Basic Retirement Plan Sample Clauses

The Basic Retirement Plan clause establishes the foundational terms and conditions under which employees are eligible to participate in a company's retirement savings program. Typically, this clause outlines eligibility criteria, contribution requirements, and the types of retirement benefits provided, such as defined contribution or defined benefit plans. By clearly specifying how employees can accrue retirement benefits and what the employer's obligations are, this clause ensures both parties understand their rights and responsibilities, thereby promoting financial security for employees and compliance for employers.
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.
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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.
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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. Faculty who taught for ▇▇▇▇▇ College during the 2021-2022 academic year shall be eligible to participate in the University’s basic retirement plan as of their first day of employment during the fall 2022 academic term with the University. 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. Faculty who taught for ▇▇▇▇▇ College during the 2021-2022 academic year shall be eligible to participate in the University’s basic retirement plan as of their first day of employment during the fall 2022 academic term with the University. 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 ...
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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.
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Basic Retirement Plan. All Faculty Members are eligible to participate in the 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.
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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.
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Related to Basic Retirement Plan

  • Supplemental Retirement Plan During the Contract Period, if the Executive was entitled to benefits under any supplemental retirement plan prior to the Change in Control, the Executive shall be entitled to continued benefits under such plan after the Change in Control and such plan may not be modified to reduce or eliminate such benefits during the Contract Period.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • Retirement Plans (a) In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and ▇▇▇▇ individual retirement accounts (“▇▇▇ Plans”), 403(b) Plans and money purchase and profit sharing plans (“Qualified Plans”) (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, Transfer Agent shall provide the following administrative services: (i) Establish a record of types and reasons for distributions (i.e., attainment of eligible withdrawal age, disability, death, return of excess contributions, etc.); (ii) Record method of distribution requested and/or made; (iii) Receive and process designation of beneficiary forms requests; (iv) Examine and process requests for direct transfers between custodians/trustees, transfer and pay over to the successor assets in the account and records pertaining thereto as requested; (v) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of a Retirement Plan, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the IRS and provide same to Participant/Beneficiary, as applicable; and (vi) Perform applicable federal withholding and send Participants/Beneficiaries an annual TEFRA notice regarding required federal tax withholding. (b) Transfer Agent shall arrange for PFPC Trust Company to serve as custodian for the Retirement Plans sponsored by a Fund. (c) With respect to the Retirement Plans, Transfer Agent shall provide each Fund with the associated Retirement Plan documents for use by the Fund and Transfer Agent shall be responsible for the maintenance of such documents in compliance with all applicable provisions of the Code and the regulations promulgated thereunder.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.