Defined Benefit Pension Provision Sample Clauses

Defined Benefit Pension Provision. Members of the bargaining unit shall be provided pension benefits in accord with the Fire and Police Pension and Retirement Act 345 of P.A. of 1937 as amended. Employees who retire on or after November 1, 2007 Section 6(1)(e) of Act 345 shall be amended to provide that upon retirement from service, as provided in this subsection, a member shall receive a regular retirement pension payable throughout the member’s life as follows: The regular retirement pension shall be equal to 2.8% of the member’s final average compensation multiplied by the years of service credited to the member, with a maximum benefit of 70% of Final Average Compensation (FAC). Employees who have entered the DROP plan, prior to the execution of this agreement, and have an FAC in excess of 70% shall be allowed to maintain their existing pension without change. There shall be no reduction in pension benefits upon attainment of full social security age. It is agreed that Captains Xxxxxxx Xxxxxxx and Xxxx Xxxxxx are entitled to a 2.8 multiplier, unreduced at social security age. Members of the Collective Bargaining Group shall be entitled to regular retirement benefits with twenty-five (25) years of service with the Clinton Township Police Department, regardless of their age. However, upon taking any employment after retirement, the employee shall notify the Charter Township of Clinton who their employer is and whether or not health care insurance is available to them, and if the employer offers health care insurance, the Township shall drop the employee from the Township’s insurance for health care until such time as the employee ceases employment, at which time he/she shall be reinstated with the Township health care insurance as soon as possible.
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Defined Benefit Pension Provision. Members of the bargaining unit shall be provided pension benefits in accord with the Fire and Police Pension and Retirement Act 345 of P.A. of 1937 as amended. Employees who retire on or after November 1, 2007 Section 6(1)(e) of Act 345 shall be amended to provide that upon retirement from service, as provided in this subsection, a member shall receive a regular retirement pension payable throughout the member’s life as follows: The regular retirement pension shall be equal to 2.8% of the member’s final average compensation multiplied by the years of service credited to the member, with a maximum benefit of 70% of Final Average Compensation (FAC). Employees who have entered the DROP plan, prior to the execution of this agreement, and have an FAC in excess of 70% shall be allowed to maintain their existing pension without change. There shall be no reduction in pension benefits upon attainment of full social security age. Members of the Collective Bargaining Group shall be entitled to regular retirement benefits with twenty-five (25) years of service with the Clinton Township Police Department, regardless of their age. However, upon taking any employment after retirement, the employee shall notify the Charter Township of Clinton who their employer is and whether or not health care insurance is available to them, and if the employer offers health care insurance, the Township shall drop the employee from the Township’s insurance for health care until such time as the employee ceases employment, at which time he/she shall be reinstated with the Township health care insurance as soon as possible.
Sample 1
Defined Benefit Pension Provision. Members of the bargaining unit shall be provided pension benefits in accord with the Fire and Police Pension and Retirement Act 345 of P.A. of 1937 as amended. Employees who retire on or after November 1, 2007 Section 6(1)(e) of Act 345 shall be amended to provide that upon retirement from service, as provided in this subsection, a member shall receive a regular retirement pension payable throughout the member’s life as follows: Members of the Collective Bargaining Group shall be entitled to regular retirement benefits with twenty-five (25) years of service with the Clinton Township Police Department, regardless of their age. However, upon taking any employment after retirement, the employee shall notify the Charter Township of Clinton who their employer is and whether or not health care insurance is available to them, and if the employer offers health care insurance, the Township shall drop the employee from the Township’s insurance for health care until such time as the employee ceases employment, at which time he/she shall be reinstated with the Township health care insurance as soon as possible. Members promoted prior to January 1, 2008 The regular retirement pension shall be based upon 2.8% of the member’s average final compensation multiplied by the first 25 years of service credited to the member, plus 1% of the member’s average final compensation multiplied by the number of years, and fraction of a year, of service rendered by the member in excess of 25 years of service, without a maximum benefit of Final Average Compensation (FAC). There shall be no reduction in pension benefits upon attainment of full social security age. Members promoted after January 1, 2008 The regular retirement pension shall be equal to 2.8% of the member’s final average compensation multiplied by the years of service credited to the member, with a maximum benefit of 70% of Final Average Compensation (FAC). There shall be no reduction in pension benefits upon attainment of full social security age.
Sample 1

Related to Defined Benefit Pension Provision

  • Defined Benefit Pension Plan 1. The Employer and the Union hereby agree to the continuation of the existing Northern California Glaziers, Architectural Metal and Glass Workers Pension Trust Agreement ("Defined Benefit Pension Trust").

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Same Sex Benefit Coverage An employee who co-habits with a person of the same sex, and who promotes such person as a "spouse" (partner), and who has done so for a period of not less than twelve (12) months, will be eligible to have the person covered as a spouse for purposes of Medical, Extended Health, and Dental benefits.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Part-Time Benefits A part-time employee shall receive in lieu of all fringe benefits (being those benefits to an employee, paid in whole or in part by the hospitals, as part of direct compensation or otherwise, including holiday pay, save and except salary, vacation pay, standby pay, call-in pay, responsibility pay, jury and witness duty, bereavement leave, and pregnancy and parental supplemental unemployment benefits) an amount equal to 14% of his regular straight time hourly rate for all straight time hours paid. For part-time employees who are members of the Hospital's pension plan the percentage in lieu of fringe benefits is twelve percent (12%).

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