SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM Sample Clauses

SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Employees of the College have access to different types of voluntary savings programs to assist with saving for retirement. These programs allow monies to be set via payroll deduction to help supplement post-retirement income from Social Security and employer sponsored pension plans. Through the pre-tax option, contributions, plus earnings, are not taxed until the employee withdraws the funds, allowing for even greater savings through tax-deferred growth. Through the post-tax option, contributions are taxed at the time the employee makes them (via payroll deduction), and when the employees withdraws the funds (contributions or earnings), the employee is not taxed. Use of the post-tax option may help maintain a balance against tax rates that increase over time. Supplemental retirement savings programs include: 26.1 SUNY Tax Deferred Annuity Plan - Authorized under section 403(b)(1) of the Internal Revenue Code with a choice of investment providers including: a. Fidelity b. Teachers' Insurance and Annuity Association (TIAA) c. Variable Annuity Life Insurance Company (VALIC)
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SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Employees of the College have access to different types of voluntary savings programs to assist with saving for retirement. These programs allow monies to be set aside via payroll deduction to help supplement post- retirement income from Social Security and employer sponsored pension plans. Supplemental retirement savings programs include: Through the pre-tax option, contributions, plus earnings, are not taxed until the employee withdraws the funds, allowing for even greater savings through tax-deferred growth. Through the post-tax option, contributions are taxed at the time the employees makes them (via payroll deduction), and when the employees withdraws the funds (contributions or earn- ings), the employees is not taxed. Use of the post-tax option may help maintain a balance against tax rates that increase over time. 28.1 SUNY Tax Deferred Annuity Plan - Authorized under section 405(b)(1) of the Internal Revenue Code with a choice of investment providers including: a. AIG b. Fidelity c. VOYA d. TIAA 28.2 New York State Deferred Compensation Plan – Authorized under section 457 of the Internal Revenue Code with a wide array of investment options. The College does not contribute to the cost of supplemental retirement annuities.
Sample 1
SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Each member of the bargaining unit who is eligible may participate in this program. The College does not contribute to the cost of supplemental retirement annuities. top of page
Sample 1
SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Employees of the College have access to two different types of voluntary tax-deferred savings programs to assist with saving for retirement. Both programs allow pre-tax monies to be set via payroll deduction to help supplement post-retirement income from Social Security and employer sponsored pension plans. Federal and state taxes are deferred until the money is withdrawn upon your retirement or separation from service allowing for even greater savings through tax-deferred growth. Tax deferred savings programs include: 26.1 SUNY Tax Deferred Annuity Plan - Authorized under section 405(b)(1) of the Internal Revenue Code with a choice of investment providers including: a. Fidelity b. MetLife and Affiliated Companies c. Teachers' Insurance and Annuity Association (TIAA) d. Variable Annuity Life Insurance Company (VALIC) e. VOYA 26.2 New York State Deferred Compensation Plan – Authorized under section 457 of the Internal Revenue Code with a wide array of investment options. The College does not contribute to the cost of supplemental retirement annuities.
Sample 1
SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Each member of the bargaining unit who is eligible may participate in this program. The College does not contribute to the cost of supplemental retirement annuities.
Sample 1
SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM. Employees of the College have access to two different types of voluntary tax-deferred savings programs to assist with saving for retirement. Both programs allow pre-tax monies to be set via payroll deduction to help supplement post-retirement income from Social Security and employer sponsored pension plans. Federal and state taxes are deferred until the money is withdrawn upon your retirement or separation from service allowing for even greater savings through tax-deferred growth. Tax deferred savings programs include: 26.1 SUNY Tax Deferred Annuity Plan - Authorized under section 405(b)(1) of the Internal Revenue Code with a choice of investment providers including: a. VALIC b. Fidelity c. ING d. Met Life e. TIAA-CREF 26.2 New York State Deferred Compensation Plan – Authorized under section 457 of the Internal Revenue Code with a wide array of investment options. The College does not contribute to the cost of supplemental retirement annuities.
Sample 1

Related to SUPPLEMENTAL RETIREMENT ANNUITY PROGRAM

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • 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.

  • 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.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • 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.

  • 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.

  • 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.

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