Defined Benefit Retirement Plan. Employees represented by Coalition unions are covered by the defined-benefit retirement plans listed in Exhibit
Defined Benefit Retirement Plan. The Employer agrees to continue its present Defined Benefit Retirement Plan in full force and effect for eligible employees hired prior to January 1, 2007 and will not reduce or diminish in any way the benefits, eligibility requirement and the rights of employees thereunder. Retirement benefits and eligibility requirements for participation are defined by the current Employer’s plan. The Employer agrees to maintain the Defined Benefit Retirement Plan as long as there are eligible employees covered by the Plan and will not seek in any way to eliminate or modify the plan in any future negotiations. This defined benefit plan will be maintained as long as there are eligible employees covered by the plan and consistent with regulations of the Internal Revenue Service and the United States Department of Labor. This provision shall remain in effect until there are no longer eligible employees covered by the defined benefit plan. After many years if the number of remaining plan participants makes it unfeasible to continue the plan, the Employer will negotiate with the Union to ensure that any remaining plan participants are kept whole. Employees participating in the Swedish Defined Benefit Plan are able to enroll in the 401(k), however, they are not eligible for matching contributions or employer basic contributions while they continue to accrue benefits under the Swedish Defined Benefit Plan.
Defined Benefit Retirement Plan. The Employer agrees to continue its present Defined Benefit Retirement Plan in full force and effect for eligible employees hired prior to January 1, 2007 and will not reduce or diminish in any way the benefits, eligibility requirement and the rights of employees thereunder. Retirement benefits and eligibility requirements for participation are defined by the current Employer’s plan. The Employer agrees to maintain the Defined Benefit Retirement Plan as long as there are eligible employees covered by the Plan and will not seek in any way to eliminate or modify the plan in any future negotiations. This defined benefit plan will be maintained as long as there are eligible employees covered by the plan and consistent with regulations of the Internal Revenue Service and the United States Department of Labor. This provision shall remain in effect until there are no longer eligible employees covered by the defined benefit plan. After many years if the number of remaining plan participants makes it unfeasible to continue the plan, the Employer will negotiate with the Union to ensure that any remaining plan participants are kept whole.
Defined Benefit Retirement Plan. Employees represented by Coalition unions are covered by the defined- benefit retirement plans listed in Exhibit 2.B.2.b. The benefits will be governed by the plan documents in effect for each plan, as well as the Letter of Agreement between the parties regarding pension multipliers made effective January 7, 2002, and modified by a subsequent agreement between the parties dated May
Defined Benefit Retirement Plan a. Normal retirement definition is age 65 or ten years of service whichever is later.
Defined Benefit Retirement Plan a. Increase disability from $300 to $500 per month.
Defined Benefit Retirement Plan. Any employee covered under this agreement and hired in the Lenawee County Sheriff’s Department on or after July 1, 2005 is not eligible for participation in the County’s Defined Benefit Retirement Plan. The following table applies only to those employees covered under this agreement and hired before July 1, 2005: LENAWEE COUNTY DEFINED BENEFIT RETIREMENT PLAN Description Benefit Normal retirement Age 65 and vested or age 55 and 25 years service Retirement benefit formula (annual) 2.5% X yrs svc X ave. highest 48 consecutive months Vesting 8 years Mandatory retirement none Early retirement (reduced benefit) 55/10 years (less than 25 years service) Early retirement reduction .56% X no months preceding 65th birthday, max: 60 months (33%) .28% X no months preceding 60th birthday, max: 60 months (17%) Deferred retirement 8 or more years: 65-regular 10 or more years:55-reduced Disability retirement total & permanent disability w/10 or more years; worker's compensation offset Death benefit survivor's annuity (50%) for spouse and/or children Duty connected death benefit none Maximum Benefit 32 Years (Effective 01/01/2001) Compensation cap Not to exceed 80% of average monthly earnings (Effective 01/01/2001) Optional forms of payment straight life; optional reduced survivor's benefits Member contributions 5% of gross pay (pre-tax) (Effective 08/1998) 6% of gross pay (pre-tax) (Effective 01/01/2008) 7% of gross pay (pre-tax) (Effective 01/01/2009) 8.5% of gross pay (pre-tax) (Effective 01/01/2013) 10% of gross pay (pre-tax) (Effective 12/31/2013) Effective January 1, 2008 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to six percent (6%). Effective January 1, 2009 the employee pension contribution for the defined benefit plan shall be increased by one percent (1%) to seven percent (7%). Effective January 1, 2013 the employee pension contribution for the defined benefit plan shall be increased by one and one half percent (1.5%) to eight and one half percent (8.5%). Effective December 31, 2013 the employee pension contribution for the defined benefit plan shall be increased by one and one half percent (1.5%) to ten percent (10%).
Defined Benefit Retirement Plan. (a) Effective as of the Distribution Date, Xxxxxx shall take all necessary actions to cause the Retirement Plan of Xxxxxx Oil Corporation (the "Xxxxxx XX Plan") to be amended (i) to freeze, effective immediately prior to the Distribution Date, future benefit accruals with respect to Transferred Employees, and (ii) to provide for the direct trust-to-trust transfer of assets and the assumption of liabilities as contemplated herein.
Defined Benefit Retirement Plan. 2202 The Employer established a defined benefit, Employer-funded pension plan for all eligible employees. The defined-benefit retirement plans listed in National Alliance Agreement 2018, Exhibit 2.B.2.b. will be governed by the plan documents in effect for each plan, as well as the Letter of Agreement between the parties regarding pension multipliers made effective January 7, 2002, and modified by a subsequent agreement between the parties dated May 22, 2003, as well as the Letter of Agreement regarding early reduction factors made effective August 19, 2002 (all attached as Exhibit 2.B.2.b.). 2203 Each employee becomes a participant at date of hire or on January 1, 1980 if a participant in the Xxxxxx Permanente Salaried Retirement Plan on December 31, 1979. 2204 Normal retirement income shall be computed at 1.45% of final average pay multiplied by all years of credited service. 2205 Final average pay is an employee's average monthly compensation for the highest sixty
Defined Benefit Retirement Plan. 1. For active umpires hired to the Major League umpire staff on or before December 31, 2014, the basic benefit table set forth in Addendum G to this Agreement will be in effect during the term of this Agreement. Individuals hired to the Major League umpire staff on or after January 1, 2015 will not be eligible to participate in the Defined Benefit Retirement Plan.
