Defined Contribution Plan. Employees hired on or after the effective date of the MERS Defined Contribution (“DC”) Plan for this bargaining unit shall participate in that plan. The Employer shall contribute seven percent (7%) of a participating employee's gross wages to the DC Plan. A participating employee shall be required to contribute three percent (3%) of gross wages to the DC Plan. A participating employee may also voluntarily contribute additional amounts on an after-tax basis to his or her individual account in the reserve for the DC Plan for any plan year in any amount to the extent allowed by federal law and subject to procedures established by MERS.
Defined Contribution Plan. 7 3.1 401(k) Plan.........................................................................................7
Defined Contribution Plan. As used in this section, the words "defined contribution plan" shall mean a retirement plan which provides for an individual account for each participant and for benefits based solely on the amount contributed to the participant's account and any income, expenses, gains and losses and any forfeitures of accounts of other participants which may be allocated to such participant's accounts.
Defined Contribution Plan. (a) Effective as of the Closing Date, the Transferred Employees will no longer participate in the Chemtura Corporation Employees Savings Plan (the “Savings Plan”), and the Seller will have taken all such action prior to the Closing Date as may be required to achieve this result. As of the Closing Date, the Seller will cause each Transferred Employee to be one hundred percent (100%) vested in his or her account balance.
Defined Contribution Plan. 23.1 The current Defined Contribution Plan shall be merged into the UNITEHERE National Plus Plan. Employees shall be permitted and encouraged to participate in the companion 401K Plan and make contributions on their own behalf with pre-tax dollars in addition to the Employer contribution. The Employers shall cooperate with the representatives of the National Plus Plan to insure that employees are afforded the opportunity to sign up for and participate in the Plan. The National Plus Plan provides for individually directed accounts by employees for both the Employer and employee portions of contributions. Vesting is as follows: Employee contribution: 100% from first dollar. Employer contribution: two (2) years of service. Employee shall earn one-half (1/2) year of service if they have four hundred (400) hours in the Plan Year and one (1) year of service if they have one thousand (1,000) hours in the Plan Year. Employees shall be given Plan materials by the Employer. Such Plan materials shall be provided by the Plan.
Defined Contribution Plan. Employees hired on or after February 15, 2000 shall participate in an IRS §401 (a) Defined Contribution (DC) Pension Program. The DC plan is not available for employees hired before February 15, 2000 (except as noted in Section 42. B. 3.).
Defined Contribution Plan. All Defined Contribution Plan participants will have the Town and Employee contributions fixed at six percent (6%). Such employees may elect additional contributions to the extent allowed by law.
Defined Contribution Plan. The City shall create and implement a Defined Contribution Plan in accordance with Section 401(a) of the Internal Revenue Code for all eligible employees as set forth in Section 34.1
Defined Contribution Plan. (a) Establishment of Apergy 401(k) Plan and Trust. Effective as of the Plan Separation Date, Apergy established the Apergy 401(k) Plan and any trust agreements or other plan documents reasonably necessary, and caused trustees to be appointed for such plan.
Defined Contribution Plan. A mandatory contribution of 1% will be paid into the defined contribution plan by both the City and the participating employee. Additional voluntary employee contributions, with no City match, will be permitted to the extent otherwise allowed by law.