Xxxxxxx County Defined Benefit Pension Plan Sample Clauses

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
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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. 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 (4) full years of service, and one hundred percent (...
Sample 1
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
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

Related to Xxxxxxx County Defined Benefit Pension Plan

  • 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.

  • 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.

  • 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.

  • Defined Benefit Plans The Company has not maintained or contributed to a defined benefit plan as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). No plan maintained or contributed to by the Company that is subject to ERISA (an “ERISA Plan”) (or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) that could subject the Company to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified” within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section 401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Company has never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

  • Municipal Pension Plan (a) An employer will provide the Municipal Pension Plan (MPP) to all eligible employees. (b) Employees of record on March 31, 2010, who meet the eligibility requirements of the MPP, have the option of joining or not joining the MPP. Eligible employees who initially elect not to join the MPP on April 1, 2010, have the right to join the MPP at any later date but will not be able to contribute or purchase service for the period waived. (c) All regular full-time employees hired after March 31, 2010, will be enrolled in the MPP upon completion of the earlier of their probationary period or three months and will continue in the plan as a condition of employment. Full-time hours of work are defined in the local issues agreement specific to each employer. Regular part-time employees and casual employees hired after April 1, 2010, who meet the eligibility requirements of the MPP have the right to enrol or not enrol in the MPP. Those who initially decline participation have the right to join the MPP at any later date. The MPP rules currently provide that a person who has completed two years of continuous employment with earnings from an employer of not less than 35% of the year's maximum pensionable earnings in each of two consecutive calendar years will be enrolled in the Plan. This rule will not apply when an eligible employee gives a written waiver to the Employer. (d) Employers will ensure that all new employees are informed of the options available to them under the MPP rules. (e) Eligibility and terms and conditions for the pension will be those contained in the Municipal Pension Plan and associated documents. (f) If there is a conflict between the terms of this agreement and the MPP rules, the MPP must prevail. Note: MPP contact information: Web: http:\\xxx.xxxxxxxxxx.xx Email: xxx@xxxxxxxxxx.xx Victoria Phone: 0-000-000-0000 BC Phone: 0-000-000-0000

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • 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.

  • Early Termination Benefit If Early Termination occurs, the Bank shall distribute to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under 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.

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