Use of Retirement Compensation Arrangement to Secure Pension Benefits Sample Clauses

Use of Retirement Compensation Arrangement to Secure Pension Benefits. Effective from fiscal year 2003, a Pilot’s contribution to the Registered Plan will be limited to 1.5 times the MPU in respect of pensionable service after July 1, 2003 applicable for that year. From July 1, 2003, a Pilot’s contribution between this amount and an amount equal to 3 times the MPU in respect of pensionable service after July 1, 2003 applicable for that year (“Pilot RCA Contribution”) will be deposited into a Retirement Compensation Arrangement fund (“RCA Plan”) to be established and administered by Air Canada. From July 1, 2003, Air Canada will contribute to the RCA, for each Pilot, an amount equal to the Pilot RCA Contribution (“Basic Company Contribution”). For Pilots covered by 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 A17.02.12.04.05 and A17.02.12.05 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 1Sample 2
AutoNDA by SimpleDocs
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. 17.01.10.02 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 Art 16 – 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. 17.01.10.03 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 Art 00.00.00.00.00 and Art 17.01.10.05 and the applicable refundable tax credits. 17.01.10.04 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: 00.00.00.00.00 The Pilot will elect the date at which payments from the RCA will start. Payments shall start no later than age 75. 00.00.00.00.00 Payments will be made over a period of 10 years: 1/10 of the account in the first year of payment, 1/9 in the second year and so on until the 10th year, provided that in no event shall such payment exceed the supplementary pension. 00.00.00.00.00 In the event the RCA is not depleted at the end of the 10th year, any residual amount in the RCA shall be used to pay the supplementary pension until the RCA has been depleted. 00.00.00.00.00 Supplementary pensions payable from Air Canada to the Pilot will be reduced by $1 for each $1 received from the RCA. 00.00.00.00.00 In cases where the pensioner and his survivor die before the Pilot’s...
Sample 1
Use of Retirement Compensation Arrangement to Secure Pension Benefits. 17.02.12.01 Effective from fiscal year 2003, a Pilot’s contribution to the Registered Plan will be limited to 1.5 times the MPU in respect of pensionable service after July 1, 2003 applicable for that year. From July 1, 2003, a Pilot’s contribution between this amount and an amount equal to 3 times the MPU in respect of pensionable service after July 1, 2003 applicable for that year (“Pilot RCA Contribution”) will be deposited into a Retirement Compensation Arrangement fund (“RCA Plan”) to be established and administered by Air Canada. 17.02.12.02 From July 1, 2003, Air Canada will contribute to the RCA, for each Pilot, an amount equal to the Pilot RCA Contribution (“Basic Company Contribution”). For Pilots covered by 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. 17.02.12.03 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 Art 00.00.00.00.00 and Art 17.02.12.05 and the applicable refundable tax credits. 17.02.12.04 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: 00.00.00.00.00 The Pilot will elect the date at which payments from the RCA will start. Payments shall start no later than age 75. 00.00.00.00.00 Payments will be made over a period of 10 years: 1/10 of the account in the first year of payment, 1/9 in the second year and so on until the 10th year, provided that in no event shall such payment exceed the supplementary pension.
Sample 1Sample 2
Use of Retirement Compensation Arrangement to Secure Pension Benefits. Effective April 2, 2000, Pilot contributions to the Air Canada Pension Trust
Sample 1
Use of Retirement Compensation Arrangement to Secure Pension Benefits. Effective from fiscal year 2003, a Pilot’s contribution to the Registered Plan will be limited to 1.5 times the MPU in respect of pensionable service after July 1, 2003 applicable for that year. From July 1, 2003, a Pilot’s contribution between this amount and an amount equal to 3 times the MPU in respect of pensionable service after July 1, 2003 applicable for that year (“Pilot RCA Contribution”) will be deposited into a Retirement Compensation Arrangement fund (“RCA Plan”) to be established and administered by Air Canada.
Sample 1

Related to Use of Retirement Compensation Arrangement to Secure Pension Benefits

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows: (a) The Manager shall (i) receive an annual cash base salary, payable not less frequently than semi-monthly, which is not less than the annualized cash base salary payable to Manager as of the Effective Date; (ii) be entitled to at least as favorable annual incentive award opportunity under the Company's annual incentive compensation plan as he did in the calendar year immediately prior to the year in which the Change of Control Event occurs; and (iii) be eligible to participate in all of the Company's long-term incentive compensation plans and programs on terms that are at least as favorable to the Manager as provided to the Manager in the four calendar years prior to the Effective Date. (b) The Manager shall be entitled to receive fringe benefits, employee benefits, and perquisites (including, but not limited to, vacation, medical, disability, dental, and life insurance benefits) which are at least as favorable to those made generally available as of the Effective Date to all of the Company's salaried managers as a group. In addition, the Manager shall be eligible to participate in the Company's Supplemental Retirement Income Program ("SRIP"). (c) Notwithstanding any other provision of this Agreement (whether in this Section 4, in Section 6, or elsewhere), (i) the Board of Directors may authorize an increase in the amount, duration, and nature of and/or the acceleration of any compensation or benefits payable under this Agreement, as well as waive or reduce the requirements for entitlement thereto and (ii) the Company may deduct from amounts otherwise payable to the Manager such amounts as it reasonably believes it is required to withhold for the payment of federal, state, and local taxes.

  • 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.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • 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.

  • Change in Control Benefits In the event there is a Change in Control, as defined below, and the Executive’s employment hereunder is terminated by the Executive for Good Reason or by the Employer without Cause (other than on account of the Executive’s death or disability), in each case within twelve (12) months either (a) after Executive’s employment has terminated or (b) following a Change in Control, the Executive shall be entitled to be paid, in a single lump sum, severance equal to two (2) years’ salary at that salary rate being paid to Executive as of the date of the Executive’s termination together with an amount equal to one times (1.0x) the average of the Annual Bonus paid to Executive for services during the preceding three (3) calendar years (or the Executive’s period of employment, if less than three (3) years), provided; that, in the event the Executive’s employment has terminated and Executive has been paid a severance benefit under Section 6 of this Agreement, such change in control benefit under this Section 7 shall be reduced by the amount of the severance benefit previously paid. Executive acknowledges and agrees that such payment is in lieu of all damages, payments and liabilities on account of the early termination of this Agreement and is the sole and exclusive remedy for Executive (other than rights, if any, to exercise any of the stock options vested prior to such termination), and shall only be paid, within 60 days after his separation from service with Employer, subject to Executive’s execution and delivery to Employer, within such 60-day period, of a complete release of all claims Executive may have against the Employer, its officers, directors, agents, employees, predecessors, successors, parents, subsidiaries, and affiliates. If the 60-day period referred to in the immediately preceding sentence begins in one calendar year and ends in the following calendar year, then the payment shall be made in the latter calendar year. If upon termination of employment Executive chooses to arbitrate any claims pursuant to Section 18, Executive shall be deemed to have waived Executive’s right, if any, to severance.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • 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.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!