Use of Retirement Compensation Arrangement to Secure Pension Benefits Sample Clauses

Use of Retirement Compensation Arrangement to Secure Pension Benefits. 17.01.10.01 Effective April 2, 2000, Pilot contributions to the Air Canada Pension Trust Fund – Pilots will be limited to 1.5 times the “post-1989” MPUs of that year. Pilot contributions between this amount and an amount equal to 3 times the “post- 1989” MPUs (“Pilot RCA Contribution”) will be deposited into a Retirement Compensation Arrangement fund (“RCA Plan”) to be established and administered by Air Canada.
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Use of Retirement Compensation Arrangement to Secure Pension Benefits. Effective April 2, 2000, Pilot contributions to the Air Canada Pension Trust Fund – Pilots will be limited to 1.5 times the “post-1989” MPUs of that year. Pilot contributions between this amount and an amount equal to 3 times the “post- 1989” MPUs (“Pilot RCA Contribution”) will be deposited into a Retirement Compensation Arrangement fund (“RCA Plan”) to be established and administered by Air Canada. For each Pilot, Air Canada will contribute to the RCA an amount equal to the Pilot RCA Contribution (“Basic Company Contribution”). For Pilots covered by A16 – Group Disability Income Plan – Pilots, the Basic Company Contribution shall be calculated in the same manner as for Active Pilots based upon the deemed earnings used to determine the Average Annual Compensation for pension calculation purposes. For Pilots who have accrued or will accrue 35 years of service before Normal Retirement Age, Air Canada shall continue to make the “Basic Company Contribution” to their account in the RCA Plan. These contributions shall continue from when the member accrues 35 years of allowable service until their retirement date. Each Pilot will have an individual account under the RCA which will comprise the Pilots RCA Contributions, the Basic Company Contribution, investment earnings thereon, distributions as set out in A17.01.10.04.05 and A17.01.10.05 and the applicable refundable tax credits. If a Pilot retires from employment with eligibility to benefits payable from the Supplementary Plan, the individual account of this Pilot will be used to pay the supplementary pension that otherwise would have been paid by Air Canada, in the following manner:
Sample 1

Related to Use of Retirement Compensation Arrangement to Secure Pension Benefits

  • 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 Benefits Each party reserves the right to retain as his or her sole and absolute separate property, the entire interest in pension benefits now vested, or that become vested in the future, and the right to manage, control, transfer, and convey all such property and dispose of the same by will, beneficiary designation or otherwise, without any interference from the other. The parties acknowledge that this Agreement shall constitute an effective waiver of any rights in the other's pension benefit plans. Furthermore, each party agrees to execute whatever additional waiver document may be necessary or useful to confirm such waiver of rights to the other party's pension benefit plans.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • 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.

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Retirement Severance (a) Upon qualification for benefits in accordance with the rules and regulations of the Michigan Public School Employees Retirement System the retiring bus driver shall be paid for all unused sick leave days at a rate that is 50% of the current rate based on the current bid route time. The retiree after 10 or more consecutive years of service will receive 75% of the above amount. Bus monitors who meet the MPSERS qualification shall be paid for all unused equivalent sick leave days at a rate of $15 per day. This will not apply to discharged employees.

  • ' COMPENSATION BENEFITS In accordance with Section 142 of the State Finance Law, this contract shall be void and of no force and effect unless the Contractor shall provide and maintain coverage during the life of this contract for the benefit of such employees as are required to be covered by the provisions of the Workers' Compensation Law.

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