Defined Contribution. (PLAN) FRACTION A Fraction, the numerator of which is the sum of the Annual Additions to the Participant's account under all the Defined Contribution Plans (whether or not terminated) maintained by the Employer for the current and all prior Limitation Years (including the Annual Additions attributable to the Participant's nondeductible Employee contributions to all Defined Benefit Plans, whether or not terminated, maintained by the Employer, and the Annual Additions attributable to all Welfare Benefit Funds, as defined in paragraph 1.89 and individual medical accounts, as defined in Code Section 415(1)(2), maintained by the Employer), and the denominator of which is the sum of the maximum aggregate amounts for the current and all prior Limitation Years of service with the Employer (regardless of whether a Defined Contribution Plan was maintained by the Employer). The maximum aggregate amount in the Limitation Year is the lesser of 125 percent of the dollar limitation determined under Code Sections 415(b) and (d) in effect under Code Section 415(c)(1)(A) or 35 percent of the Participant's Compensation for such year. If the Employee was a Participant as of the end of the first day of the first Limitation Year beginning after December 31, 1986, in one or more Defined Contribution Plans maintained by the Employer which were in existence on May 6, 1986, the numerator of this fraction will be adjusted if the sum of this fraction and the Defined Benefit Fraction would otherwise exceed 1.0 under the terms of this Plan. Under the adjustment, an amount equal to the product of (a) the excess of the sum of the fractions over 1.0 times (b) the denominator of this fraction will be permanently subtracted from the numerator of this fraction. The adjustment is calculated using the fractions as they would be computed as of the end of the last Limitation Year beginning before January 1, 1987, and disregarding any changes in the terms and conditions of the Plan made after May 6, 1986, but using the Section 415 limitation applicable to the first Limitation Year beginning on or after January 1, 1987. The Annual Addition for any Limitation Year beginning before January 1, 1987, shall not be re-computed to treat all Employee Contributions as Annual Additions.
Defined Contribution. MainePERS agrees to transmit to the investments manager(s) of the Defined Contribution plan(s) deductions of the employees who participate in the Defined Contribution plan(s) by payroll deduction as soon as practicable, but not later than ten (10) workdays after such deductions are made.
Defined Contribution. An employee in a regular position may, at his or her request, participate in the County's 457(b) Defined Contribution Plan.
Defined Contribution. Mandatory 1% by employee (pre-taxed), 1% match from County. • Employee may contribute another 2-4% (pre-taxed). • Once the County has covered the defined benefit funding percentage and the 1% match on the defined contribution, the County will match any additional percentage the employee puts in (up to a total of 8% between the defined benefit and defined contribution).
Defined Contribution. 1. For newly hired unit members, participation in the defined contribution retirement plan (The University of Maine System Basic Retirement Plan for Classified Employees) is mandatory during their employment with the University. Unit members must contribute one percent (1%) of their base wage but may contribute up to four percent (4%) on which they will receive a matching University contribution. Eligible unit members covered by the Memoranda of Understanding regarding retirement plans executed on January 29, 2001 and May 6 and 7, 1998 who have completed five (5) years of service may contribute one percent (1%) of their base wage but may contribute up to four percent (4%) on which they will receive a matching University contribution.
Defined Contribution. (DC) Pension Plan for Wage Employees
Defined Contribution. Paired Plan. If this Plan is adopted in combination with one or more defined contribution Paired Plans, the minimum allocation required under this section 12.3, if any, shall be made under such Paired Plans in the following order:
Defined Contribution. Plan A plan under which Employee accounts are maintained for each Participant to which all contributions, forfeitures, investment income and gains or losses, and expenses are credited or deducted. A Participant’s benefit under such plan is based solely on the fair market value of his or her account balance.
Defined Contribution. Employees hired after January 1, 2001, shall be covered under the Michigan Municipal Retirement System (MERS) Defined Contribution Plan (D/C). When an employee is hired the employee will have two options to choose from. The employee’s option choice is final and irrevocable. □ Option 1: The Employer contributes six percent (6%) of the employee’s salary to the retirement plan and the employee contributes zero percent (0%).
Defined Contribution. A defined contribution-style plan will be created at the City’s expense, either by amending an existing plan and trust or creating a new plan and trust. The City will not be required to participate in the administration of the trust apart from implementing payroll withholding from employees in a bargaining unit as determined by the individual bargaining unit and the trust. The City will not be responsible for the trust, and each employee group must sign appropriate hold harmless and indemnity provisions before the defined contribution plan is established. When an employee first becomes eligible to retire based on age and years of Service Credit (see Charter section 141 and Municipal Code, Chapter 2, Art. 4, Div. 4), the City will fund the employee’s individual defined contribution plan (DC Plan) within the applicable retiree health trust in an amount which, assuming an investment return of six percent, is projected to yield $8,500 annually during the employee’s life expectancy as determined by reference to the Life expectancy Table used by Xxxx Consultants. Although the City will be obligated to fund the employee’s DC Plan when he or she first becomes eligible to retire, the employee is not required to retire at that time. The employer’s contributions are immediately vested. In accordance with applicable tax laws, the funds may be used to reimburse post-retirement qualified medical expenses of the employee or the employee’s Spouse or tax dependent or surviving Spouse or tax dependent, subject to applicable tax provisions. Once the retired employee, any surviving Spouse, and all tax dependents are deceased, any remaining balance is forfeited to the trust. Employees who participate in this defined contribution option will have the right to enroll in group health plans being sponsored by the City for its retirees and dependents under Municipal Code, Chapter 2, Article 4, Division 12 or successor provisions, or to obtain any other health care coverage they choose.
