Defined Benefit. (PLAN) FRACTION A fraction, the numerator of which is the sum of the Participant's Projected Annual Benefits under all the Defined Benefit Plans (whether or not terminated) maintained by the Employer, and the denominator of which is the lesser of 125 percent of the dollar limitation determined for the Limitation Year under Code Sections 415(b) and (d) or 140 percent of the Highest Average Compensation, including any adjustments under Code Section 415(b). Notwithstanding the above, if the Participant was a Participant as of the first day of the first Limitation Year beginning after December 31, 1986, in one or more Defined Benefit Plans maintained by the Employer which were in existence on May 6, 1986, the denominator of this fraction will not be less than 125 percent of the sum of the annual benefits under such plans which the Participant had accrued as of the close of the last Limitation Year beginning before January 1, 1987, disregarding any changes in the terms and conditions of the plan after May 5, 1986. The preceding sentence applies only if the Defined Benefit Plans individually and in the aggregate satisfied the requirements of Section 415 for all Limitation Years beginning before January 1, 1987.
Defined Benefit. The Board will contribute the cost of a single membership (base option) or $525 per month, whichever is less, toward each eligible teacher’s membership in the school district health plan. Unless otherwise provided for above, election to participate in the plan must be submitted to the Clerk of the Board by August 30, unless such date falls on or during a school holiday, vacation or weekend. The date would then be the last previous working day. A maximum of $800 per year of defined benefit may be used toward the purchase of vision insurance, dental insurance or unreimbursed medical expenses for those district employees that meet all of the following criteria: a) employee was contracted by the district during the 2007-08 school year; b) employee was enrolled in said plan on or before the 2007-08 school year; c) employee is not enrolled in the district health insurance plan. Such declaration must be made at the time of declaration for the selection of Section 125 Salary Reduction Benefits which is not later than August 30 each year. The $800 defined benefit, not used for vision insurance or dental insurance will be deposited in an individual flex spending account administered by the district’s Section 125 provider for the use of unreimbursed medical expenses per guidelines established by Section 125. (2008)
Defined Benefit. The following changes will be made to the defined benefit plan for employees with a full-time hire date before July 1, 2005:
Defined Benefit. The Board will pay a defined benefit of up to $450.00 per month towards a health insurance plan selected by the Cooperative for full-time employees. This will be prorated for less than full-time employees. This defined benefit will only be for licensed professionals enrolled in the Cooperative’s approved health insurance plan. A cooperative health insurance oversight committee will be established. It will be composed of up to three Board of Directors appointees, up to three special services NEA appointees, and a representative(s) of a third party administrator as an ex officio member. It will be the intention of the oversight committee to at least once throughout the contract year to review, assess and help determine the health insurance offerings to be presented to cooperative staff. It will be the Association’s responsibility to schedule and provide minutes of the meeting(s) which will be accessed electronically on the cooperative’s website.
Defined Benefit. Fraction -- A fraction, the numerator of which is the sum of a Participant's Projected Annual Benefits under all the qualified defined benefit plans whether or not terminated) maintained by the Employer determined at the end of the Limitation Year, and the denominator of which is the lesser of (i) one hundred and twenty-five percent (125%) of the dollar limitation for such Limitation Year under Code Sections 415(b) and (d) (or such higher amount determined by the Commissioner of Internal Revenue applicable to the calendar year with which or within which the Limitation Year ends) or (ii) one hundred and forty percent (140%) of the Participant's average Compensation (or Earned Income) for the three highest consecutive calendar years of service during which the Participant was in the Plan including any adjustments under Code Section 415(b). Notwithstanding the above, if the Participant was a Participant as of the first limitation year beginning after December 31, 1986 in one or more defined benefit plans maintained by the Employer which were in existence on May 6, 1986, the denominator of this fraction will not be less than the product of 1.25 times the sum of the annual benefits under such plans which the Participant had accrued as of the close of the last Limitation Year beginning after January 1, 1987, disregarding any changes in the terms and conditions of the Plan after May 5, 1986. The preceding sentence applies only if the defined benefit plans individually and in the aggregate satisfied the requirements of Code Section 415 for all Limitation Years beginning before January 1, 1987.
Defined Benefit. The County will fund up to 8% of payroll. • The County funds the amount it takes to keep the fund “solvent”. The percentage may change each year. If it takes more than 8% to fund, the employee is responsible for the additional amount above the 8%.
Defined Benefit. Meat Employees: Effective May 1, 2019 Increase Contributions by $13.72/month per the change to the new Appropriate Unit Contribution Rate (AUCR), set by the Fund, to maintain the Unit Benefit Value at $72.25 per year of Future Service Pension Credit. Revise language in 20.2.A. to reflect the above.
Defined Benefit. Plan (Pension) - Employees hired before May 10, 2021, shall participate in the Town of Darien Employee Retirement Plan. Pensions for these Employees shall be governed by and subject to the terms and conditions set forth in the “Town of Darien Employee Retirement Plan.”
Defined Benefit. The Board will pay a defined benefit of up to $450.00 per month towards a health insurance plan selected by the Cooperative for full-time employees. This will be prorated for less than full-time employees. This defined benefit will only be for teachers enrolled in the Cooperative’s approved health insurance plan.
Defined Benefit. The cessation and reduction of accruals described in Section 5.2 shall be made.
