UPS Part-Time Pension Plan Sample Clauses

UPS Part-Time Pension Plan. 1. The UPS Pension Plan will be improved to provide monthly benefits for part-time employees not covered by Teamster pension plans as follows: The benefit formula in the UPS Pension Plan for current or future part-time employees who are participants will be increased effective August 1, 2004 to fifty-five dollars ($55) for each year of past and future Credited Service to a maximum of 35 years of Credited Service. For example, the total monthly benefit will be equal to the following provided the employee meets the Credited Service requirement: $1,925 for retirement at any age after 35 years of part-time Credited Service $1,650 for retirement at any age after 30 years of part-time Credited Service $1,375 for retirement at age 60 with 25 years of part-time Credited Service $1,125 for retirement at any age with 25 years of part-time Credited Service (based on $45.00 per year of Credited Service)
Sample 1
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UPS Part-Time Pension Plan. 1) The UPS Pension Plan shall be improved to provide monthly benefits to part-time employees as follows: The benefit formula in the UPS Pension Plan for current or future part-time employees who are participants shall be increased effective August 1, 2004 to fifty-five dollars ($55.00) for each year of past and future credited service to a maximum of 35 years of The Company reserves the full right to add too, delete from, or alter any or all proposals at anytime during the entire course of these 2023 negotiations. The Company also reserves the full right to correct inadvertent errors and omissions. Where no reference is made to a specific Article or section thereof, such Article and Section are to continue as in the current Supplemental Agreement, as applied and interpreted during the life of such Agreement. Nothing contained in these proposals shall be construed to be a waiver of, indication of, or acknowledgement that any Company rights or practice may not presently exist nor shall any modification or withdrawal of a proposal lessen or detract from such Company rights as may exist credited service. The benefit formula in the UPS Pension Plan for current or future part-time employees who are participants shall be increased solely for purposes of the monthly accrued benefit, effective August 1, 2008 to sixty dollars ($60) for each year of future Credited Service to a maximum of 35 years of Credited Service. If a participant is in Covered Employment on August 1, 2008, he they shall receive the sixty dollars ($60) benefit formula for the entire 2008 plan year. Effective August 1, 2023 the benefit formula in the UPS Pension Plan for current or future employees will be increased to sixty-five dollars ($65.00) for each year of future Credited Service to a maximum of 35 years of Credited Service. If a participant is in Covered Employment an August 1, 2023, they shall receive the sixty-five dollars ($65.00) benefit formula for the entire 2023 plan year. The total monthly service pension benefit shall be equal to the following provided the employee meets the Credited Service requirement: $2275 2450.00 at any age after 35 years of Credited Service $1950 2100.00 at any age after 30 years of Credited Service $1625 1750.00 at age 60 with 25 years of Credited Service $1325 1450.00 at any age with 25 years of Credited Service (Based on $58.00 $53.00 per year of credited services)
Sample 1
UPS Part-Time Pension Plan. The UPS Pension Plan shall be improved to provide monthly benefits to part-time employees as follows: The benefit formula in the UPS Pension Plan for current or future part-time employees who are participants shall be increased effective August 1, 2004 August to fifty-five dollars ($55.00) sixty five ($65.00)for each year of past and future credited service to a maximum of 35 years of credited service. The benefit formula in the UPS Pension Plan for current or future part-time employees who are participants shall be increased solely for purposes of the monthly accrued benefit, effective August 1, 2008 to sixty dollars ($60) for each year of future Credited Service to a maximum of 35 years of Credited Service. If a participant is in Covered Employment on August 1, 2008, he shall receive the sixty dollars ($60) benefit formula for the entire 2008 plan year. The total monthly service pension benefit shall be equal to the following provided the employee meets the Credited Service requirement: $2100.00 $2275.00 at any age after 35 years of Credited Service $1800.00 $1950.00 at any age after 30 years of Credited Service $1500.00 $1625.00 at age 60 with 25 years of Credited Service $1250.00 $1325.00 at any age with 25 years of Credited Service (Based on $50.00 65.00 per year of credited services)
Sample 1

Related to UPS Part-Time Pension Plan

  • Canada Pension Plan All employees shall participate in and contribute to the Canada Pension Plan in accordance with the applicable legislation. The College will contribute to the plan for each employee, to the extent provided for in the applicable legislation.

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Pension Plans Any of the following events shall occur with respect to any Pension Plan:

  • Pension Plan 15.01 The CLAC Pension Plan (“the Plan”), a defined contribution pension plan, is registered with the Canada Revenue Agency. The Plan applies to all employees covered by this Agreement.

  • Health Benefit Plan Par. 1. The Health Benefit Plan covering life insurance, sickness and accident benefits, and hospitalization insurance, or any changes thereto that are in accordance with the National Elevator Industry Health Benefit Plan and Declaration of Trust, shall be a part of this Agreement and adopted by all parties signatory thereto.

  • Benefit Plan If an employee maintains coverage for benefit plans while on maternity or parental leave, the Employer agrees to pay the Employer's share of these premiums.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • ERISA The Employee Retirement Income Security Act of 1974, as amended.

  • Cafeteria Plan As of the Benefit Commencement Date, New Parkway or any of its Subsidiaries shall establish a cafeteria plan qualifying under Section 125 of the Code (the “New Parkway Cafeteria Plan”) and health care and dependent care flexible spending reimbursement accounts thereunder in which Transferring Employees who meet the eligibility criteria thereof may be immediately eligible to participate. As soon as practicable following the Benefit Commencement Date, the Cousins Group shall determine the aggregate accumulated contributions to the flexible spending reimbursement accounts under Cousin’s cafeteria plan or Legacy Parkway’s cafeteria plan, as applicable, in which such Transferring Employees participated (the “Cousins Cafeteria Plans”) made during the year in which the Distribution Date occurs by the Transferring Employees less the aggregate reimbursement payouts made for such year up to the day immediately prior to the Benefit Commencement Date from such accounts to such Transferring Employees (the “Net FSA Balance”). If the Net FSA Balance is (a) positive, the Cousins Group shall pay to the New Parkway Group an amount in cash equal to the Net FSA Balance or (b) negative, the New Parkway Group shall pay to the Cousins Group, the absolute value of the Net FSA Balance attributable to Transferring Parkway Employees. New Parkway or its applicable Subsidiary shall cause the balance (whether positive or negative) of each Transferring Employee’s accounts under the Cousins Cafeteria Plans as of the Benefit Commencement Date to be credited to the Transferring Employee’s corresponding accounts under the New Parkway Cafeteria Plan in which such Transferring Employee participates following the Benefit Commencement Date. On and after the Benefit Commencement Date, New Parkway shall assume and be solely responsible for all claims for reimbursement by the Transferring Employees with respect to the plan year that includes the Distribution Date, whether incurred prior to, on or after the Distribution Date, that have not been paid in full as of the Benefit Commencement Date, which claims shall be paid pursuant to and under the terms of the New Parkway Cafeteria Plan. New Parkway agrees to cause the New Parkway Cafeteria Plan to honor, through the end of the calendar year in which the Distribution Date occurs, the elections made by each Transferring Employee under the Cousins Cafeteria Plans in respect of the flexible spending reimbursement accounts that are in effect immediately prior to the Benefit Commencement Date.

  • AGGREGATION PLAN Competitive Supplier agrees that it has been provided with and had a reasonable opportunity to examine, and has examined, the Aggregation Plan, and has not discerned any conflicts between this Agreement and the Aggregation Plan. The Parties agree that the Aggregation Plan, in the form as it exists on the Effective Date, shall be construed harmoniously with this Agreement to the greatest practicable extent. Notwithstanding the foregoing, in the event of any conflict between this Agreement and the Aggregation Plan, the Agreement shall govern.

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