Basic Retirement Plan. All Faculty Members are eligible to participate in the University’s basic retirement plan on the same terms and conditions as other part-time employees in accordance with the terms of the basic retirement plan. Generally, Faculty Members are eligible to participate in the plan after completing two years of service in which they complete 1,000 or more hours of service per year. The University provides a contribution of 10% of eligible compensation to eligible Faculty Members who participate in the plan, provided the Faculty Member contributes 5% of eligible compensation. Supplemental retirement plan. All Faculty Members are eligible to participate in the supplemental retirement plan in accordance with the terms of the supplemental retirement plan. Faculty Members are eligible to participate in this plan upon their date of hire at the University. This plan allows Faculty Members to contribute pre-tax income toward their retirement. Tuition benefits for Faculty Members, spouses and dependents. After a Faculty Member has taught for six academic terms, a Faculty Member shall be eligible for a tuition benefit to cover one course per academic term (up to a maximum of four credit hours) in an academic term in which the Faculty Member has been assigned to teach. The Faculty Member’s benefit may be transferred to a spouse or domestic partner. In the event a Faculty Member is unable to use the tuition benefit during the academic term in which he or she is teaching, the Faculty Member may use the benefit in the following academic term. The University also provides a scholarship to the dependent children of Faculty Members who are currently employed by the University and have at least ten years of service. The scholarship must be used during an academic term in which the Faculty Member is teaching at the University. The scholarship is one-fourth of the standard tuition charge for full-time students, and up to four credit hours per academic term for part-time students, in programs leading to a degree in any of the University’s colleges or graduate schools, up to and including the master's degree.
Basic Retirement Plan. Executive's "Credited Service" (as defined in the Company's Basic Retirement Plan ("BRP")) shall be 13.42 years as of July 1, 2004 and shall increase thereafter in accordance with the terms of the BRP. Any Social Security or Medicare taxes (OASDHI) payable with respect to BRP payments to Executive or Executive's beneficiary shall be paid by the Company, including both Employer's share and the Executive's share.
Basic Retirement Plan. Executive's "Credited Service" (as defined in the Company's Basic Retirement Plan ("BRP")) shall be 4.33 years as of July 1, 2004 and shall increase thereafter in accordance with the terms of the BRP. Any Social Security or Medicare taxes (OASDHI) payable with respect to BRP payments to Executive or Executive's beneficiary shall be paid by the Company, including both the Company's share and the Executive's share. Notwithstanding anything to the contrary herein, in no event shall the benefit payable to Executive under the BRP be less than the benefit that would have been payable under the provisions of the F.N.B. Corporation Basic Retirement Plan as in effect as of December 31, 2002.
Basic Retirement Plan. Executive's "Credited Service" (as defined in the Company's Basic Retirement Plan ("BRP")) shall be 20.5 years as of July 1, 2004 and shall increase thereafter in accordance with the terms of the BRP. Executive's "Target Benefit Percentage" under the BRP shall never be less than as defined in the BRP's CEO tier using the terms of the BRP on the date of this agreement. Additionally, the benefit under the BRP shall not be less than if the terms of the F.N.B. Corporation Basic Retirement Plan as in effect on December 31, 2002, continued to apply to Executive, but modified so that the Target Benefit Percentage would be 70% if the Executive terminates employment prior to attainment of age 62, 73.5% at age 63, 77% at age 64 and 80% at age 65 or later. Any Social Security or Medicare taxes (OASDHI) payable with respect to BRP payments to Executive or Executive's beneficiary shall be paid by the Company, including both the Company's share and the Executive's share.
