DC Pension Plan definition
Examples of DC Pension Plan in a sentence
A Defined Contribution (DC) Pension Plan will apply for all employees who are not members of the current Defined Benefit (DB) Plan effective January 1, 2009.
SPEA currently administers a registered Defined Contribution (DC) Pension Plan, the Canadian Energy and Related Industries (CERI) Pension Plan.
As a result, eligible (pursuant to the collective agreement and CAAT Participation Agreement) SPEA- SE members who are currently contributing to the Defined Contribution (DC) Pension Plan administered by SPEA, the Canadian Energy and Related Industries (CERI) Pension Plan or who will be entering the bargaining unit for the first time, will be transitioned to the Colleges of Applied Arts and Technology (CAAT) Pension Plan (“the Plan”).
In the glossary of terms “employee earnings” for the purpose of the DC Pension Plan only, is to mean total amount paid by the employer to an employee in a pay period (prior to statutory deductions and income tax), including overtime and shift premiums, vacation pay and payment for statutory holidays.
Effective as of the Effective Time, each such Canadian Pension Plan Member shall cease to actively participate in and accrue benefits under the Canadian DC Pension Plan and shall participate in and accrue benefits under the Allegion Canada DC Pension Plan.
The Allegion Canada DC Pension Plan shall provide benefits which are substantially identical to the benefits provided under the Canadian DC Pension Plan immediately prior to the Effective Time.
In addition, the unvested portion, if any, of the Executive’s account balance under the nonqualified DC Pension Plan as of the Date of Termination that would have vested had Executive remained employed by the Company for the remainder of the Term shall be fully vested as of the Date of Termination and shall be paid out in accordance with the terms of the nonqualified DC Pension Plan.
All assets and liabilities under the Canadian DC Pension Plan relating to the Canadian Pension Plan Members shall be transferred from the Canadian DC Pension Plan to the Allegion Canada DC Pension Plan, subject to obtaining any required approvals from any applicable governmental authority (including any pension regulatory authority).
Allegion shall cause an Allegion Entity to, effective as of the Effective Time, establish a registered pension plan to provide in respect of each Canadian Pension Plan Member who was accruing benefits under the Canadian DC Pension Plan pension benefits in respect of service on and after the Effective Time (the “Allegion Canada DC Pension Plan”).
All eligible employees hired or rehired after September 1st, 2005 shall be members of the Company sponsored Defined Contribution (DC) Pension Plan.