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.
Defined Benefit Plan. The Executive shall be entitled to continued credit for years of service under the defined benefit plan of the Company from the date of Termination through the Salary Continuance Period, and any compensation paid to the Executive pursuant to subsection 6(a) above shall be treated as salary compensation for purposes of such plan. To the extent that such augmentation of the defined benefit plan is not possible under such plan, the Company shall pay the Executive an amount equal to the present value of such augmentation, or arrange to provide the Executive with substantially the same benefit.
Defined Benefit Plan. If the Participant is or has ever been a participant in a defined benefit plan maintained by the Employer, the Employer will provide below the language which will satisfy the 1.0 limitation of Section 415(e) of the Code.
Defined Benefit Plan. No Employee Benefit Plan in effect as of the date of this Plan of Merger, is a "defined benefit plan" within the meaning of Section 3(35) of ERISA.
Defined Benefit Plan. All employees, hired prior to June 23, 2008, will be covered under the Municipal Employees’ Retirement System (MERS). Effective July 1, 2018, all employees, hired prior to June 23, 2008, will be covered by the following bridged benefit: First side of the bridged benefit: Service credit earned through June 30, 2018 will have the following benefits levels: • B-4, 2.5% multiplier, RS 50, Frozen FAC-3, F55/25, and 10-year vesting. o Frozen FAC-3 is determined by taking the highest consecutive 36-months from the date of hire to the date of the bridge; June 30, 2018. Second side of the bridged benefit: Service credit earned beginning on July 1, 2018 will have the following benefit levels:
Defined Benefit Plan. 1. Each Nurse will accrue both Credited Service (used to determine the amount of benefit) and Service (used to determine eligibility for vesting and early retirement) under the KPNPP. The KPNPP shall provide a monthly income commencing at age 65 of 1.45% of final average monthly compensation over the sixty (60) highest consecutive months out of the last one-hundred and twenty (120) months of employment. For Participants as of November 1, 2003 who had either elected or received only a defined contribution plan as of that time, Credited Service will be modified based on the following:
Defined Benefit Plan. As used in this section, the words "defined benefit plan" shall mean any retirement plan which is not a defined contribution plan. 15.30
Defined Benefit Plan. 1. The University of Maine System Retirement Plan for Classified Staff (formerly the Non-Contributory Retirement Plan) shall be amended as agreed by Associated C.O.L.T. Staff of the Universities of Maine and the University of Maine System effective May 1998 and January 1, 2001, and shall conform to trustee determined appropriate Employee Retirement Income Security Act of 1974 (ERISA) standards. Plan participants are eligible unit members who elected to continue participation in this program as of July 1,
Defined Benefit Plan. All employees with seniority on June 1, 1996 had their Defined Benefit Plan benefit levels frozen at the basic amount of $23.00 per month per year of service and the supplemental at $9.50 per month per year of service. All years of service however will continue. These employees are also enrolled in the Group RRSP.
