Tier 1 benefits definition

Tier 1 benefits means the benefits a member is entitled to under regulation 34(4) (calculated in accordance with regulation 37);
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Tier 1 benefits means those benefits payable to those Participants who elect to receive Tier One Benefits by executing an election form and electing to receive Tier 1 benefits.
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Examples of Tier 1 benefits in a sentence

  • Employees hired prior to January 1, 2011, are eligible for Tier 1 benefits.

  • Employees hired before January 1, 2011, are eligible for Tier 1 benefits.

  • Employees hired prior to January 1, 2011 are eligible for Tier 1 benefits.

  • All Tier 1 benefits end at age 65, however, Tier 2 benefits continue for retirees only at age 65.

  • Annually on April 1, Tier 1 benefits are increased to reflect increases in the CPI for the San Francisco Bay Area.

  • Employees originally hired prior to July 1, 2012 who then leave City employment and are subsequently re-hired are eligible for Tier 1 benefits provided their re-hire date is within 12 months of the date they separated from the City.

  • In addition, from January 1, 1986 to July 1, 1989, there were several early retirement incentive windows that granted additional health care benefits to those that retired within these periods.Benefit Amount – Service Retirement - ContinuedAll Other Members In addition to the Tier 1 benefits, the State pays a portion of theRetiring after 7/1/89: cost of post-retirement health care above the Tier 1 costs for theretiree based on the age and service of the retiree (see chart below).

  • All Tier 1 benefits end at age 65 provided that the teacher is Medicare Eligible.Teachers under age 65 – The teacher and spouse may purchase early retiree package (individual or family) at the rate the active employees pay.Teachers 65 or older and Medicare-eligible – The teacher and spouse may only purchase a Post-65 benefit plan.

  • A “Tier 1 retiree or employee” is a retiree or employee who is eligible for Tier 1 benefits because they were appointed to a regular sworn position prior to July 1, 2012.

  • The report is available for download at www.imrf.org.Benefits ProvidedThe District participates in the Regular Plan (RP).Employees hired before January 1, 2011, are eligible for Tier 1 benefits.

Related to Tier 1 benefits

  • Change in Control Benefits means the following benefits:

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • Termination Benefits means the benefits described in Section 4.1(b).

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Change in Control Severance Benefits means the benefits payable pursuant to Section 3 of this Agreement.

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Additional Benefits means quantifiable and verifiable enhancement of conservation of biodiversity and/or improvement of local livelihoods realized as a result of implementation of the REDD activities;

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Medical Benefits means medical, optical, or dental benefits, including, but not limited to, hospital and physician services, prescription drugs, and related benefits.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Covered benefits or “benefits” means those health care services to which a covered person is entitled under the terms of a health benefit plan.

  • Employment benefits means all benefits provided or made

  • Welfare Benefits means the types of benefits described in Section 3(1) of ERISA (whether or not covered by ERISA).

  • Severance Benefit means the payment of severance compensation as provided in Article III.

  • Disability benefits means any cash payments which are payable to a covered individual for all or part of a period of disability pursuant to P.L.1948, c.110 (C.43:21-25 et al.).

  • Fringe benefits means the amount of:

  • Severance Payments shall have the meaning set forth in Section 6.1 hereof.

  • Gap medical benefits means the benefits (if any) payable in respect of medical expenses that are less than, greater than or equal to the schedule fee, provided always that the medical expenses relate to a professional service that:

  • superannuation benefits means pensions, gratuities and other allowances payable on resignation, retirement or death;

  • Medical Benefits Schedule means the Medicare Schedule of Benefits produced by the Department of Health to which all fees and benefits relate for inpatient hospital services.

  • Severance Payment means any amount paid by a board to or in behalf of a superintendent on early termination of the superinten- dent’s contract that exceeds the amount earned by the superinten- dent under the contract as of the date of termination, including any amount that exceeds the amount of earned standard salary and benefits that is paid as a condition of early termination of the con- tract. Payments to a former superintendent who remains employed by a district in another capacity or contracts with a district to pro- vide the district services may be severance payments in whole or in part if the payments are compensation for the early termination of a prior employment agreement. Severance payments include any payment for actual or threatened litigation involving or related to the employment contract. Education Code 11.201(c); 19 TAC 105.1021(a)(1)

  • Additional gap medical benefits means the benefits (if any) payable in respect of medical expenses that are more than the schedule fee and which otherwise meet the requirements of the fund’s no or known gap policy, provided always that the medical expenses relate to a professional service that:

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.