Xxxxxxx County Defined Benefit Pension Plan Sample Clauses

Xxxxxxx County Defined Benefit Pension Plan. Bargaining unit employees hired prior to July 1, 2018, shall, as a condition of employment, participate in the Xxxxxxx County Defined Benefit Pension Plan. The Employer’s contributions to the Xxxxxxx County Defined Benefit Pension Plan, shall be determined on an annual actuarially determined basis. Effective the first full pay period after ratification of the Agreement, each participating employee shall contribute 3.5% of their compensation (as defined under the Plan) towards the pension plan. Normal retirement benefits shall be equal to 2.25% of final average compensation, multiplied by years of credited service (including any additional credited service purchased by the participant) up to an 80% maximum (V-6, FAC-3). All benefits shall be defined by and subject to the terms, conditions and limitations set forth in the Plan, as it may be amended from time to time. All forfeitures due to non-vesting shall accrue to the Plan. Any Employee hired after July 1, 2018 is not eligible for participation in the Xxxxxxx County Defined Benefit Pension Plan. If it becomes necessary to discuss any State imposed mandates, then the parties agree to meet and discuss potential impact.
Sample 1
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Xxxxxxx County Defined Benefit Pension Plan. For Employees hired prior to March 1, 2020, the Employer will continue to sponsor a MERS Retirement Plan with a B-4 (2.5% multiplier) benefit with F-50, 25-year rider, and FAC-3, during the term of this Agreement. Under the Plan, employees in the bargaining unit as of January 1, 1998, shall be eligible for prior service credits for past years’ employment with Xxxxxxx County and/or the Xxxxxxx County Sheriff’s Department. Effective the first full pay period after ratification of the Agreement, each participating Employee shall contribute the following amounts of their compensation (as defined under the Plan) toward the pension plan:‌ 2020: 11% 2021: 10.5% 2022: 10% The parties acknowledge and mutually agree that the 10% Employee contribution beginning in 2022 is intended to be the Employee contribution for future years as a result of the agreement to close the MERS pension plan to new hires in 2020. Employer contributions shall be made semi- annually or more frequently if required under the terms of the Plan, and all forfeitures due to non-vesting shall accrue to the benefit of the Employer. Employees participating in the plan may be offered the opportunity to liquidate and/or freeze their defined benefit on a voluntary basis during a designated transitional period. Any Employee hired after February 29, 2020 is not eligible for participation in the Xxxxxxx County Defined Benefit Pension Plan.
Sample 1
Xxxxxxx County Defined Benefit Pension Plan. Bargaining unit employees hired on or after May 18, 2001, and those hired before that date who have made an authorized election to participate shall, as a condition of employment, participate in the Xxxxxxx County Defined Benefit Pension Plan, as amended. The Employer’s contributions to the Xxxxxxx County Defined Benefit Pension Plan, as amended, on behalf of participants shall be determined on an annual actuarially determined basis, not to exceed 7.0% of an employee’s compensation (as defined under the Plan). Each participating employee shall contribute 8.5% of their compensation (as defined under the Plan) until such time that the Employers 7% cap has been reached, at which time any additional amounts required to fund the specified plan benefits will be borne by the Employee. Normal retirement benefits shall be equal to 1% of final average compensation, multiplied by years of credited service (including any additional credited service purchased by the participant) for years ending before 2006; plus 2% of final average compensation, multiplied by years of credited service for years ending after 2005. Participating employees that had attained 30 years of service credit prior to January 1, 2006 will be eligible for a late retirement benefit calculation as defined under the Plan. All benefits shall be defined by and subject to the terms, conditions and limitations set forth in the Plan, as it may be amended from time to time. All forfeitures due to non-vesting shall accrue to the Employer.
Sample 1
Xxxxxxx County Defined Benefit Pension Plan. Bargaining unit employees hired prior to August 1, 2018, shall, as a condition of employment, participate in the Xxxxxxx County Defined Benefit Pension Plan. The Employer’s contributions to the Xxxxxxx County Defined Benefit Pension Plan, shall be determined on an annual actuarially determined basis. Each participating employee shall contribute 7% percent of their compensation (as defined under the Plan) to the plan, as follows: Normal retirement benefits shall be equal to 2.5% of final average compensation, multiplied by years of credited service (including any additional credited service purchased by the participant) up to a 80% maximum. All benefits shall be defined by and subject to the terms, conditions and limitations set forth in the Plan, as it may be amended from time to time. All forfeitures due to non-vesting shall accrue to the Employer. Any Employee hired after August 1, 2018 is not eligible for participation in the Xxxxxxx County Defined Benefit Pension Plan. Xxxxxxx County 401(k) Savings Plan (“401(k) Plan”) All Employees are eligible to participate in the 401(k) Plan. All benefits shall be defined by and subject to the terms, conditions and limitations set forth in the 401(k) Plan, as it may be amended from time to time. Contributions to the Employee’s 401(k) shall be made on a bi-weekly basis or as soon as otherwise administratively feasible. For Employees hired after August 1, 2018 who do not contribute to, or receive a contribution under, the Defined Benefit Pension Plan (DB Plan), the Employer shall contribute an amount equal to each eligible Employee’s elective contribution up to five percent (5%) of the Employee’s compensation. For any Employee who does not participate in the DB Plan and contributes at least five percent (5%) of the Employee’s compensation, the Employer will contribute an additional amount equal to two percent (2%) of the Employee’s compensation, for a maximum Employer contribution of seven percent (7%). The Employer has no obligation to make any contributions to the 401(k) on behalf of Employees participating in the DB Plan hired prior to August 1, 2018 or to any Employee with a less than a .5 FTE status. There shall be immediate vesting in all amounts contributed by the Employee, and vesting in the amounts contributed by the Employer shall be according to a schedule of forty percent (40%) after two (2) full years of service, sixty percent (60%) after three (3) full years of service, eighty percent (80%) after four (...
Sample 1

Related to Xxxxxxx County Defined Benefit Pension Plan

  • 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").

  • 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.

  • 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.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Municipal Pension Plan (i) All newly hired regular employees shall participate under the Municipal Pension Plan, subject to the terms and conditions of such Plan, from their initial date of hire as a regular employee.

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • 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.

  • Same Sex Benefit Coverage An employee who co-habits with a person of the same sex, and who promotes such person as a "spouse" (partner), and who has done so for a period of not less than twelve (12) months, will be eligible to have the person covered as a spouse for purposes of Medical, Extended Health, and Dental benefits.

  • 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 Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

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