Supplemental Retirement Program. The Board and Administration retain the exclusive right to develop and periodically implement a supplemental retirement program in addition to the one specified in this contract. Eligibility and other criteria shall be determined solely by the Administration.
Supplemental Retirement Program. The Town will offer a voluntary defined contribution plan to the same extent it is offered for all other Town employees.
Supplemental Retirement Program. Employees who retired between the first full pay period in October, 2001 and the first full pay period in July, 2004 are eligible to participate in a Supplemental Retirement Program (SRP). Eligible employees may participate in the City’s Supplemental Retirement Program as defined and described in the ‘Side Letter of Agreement between the City of Ontario and the Ontario Police Management Group.’ Eligible employees must complete an ‘Individual Agreement to Participate in the City’s Supplemental Retirement Program’ to participate in the program.
Supplemental Retirement Program. The parties agree to create a Program to enhance the Deferred Compensation Program by means of offering participants a variety of investment options, and the services of a financial advisor who will hold personal, confidential sessions with each employee to provide them with fiscal planning advice. The advisory service will be provided at no direct cost to the employee. The supplemental Retirement Program will be overseen by a Committee that will include a representative of Union. The Committee would have the right to control the Program and would be able to add or delete any investment options that it wished. The purpose of this Program is to expand the Deferred Compensation Program to give employees greater flexibility in their financial planning while still preserving the tax-exempt features of the present plan.
a. As control over the Supplemental Retirement Program will be vested in a Committee comprised of one person from each employee representation unit, the employees would be in a position to divert some funds towards the purchase of disability insurance or survivorship insurance, should that be the wish of the employees.
b. In step with the supplemental Retirement Program, the Town agrees to utilize the "Golden Handshake" option available through P.E.R.S. as such may be appropriate in an individual employee's circumstances. The details of each employee's circumstances would be negotiated at the time the Town is looking at mandatory reduction in force or downgrading of positions, which are the two requirements for implementation of the Golden Handshake program contained in the P.E.R.S. regulations.
Supplemental Retirement Program. Executive shall be eligible to participate in such supplemental retirement plan or program as the Company may adopt and maintain, in accordance with the terms of such plan or program, as the same may be amended from time-to-time.
Supplemental Retirement Program. The Company shall establish for Executive and make contributions to fund an additional defined contribution supplemental retirement program (the “SRIP”), designed to provide Executive with a retirement annuity, at age 65, in an amount, taken together with other pension and social security benefits to which Executive may be entitled at age 65, equal to 35% of his final average compensation from Base Salary and Annual Bonus for the last three years of his employment. The SRIP shall be based on the assumptions set forth on Schedule 1 to this Agreement. The annual benefit will be reduced if Executive’s employment terminates before 2008. The annual contribution shall be calculated each year, and Executive acknowledges that the amount of the contribution will likely be different from the amounts shown in Schedule 1. Executive further acknowledges that the contribution will vary based on the performance of the Company and whether Executive meets or exceeds targeted bonus levels under the Annual Bonus Plan. LTIP participation shall not be included in calculating average compensation above. 7.
Supplemental Retirement Program. The Company shall establish for Executive and make contributions to fund an additional defined contribution supplemental retirement program (the “SRIP”), designed to provide Executive with a retirement annuity, at age 65, in an amount, taken together with other pension, retirement and social security benefits to which Executive may be entitled at age 65, equal to the greater of: (i) 35% of his average compensation from Base Salary and Annual Bonus for the three years prior to Executive reaching age 65, or (ii) 40% of his average compensation from Base Salary and Annual Bonus for the three years prior to December 31, 2010 (which average shall in no event be less than his average compensation from Base Salary and Annual Bonus for the three years prior to Executive reaching age 65). The SRIP shall be based on the assumptions set forth on Schedule 1 to this Agreement. The annual contribution shall be calculated each year, and Executive acknowledges that the amount of the contribution will likely be different from the amounts shown in Schedule 1. Executive further acknowledges that the contribution will vary based on the performance of the Company and whether Executive meets or exceeds targeted bonus levels under the Annual Bonus Plan. LTIP participation shall not be included in calculating average compensation above.
Supplemental Retirement Program. A. No employee hired after July 1, 2002, shall be eligible for the benefits of this Article.
B. For those teachers who retire on or after age 55, who have worked continuously for the district until retirement, and worked for the District during and prior to the 2001-02 school year, the District will contribute per month, 1/15 of $600 for each continuous year of service to the District (from their first date of service as a teacher until the 2001-02 school year). The amount shall be paid out over a one hundred-twenty (120) month period of time after retirement or until the retiree is age 65, whichever is sooner. The retiree also has the option of applying this payment towards their insurance premium as per Article 19.
C. A teacher exercising the early retirement option must give written notice no later than March 15 of the calendar year in which retirement is anticipated.
D. Beginning in the 2002-2003 school year an eligible teacher may only take early retirement after fifteen
Supplemental Retirement Program. Xxxxx will be eligible to participate in a to-be-created nonqualified Supplemental Employee Retirement Program or an equivalent program. On each anniversary of Xxxxx’x employment under this Agreement, UDF IV will fund her account in an amount equal to 10% of her Base Salary and her account will accrue interest at a compounded rate of 10% per annum.
Supplemental Retirement Program. As further consideration, and -------------------------------- without any other obligation to do so, the parties agree that Xx. Xxxxxxx shall make an election under the Supplemental Retirement Program before February 15, 1996, as to whether he wishes to receive an immediate lump sum distribution or elect, subject to the consent of the BankAmerica Corporation Employee Benefits Administrative Committee, a different form of distribution.
