115 Trust Clause Samples
The 115 Trust clause establishes a trust arrangement, typically used by employers to fund and manage certain employee benefit obligations, such as retiree health benefits. Under this clause, assets are set aside in a separate trust, which is managed independently from the employer’s general assets and is used exclusively for the specified benefit purposes. This structure ensures that the funds are protected from general creditors and are dedicated to meeting the designated obligations, thereby providing security for beneficiaries and helping employers manage long-term liabilities.
115 Trust. The trust established in conjunction with the Plan, together with any and all amendments thereto which holds assets of the Plan held by or in the name of the Trustee or Custodian.
115 Trust. The Village agrees to establish a 115 Trust for the Officers at the rank of Sergeant. Initially, each Sergeant will have the option of opting into such plan. After the plan goes into effect, any officers promoted to the rank of sergeant participation will then be compulsory. The plan will be initially funded by the following methods:
115 Trust. The Oswego Fire Protection District agrees to participate in the 115 Trust for Collectively Bargained Public Employees (Plan) in accordance with the terms and conditions of the Plan’s Participation Agreement, a copy of which shall be provided to the Union. The parties hereto designate Illinois Public Pension Fund Association (IPPFA) to act as Plan Administrator for the Plan, or its successors appointed in accordance with the Plan and Trust documents. The employer shall deduct from the wages of all collective bargaining unit members, (3%) of current top out firefighter pay for all members that are topped out and (1.5%) of current topped out firefighter pay for all members that are not yet topped out and deposit that deduction into each member’s individual 115 Trust account within seven calendar days after the close of the pay period for which deductions are made. The amount to be deducted may be changed once in any twelve month period. In addition to the above 115 Trust incentive, the District agrees that any member in good standing, with a minimum of 20 years of service, who has an accumulated an amount of at least 1000 hrs. (700 hrs. for staff members) of sick leave in their sick leave bank, shall be eligible to receive one year of health insurance at the current percentage rate (80% District / 20% Member) upon retirement.
115 Trust. The Oswego Fire Protection District agrees to participate in the 115 Trust for Collectively Bargained Public Employees (Plan) in accordance with the terms and conditions of the Plan’s Participation Agreement, a copy of which shall be provided to the Union. The parties hereto designate Illinois Public Pension Fund Association (IPPFA) to act as Plan Administrator for the Plan, or its successors appointed in accordance with the Plan and Trust documents. The employer shall deduct from the wages of all collective bargaining unit members, (3%) of current top out firefighter pay for all members that are topped out and (1.5%) of current topped out firefighter pay for all members that are not yet topped out and deposit that deduction into each member’s individual 115 Trust account within seven calendar days after the close of the pay period for which deductions are made. The amount to be deducted may be changed once in any twelve month period. In addition to the above 115 Trust incentive, the District agrees that any member in good standing, that is eligible to collect a pension, with no break in service, shall be eligible to receive three years of health insurance at the current percentage rate (90% District/10% Member) upon retirement. The District funds employees only (premium and deductible), however, employees may buy for family at their expense. To be eligible, the employee shall provide the district with 90 days advance notice of retirement and not under disciplinary investigation. If a member becomes Medicare eligible within the terms of the three years, the District provided health insurance shall terminate.