Hybrid Plan definition

Hybrid Plan. The City shall enroll employees with a full-time hire date on or after January 1, 2018 (and defined contribution employees electing to convert) into the MERS Hybrid Plan with a defined benefit multiplier of 1%, V-6 six year vesting, FAC5 –five year final average compensation which includes base wages and overtime only. Normal retirement age shall be age 60 with 10 years of service. The MERS Hybrid Plan shall include a defined contribution plan. There is a mandatory employee contribution of 5% of wages deposited into the defined contribution account. The City will contribute to the employee’s defined contribution account the difference between the cost of the defined benefit plan and the 12% cap. The City’s total contribution for pension (DB and DC combined) is capped at 12% of the employee’s wages. The City will provide the union with a copy of the MERS annual actuarial valuation. In the event that the cost of the DB portion of the hybrid plan reaches 7.5%, the City and Union agree to meet and discuss options.
Sample 1Sample 2Sample 3
Hybrid Plan means a Plan, as defined in this Agreement, that is combined with Stop-Loss Coverage.
Sample 1Sample 2Sample 3
Hybrid Plan means a plan under which
Sample 1Sample 2Sample 3

Examples of Hybrid Plan in a sentence

  • The Hybrid Plan will include a Defined Benefit, as well as, a Defined Contribution component.

  • Employees will contribute to the Defined Contribution (DC) Component of the Hybrid Plan in an amount of their choice but no less than 2% of the Employee’s base wage.

  • Unlike under a traditional self-funded plan, with respect to the Hybrid Plan that Plan Sponsor shall offer its employees and their dependents in connection with this Agreement, Plan Sponsor delegates to MHHSI the responsibility for determining the Benefits, premium rates, reimbursement procedures and claim payment procedures applicable to the Plan and for securing Stop-Loss Coverage, if any.

  • Full-time employees hired before adoption of the Plan may convert to the Hybrid Plan at their option in accordance with the terms of the Plan and MERS Uniform Hybrid Program Resolution as adopted by the County Board of Commissioners.

  • For eligible employees hired on or after January 1, 2014 from outside the County or promoted from another County bargaining unit in which the employee was eligible for a hybrid plan, the Employer shall offer a MERS Hybrid Plan.

  • XXXX will provide each active Hybrid member with educational and financial information in order to assist with making their decision to convert to the Defined Contribution Plus Plan or to remain in their current Hybrid Plan.

  • Pension benefits are to be provided to regular Full-time and regular 0.50 FTE or higher Part-time staff through the Alameda Health System Enhanced Defined Contribution Plan and Alameda Health System Hybrid Plan.

  • MERS will provide each active Hybrid member with educational and financial information in order to assist with making their decision to convert to the Defined Contribution Plus Plan or to remain in their current Hybrid Plan.

  • Contribution Rate for Reentry Employees Portion of the Employee Contribution Rate noted in column 1 to be paid “after-tax” 10% 11% 21% 0% Note: The minimum mandatory rate for the Statewide Hybrid Plan is 8% Employee and 8% Authority; however, a higher rate is accepted.

  • The City may also choose (at its sole discretion) to convert the Defined Contribution plan to a Hybrid Plan with a Defined Benefit (DB) portion of a 1% multiplier and a Defined Contribution portion fully funded by the employee at 2% of base pay.


More Definitions of Hybrid Plan

Hybrid Plan means a plan that provides a combination of a defined benefit plan and a defined contribution plan which, together, are intended to comply with the provisions of the Internal Revenue Code that are applicable to governmental plans;
Sample 1Sample 2Sample 3
Hybrid Plan means a plan under which some, but not all, the benefits, are determined as if the plan were a defined contribution plan and some, but not all, the benefits, are determined by a defined benefit formula;
Sample 1
Hybrid Plan means a plan that contains elements of both Defined Benefit (DB) and Defined Contribution (DC) plans.
Sample 1
Hybrid Plan. , subject to the regulations, means any of the following:
Sample 1

Related to Hybrid Plan

  • Flexi Plan means any individual indemnity hospital insurance plan under the VHIS framework with enhancement(s) to any or all of the protections or terms and benefits that the Standard Plan provides to the Policy Holder and the Insured Person, subject to certification by the Government. Such plan shall not contain terms and benefits which are less favourable than those in the Standard Plan, save for the exception as may be approved by the Government from time to time.

  • Plan means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

  • Distribution Plan means the plan hereafter approved by the MDL Court for the distribution of the Settlement Amount (net of any attorneys’ fees or costs that are awarded by the MDL Court) to Stanford Investors who have had their Claims allowed by the Receiver.

  • Individualized service plan means a plan prepared by a

  • Company Plan means any Benefit Plan: (i) under which any current or former director, officer, employee, consultant or independent contractor of the Company has any present or future right to benefits and that is maintained, sponsored or contributed to by the Company; or (ii) with respect to which the Company has any Liability.

  • Utilization plan means a form and additional documentation included in all bids or proposals that demonstrates a vendor’s proposed utilization of vendors certified by the Business Enterprise Program to meet the targeted goal. The Utilization Plan shall demonstrate that the Vendor has either: (1) met the entire contract goal or (2) requested a full or partial waiver and made Good Faith Efforts towards meeting the goal.