Transferred Employees with Retirement Eligibility Under the GRP Sample Clauses

Transferred Employees with Retirement Eligibility Under the GRP. Pursuant to the Employee Transition Agreement, certain former Ford employees who were transferred to Visteon were eligible to retire under the normal retirement, regular early retirement, special early retirement or disability benefit provisions of the GRP and had not commenced benefits as of the Employment Date. The GRP benefits for such retirement eligible Transferred Employees transferred to ACH will be administered as follows: (i) Years of credited service under the GRP prior to July 1, 2000 shall be used to determine the amount of the GRP benefit. The benefit rates shall be those in effect at the time of retirement. (ii) The sum of the years of credited service under the GRP prior to July 1, 2000, plus years of credited service at Visteon (or any predecessor company), plus years of service under the FRP after the Employment Date, shall be used solely for the purposes of fulfilling the minimum years of credited service required as a condition of eligibility for GRP benefits, but not for the purposes of calculating the benefit amount. (iii) Solely for purposes of determining the contributory benefit under the GRP, Final Average Monthly Salary under the GRP shall mean the highest average monthly salary paid to a Transferred Employee by ACH or Visteon as of the five consecutive December 31 dates that occur during the 120 consecutive months ending with the last month employed by ACH after the Transferred Employee's Employment Date. Visteon shall provide such salary information upon ACH's request. (iv) To the extent GRP benefits are related to completion of a specified period of credited service (e.g., Early Retirement Supplement), and the Transferred Employee meets the eligibility conditions, the amount of the benefit payable under the GRP shall be determined as follows: The Early Retirement Supplement in effect at retirement shall be multiplied by a fraction, the numerator of which shall be the years of credited service under the GRP (not to exceed thirty years) and the denominator which shall be thirty years. For example, a Transferred Employee with ten years of GRP credited service prior to July 1, 2000 and 25 years of service with Visteon and ACH on and after July 1, 2000 for total combined service of 35 years shall be eligible for 10/30 of a GRP Early Retirement Supplement payable to age 62 and one month. (v) If a Transferred Employee does not have thirty years of eligibility service to qualify for an Early Retirement Supplement but otherwise achieves...
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Related to Transferred Employees with Retirement Eligibility Under the GRP

  • Public Employees Retirement System “PERS”) Members.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Dependent Eligibility For all programs covered in this article, eligible dependents are an employee’s lawful spouse or domestic partner (as defined by Section 297 of the California Family Code), and unmarried children (natural, step, adopted, legal guardianship, and/or xxxxxx) of the employee or domestic partner, who are qualified IRS dependents of the employee or domestic partner, up to twenty-three (23) years of age. Disabled dependents may be able to continue coverage beyond the limiting age if the disability occurred while the dependent was covered under a County-sponsored medical plan or prior to the dependent’s 19th birthday, and is certified by a licensed physician.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Employee Eligibility For purposes of this section, “eligible employee” shall be defined by the Public Employees’ Medical and Hospital Care Act.

  • 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.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • 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.

  • 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.

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