Defined Benefit Plan Option Sample Clauses

Defined Benefit Plan Option. The defined benefit plan is closed. The plan was only available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55. Normal retirement benefits are based upon two and seven tenths percent (2.7%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed eighty percent (80%). Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. Participants shall contribute seven percent (7%) of their compensation (pre-tax) to the plan.
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Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55 with 10 or more years of service or at age 50 with 15 or more years of service. Normal retirement benefits are based upon two and six tenths percent (2.6%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed seventy- five percent (75%), retroactive to July 1, 2008. Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. All employees within the bargaining unit shall contribute six percent (6%) of their gross earnings into the plan, retroactive to July 1, 2008. Employees who leave the department with a vested pension but at an age less than 50 will not be eligible to collect a pension until they reach age 55. The terms and conditions of the defined benefit plan option are set forth in greater detail in the documents creating the defined benefit plan.
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Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55. Normal retirement benefit are based upon two and seven tenths percent (2.7%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed eighty percent (80%). Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. Effective July 1, 2007 participants shall contribute five percent (5%) of their compensation (pre-tax) to the plan. Effective July 1, 2008 participants shall contribute six percent (6%) of their compensation (pre-tax) to the plan. Effective July 1, 2009 participants shall contribute seven percent (7%) of their compensation (pre-tax) to the plan.
Sample 1
Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. Effective July 1, 2008, the defined benefit plan provides for normal retirement benefits at age 53 with 15 or more years of service. For employees retiring after July 1, 2008, normal retirement benefits are based upon 2.6% of the employee’s average annual compensation multiplied by their number of years of service, not to exceed 78%. Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. All employees within the bargaining unit shall contribute the following percentages of their gross earnings into the plan: Effective and retroactive to July 1, 2008 – 5%; effective July 1, 2009 – 6%; and effective July 1, 2010 – 6.5%. The defined benefit plan option is also available to those employees who participated in the defined contribution plan option as a patrol officer prior to promotion to sergeant, for years of service after promotion to sergeant. The terms and conditions of the defined benefit plan option are set forth in greater detail in the documents creating the defined benefit plan.
Sample 1

Related to Defined Benefit Plan Option

  • 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.

  • Health Benefit Plan Par. 1. The Health Benefit Plan covering life insurance, sickness and accident benefits, and hospitalization insurance, or any changes thereto that are in accordance with the National Elevator Industry Health Benefit Plan and Declaration of Trust, shall be a part of this Agreement and adopted by all parties signatory thereto.

  • Sick Leave Benefit Plan The Sick Leave Benefit Plan will provide sick leave days and short term disability days for reasons of personal illness, personal injury, including personal medical appointments and personal dental appointments.

  • Benefit Plan If an employee maintains coverage for benefit plans while on maternity or parental leave, the Employer agrees to pay the Employer's share of these premiums.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Deferred Compensation Program ‌ Unit members shall continue to be eligible to join the County’s Deferred Compensation Plan. Said employees will be bound by the same Plan, rules and participation agreements as are generally applicable to other County employees. DSA acknowledges that County retains the right to alter, amend, or repeal the current plan, rules, and participation agreements, at any time. The County shall not charge an administrative fee to participating employees.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • EMPLOYEE BENEFIT PLAN Any employee benefit plan within the meaning of §3(3) of ERISA maintained or contributed to by the Borrower or any ERISA Affiliate, other than a Multiemployer Plan. Environmental Laws. See §7.18(a).

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