into such an arrangement. (c) The Employer shall meet the cost of implementing the administrative and payroll arrangements necessary for the introduction of salary sacrifice to the Employees under the Agreement. (d) The co-contribution of superannuation payments referred to herein shall be made by way of salary sacrifice arrangements.

  • Sick Leave Donation Program A Labor Management Committee will be established for the purpose of proposing rules and procedures for a new, program. The LMC will be to develop consistent, transparent and equitable proposals for processes across all departments within the City. The LMC shall also explore proposals to lower the minimum leave bank required to donate sick leave and permit donation of sick leave upon separation from the City. The LMC must consult with the Office of Civil Rights to ensure compliance with the City’s Race and Social Justice Initiative. Once the LMC has developed its list of proposals, the City and Coalition of City Unions agrees to reopen each contract on this subject.

  • Leave Donation Program Employees may donate paid leave to a fellow employee who is otherwise eligible to accrue and use sick leave and is employed by the same Agency. The intent of the leave donation program is to allow employees to voluntarily provide assistance to their co-workers who are in critical need of leave due to the serious illness or injury of the employee or a member of the employee's immediate family. The definition of immediate family as provided in rule 123:1-47-01 of the Administrative Code shall apply for the leave donation program. A. An employee may receive donated leave, up to the number of hours the employee is scheduled to work each pay period, if the employee who is to receive donated leave: 1. Or a member of the employee's immediate family has a serious illness or injury; 2. Has no accrued leave or has not been approved to receive other state-paid benefits; and 3. Has applied for any paid leave, workers' compensation, or benefits program for which the employee is eligible. Employees who have applied for these programs may use donated leave to satisfy the waiting period for such benefits where applicable, and donated leave may be used following a waiting period, if one exists, in an amount equal to the benefit provided by the program, i.e. fifty six hours (56) pay period may be utilized by an employee who has satisfied the disability waiting period and is pending approval, this is equal to the seventy percent (70%) benefit provided by disability. B. Employees may donate leave if the donating employee: 1. Voluntarily elects to donate leave and does so with the understanding that donated leave will not be returned; 2. Donates a minimum of eight hours; and 3. Retains a combined leave balance of at least eighty hours. Leave shall be donated in the same manner in which it would otherwise be used except that compensatory time is not eligible for donation. C. The leave donation program shall be administered on a pay period by pay period basis. Employees using donated leave shall be considered in active pay status and shall accrue leave and be entitled to any benefits to which they would otherwise be entitled. Leave accrued by an employee while using donated leave shall be used, if necessary, in the following pay period before additional donated leave may be received. Donated leave shall not count toward the probationary period of an employee who receives donated leave during his or her probationary period. Donated leave shall be considered sick leave, but shall never be converted into a cash benefit. D. Employees who wish to donate leave shall certify: 1. The name of the employee for whom the donated leave is intended; 2. The type of leave and number of hours to be donated; 3. That the employee will have a minimum combined leave balance of at least eighty hours; and 4. That the leave is donated voluntarily and the employee understands that the donated leave will not be returned. E. Appointing authorities shall ensure that no employees are forced to donate leave. Appointing authorities shall respect an employee's right to privacy, however appointing authorities may, with the permission of the employee who is in need of leave or a member of the employee's immediate family, inform employees of their co-worker's critical need for leave. Appointing authorities shall not directly solicit leave donations from employees. The donation of leave shall occur on a strictly voluntary basis.

  • Vacation Buy Back Employees shall have the option of requesting pay in lieu of time off up to a maximum of 144 hours of vacation time each year, during each year of the contract in increments of eight (8) hrs. Such requests are subject to the approval of the department head and the availability of funds.

  • RRSP 19.01 A full-time employee who has worked continuously for 3001 hours shall be eligible to qualify for a maximum RRSP contribution payment by the Company of two (2%) percent of the employee’s annual gross earnings. To qualify, an employee must contribute to a RRSP fund and verify payment to the Company prior to February 1st, the amount paid to an RRSP fund at a financial institution. The Company will match the employee’s contribution which in no event will exceed a maximum contribution of two (2%) percent of the employee’s gross earnings in the previous calendar year. Such opportunity will be deemed waived if not exercised by February 1st of the following calendar year.

  • 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.

  • Health and Welfare Benefits applies to full-time nurses only)

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