Hybrid Plan definition

Hybrid Plan means a Plan, as defined in this Agreement, that is combined with Stop-Loss Coverage.
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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
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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;
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Examples of Hybrid Plan in a sentence

  • The Public Employees' Hybrid Plan (PERF Hybrid) consists of two components: PERF DB, the employer-funded monthly defined benefit component, and the Public Employees' Hybrid Members Defined Contribution Account, the defined contribution component.

  • New employees hired have a one-time election to join either the Public Employees' Hybrid Plan (PERF Hybrid) or the My Choice: Retirement Savings Plan for Public Employees (My Choice), which is a multiple-employer defined contribution plan.

  • However, if you elect ARP, the SERS Hybrid Plan or TRS membership and are subsequently employed in a position not eligible for ARP, the SERS Hybrid Plan or TRS participation, you must be enrolled in SERS Tier III.

  • Employees who transfer from a classified position in a state college or university to an unclassified position within the same state college or university for the first time are eligible to change their retirement plan membership from SERS Tiers I, II, IIA or III to ARP, the SERS Hybrid Plan or, if eligible, TRS.

  • Employees who transfer from a non-higher education agency to a state college or university unclassified position for the first time are eligible to change their retirement plan membership from SERS Tiers I, II, IIA or III to the ARP, the SERS Hybrid Plan or, if eligible, TRS.

  • Rehired employees with prior state service must rejoin the retirement plan (SERS Tier I, II, IIA or III, TRS, ARP or the SERS Hybrid Plan) in which they previously participated unless: - The employee has experienced a permanent break in service.- The employee is hired in a position not eligible for participation in their prior retirement plan.- The employee is hired in a position which affords them the opportunity to elect participation in a retirement plan not previously available to them.

  • See the SERS Hybrid Plan Summary Plan Description available on the Office of the State Comptroller's website http://www.osc.ct.gov for more details.

  • Remember your retirement plan election is irrevocable unless you elect ARP, the SERS Hybrid Plan or TRS and are subsequently employed in a position not eligible for participation in these plans; under such circumstance you will automatically begin participating in SERS Tier III.

  • State Employees Retirement System (SERS) Hybrid Plan This is a governmental defined benefit plan with a "cash out" option intended to be qualified under section 401(a) of the Internal Revenue Code.

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


More Definitions of Hybrid Plan

Hybrid Plan means a plan under which
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Hybrid Plan. The City shall enroll employees with a full-time hire date on or after January 1, 2017 (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 contribution for pension (DB and DC combined) is capped at 12% of the employee’s wages.
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Hybrid Plan means a plan that contains elements of both Defined Benefit (DB) and Defined Contribution (DC) plans.
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Hybrid Plan. , subject to the regulations, means any of the following:
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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;
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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.

  • EHC plan means an Education, Health and Care plan made under sections 37(2) of the Children and Families Act 2014.

  • Company 401(k) Plan shall have the meaning set forth in Section 6.09(e).

  • 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.

  • Dental plan means any dental insurance policy, including those of nonprofit health service plans, and those of commercial group, blanket, and individual policies, any subscriber contracts issued by Health Maintenance Organizations (HMOs), and any other established programs under which the insured may make a claim. The term Dental Plan includes coverage under a governmental plan, or coverage required to be provided by law. This does not include a State plan under Medicaid (Title XIX, Grants to States for Medical Assistance Programs, of the United States Social Security Act, as amended from time to time.)

  • Parent 401(k) Plan has the meaning set forth in Section 6.6(e).

  • Supplemental Plan means a written plan for a child outlining the agency's plan to locate a permanent placement for the child and which may be developed concurrently with the case plan.

  • Non-U.S. Benefit Plan has the meaning set forth in Section 3.20(a).

  • Super Top Heavy Plan means a plan described in Section 2.2(b).

  • HACCP plan means a written document that delineates the formal procedures for following the hazard analysis and critical control point principles developed by the National Advisory Committee on Microbiological Criteria for Foods.

  • Distribution Reinvestment Plan means the distribution reinvestment plan of the Company approved by the Board and as set forth in the Prospectus.

  • Distribution Plan means any plan or formula of allocation of the Net Settlement Fund, to be approved by the Court, upon notice to the Class as may be required, whereby the Net Settlement Fund shall in the future be distributed to Authorized Claimants.

  • Individualized service plan means a plan prepared by a

  • Health benefit plan means a policy, contract, certificate or agreement offered or issued by a health carrier to provide, deliver, arrange for, pay for or reimburse any of the costs of health care services.

  • Qualified Plan means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code.

  • Common promotional plan means a plan, undertaken by a person

  • BCDR Plan means the plan consisting of general business continuity and disaster recovery principles, the Business Continuity Plan and Disaster Recovery Plan as further described in paragraph 1.2 of Schedule 2- 14.

  • Group health benefit plan means any health care plan, subscription contract, evidence of

  • Restoration Plan means all technical and organisational measures necessary for the restoration of the system back to normal state;

  • 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.

  • Aggregation Group means either a Required Aggregation Group or a Permissive Aggregation Group as hereinafter determined.

  • Case plan means a written document developed by the PCSA, PCPA or Title IV-E agency and the family which identifies strengths of the family, concerns to be resolved and supportive services to be provided which will result in ensuring permanence for the child.

  • Incentive Plans means any incentive, bonus, deferred compensation or similar plan or arrangement currently or hereafter made available by Employer in which Executive is eligible to participate.

  • Basic health plan model plan means a health plan as required in RCW 70.47.060(2)(e).

  • 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.

  • Deferred Compensation Plan means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.