Base Retirement Program Sample Clauses
The Base Retirement Program clause establishes the foundational retirement benefits provided to eligible employees by an organization. Typically, this clause outlines the type of retirement plan offered, such as a defined benefit pension or a defined contribution plan, and specifies eligibility criteria, contribution rates, and vesting schedules. Its core practical function is to ensure employees are informed about their retirement benefits and to provide a structured framework for long-term financial security after employment ends.
Base Retirement Program. 247 Michigan State University provides a base retirement program with the Teachers Insurance and Annuity Association (TIAA), College Retirement and Equities Fund (CREF) and other retirement programs made available through the University and selected by the employee. -248 Eligibility and Participation - Regular full-time and part-time employees are eligible for participation in TIAA-CREF or other retirement programs made available through the University, and selected by the employee, in accordance with the following policies:
a. The program is optional to employees under age 35 or who are over age 62 at the time of employment.
b. The program is required as a condition of employment for employees who have attained age 35.
c. Once required participation commences, it is not possible to withdraw from TIAA-CREF or other retirement programs made available through the University, and selected by the employee while employed at the University. -249 Premium Contribution - The TIAA-CREF Retirement Annuity or other retirement programs made available through the University, and selected by the employee, are financed by a five (5%) percent deduction from an employee's base wage, overtime and shift differential with the University contributing ten (10%) percent. -250 Complete details concerning the provisions of the University's TIAA-CREF Retirement Annuity Plan or other retirement programs made available through the University, and selected by the employee, may be obtained from the Benefits Office.
Base Retirement Program. If total disability starts before age 60, benefits continue until age 65, recovery or death, whichever occurs first. If total disability starts on or after age 60 but less than 65, benefits are paid for 4½ years, until recovery or death whichever occurs first. If disability occurs after age 65 but less than 69, benefits continue to age 70, recovery or death, whichever occurs first. If total disability starts at age 69 or over, benefits continue for one year, recovery or death, whichever occurs first. The LTD program shall include a three (3) percent cost of living rider and a $50 per month minimum benefit.
Base Retirement Program. 265 Michigan State University provides a base retirement program made available through the University and selected by the employee. -266 Eligibility and Participation – Regular full-time and part-time employees are eligible for participation in the MSU 403(b) retirement plan made available through the University, and selected by the employee, in accordance with the following policies:
a. The program is optional to employees under age 35 or who are over age 62 at the time of employment.
b. The program is required as a condition of employment for employees who have attained age 35.
c. Once required participation commences, it is not possible to disenroll from the program made available through the University, and selected by the employee while employed at the University. -267 Premium Contribution – The base retirement program made available through the University, and selected by the employee, are financed by a five (5%) percent deduction from an employee’s base wage, overtime and shift differential with the University contributing ten (10%) percent. -268 Complete details concerning the provisions of the University’s base retirement program made available through the University, and selected by the employee, may be obtained from MSU Human Resources.