Defined Contribution Plan Option Clause Samples

The Defined Contribution Plan Option clause establishes the availability of a retirement savings plan in which contributions are made to individual accounts for participants, rather than promising a specific benefit at retirement. Under this clause, both the employer and employee may contribute set amounts to the plan, and the final benefit depends on the investment performance of the account. This structure provides flexibility and portability for employees, while also limiting the employer's long-term financial obligations, thereby offering a clear and manageable approach to retirement planning.
Defined Contribution Plan Option. The defined contribution plan option is for all employees hired on or after July 1, 2000 and those employees hired before that date who elected to participate in that option. The defined contribution plan option provides the following benefits: (1) The City will contribute to each participant’s account an amount equal to nine percent (9%) of the participant’s compensation. (2) Participants are required to contribute six percent (6%) of their compensation (pre-tax) to their account. (3) Participants are always one hundred (100%) vested in their contributions and shall be vested in the City contributions in accordance with the following schedule: 25% upon completion of four (4) years of service 50% upon completion of five (5) years of service 75% upon completion of six (6) years of service 100% upon completion of seven (7) years of service (4) The Plan Administrator will be selected by the City’s Pension Committee. The terms and conditions of the defined contribution plan option are set forth in greater detail in the documents creating the defined contribution plan.
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Defined Contribution Plan Option. The defined contribution plan option is for all employees hired on or after July 1, 2000 and those employees hired before that date that elected to participate in that option on or before December 31, 2001. The defined contribution plan option provides the following benefits: 1) The City will contribute to each participant’s account an amount equal to eight percent (8%) of the participant’s compensation.
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Defined Contribution Plan Option. (a) Employees hired on or after July 1, 2010 will make an election of either a Defined Contribution Plan (DC) or a Defined Benefit Plan (DB) for retirees’ health plan benefits within ten (10) working days of the date of hire. An employee hired on or after July 1, 2010 who does not make an initial election within ten (10) working days shall be enrolled in the DC Plan. After completion of one year of service, an employee will have another opportunity to make an irrevocable election of either the DC or DB Plan. The Chapter Chair will be copied on letters to members informing them of their one year of employment and final decision on retirees’ health plan. This letter to employees shall be sent out at least two weeks prior to an employee’s one-year anniversary. Employees must make an election within ten
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Defined Contribution Plan Option. The defined contribution plan option is for all employees hired on or after July 1, 2000 and those employees hired before that date who elected to participate in the defined contribution plan option. The defined contribution plan option provides the following benefits: The City will contribute to each participant’s account an amount equal to 8.5% of the participant’s compensation. Participants are required to contribute 5% of their compensation (pre-tax) to their account. Participants are always one hundred (100%) vested in their contributions and shall be vested in the City contributions in accordance with the following schedule: 50% upon completion of two (2) years of service 60% upon completion of three (3) years of service 70% upon completion of four (4) years of service 80% upon completion of five (5) years of service 90% upon completion of six (6) years of service 100% upon completion of seven (7) years of service The Plan Administrator will be selected by the City’s Pension Committee. The terms and conditions of the defined contribution plan option are set forth in greater detail in the documents creating the defined contribution plan.
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Defined Contribution Plan Option. (a) Employees hired on or after July 1, 2010 will make an election of either a Defined Contribution Plan or a Defined Benefit Plan for retirees' health plan benefits within ten (10) working days of the date of hire. An employee hired on or after July 1, 2010 who does not make an initial election within ten (10) working days shall be enrolled in the Defined Contribution Plan. After completion of one year of service, an employee will have another opportunity to make an irrevocable election of either the Defined Contribution or Defined Benefit Plan. The Chapter Chair will be copied on letters to members informing them of their one year of employment and final decision on retirees' health plan. This letter to employees shall be sent out at least two weeks prior to an employee's one-year anniversary. Employees must make an election within ten (10) working days of his/her anniversary date. If an election is not made within this period of time, the employee's initial election at date of hire will remain status quo. For those changing from a Defined Contribution to Defined Benefit Plan, the funds contributed by the employer will revert back to the City. For those changing from a Defined Benefit to Defined Contribution Plan, employer contributions will be made from the date of hire of the employee without the additional 4 percent interest applied.
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Related to Defined Contribution Plan Option

  • 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 Plans The Company does not maintain, contribute to or have any liability under (or with respect to) any employee plan which is a tax-qualified "defined contribution plan" (as defined in Section 3(34) of ERISA), whether or not terminated.

  • Third Party Administrators for Defined Contribution Plans 2.1 The Fund may decide to make available to certain of its customers, a qualified plan program (the “Program”) pursuant to which the customers (“Employers”) may adopt certain plans of deferred compensation (“Plan or Plans”) for the benefit of the individual Plan participant (the “Plan Participant”), such Plan(s) being qualified under Section 401(a) of the Code and administered by TPAs which may be plan administrators as defined in the Employee Retirement Income Security Act of 1974, as amended. 2.2 In accordance with the procedures established in Schedule 2.1 entitled “Third Party Administrator Procedures,” as may be amended by the Transfer Agent and the Fund from time to time (“Schedule 2.1”), the Transfer Agent shall: (a) Treat Shareholder accounts established by the Plans in the name of the Trustees, Plans or TPAs, as the case may be, as omnibus accounts; (b) Maintain omnibus accounts on its records in the name of the TPA or its designee as the Trustee for the benefit of the Plan; and (c) Perform all Services under Section 1 as transfer agent of the Funds and not as a record-keeper for the Plans. 2.3 Transactions identified under Sections 1 and 2 of this Agreement shall be deemed exception services (“Exception Services”) when such transactions: (a) Require the Transfer Agent to use methods and procedures other than those usually employed by the Transfer Agent to perform transfer agency and recordkeeping services; (b) Involve the provision of information to the Transfer Agent after the commencement of the nightly processing cycle of the TA2000 System; or (c) Require more manual intervention by the Transfer Agent, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System, than is normally required.

  • Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a ▇▇▇▇ ▇▇▇ (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your ▇▇▇▇ IRAs. Your total annual contribution to all Traditional IRAs and ▇▇▇▇ IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.

  • Contribution Rights In order to provide for just and equitable contribution under the Act in any case in which: (i) any person entitled to indemnification under this Section 5 makes a claim for indemnification pursuant hereto but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 5 provides for indemnification in such case; or (ii) contribution under the Act, the Exchange Act or otherwise may be required on the part of any such person in circumstances for which indemnification is provided under this Section 5, then, and in each such case, the Company and the Underwriters shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by said indemnity agreement incurred by the Company and the Underwriters, as incurred, in such proportions that the Underwriters are responsible for that portion represented by the percentage that the underwriting discount appearing on the cover page of the Prospectus bears to the initial offering price appearing thereon and the Company is responsible for the balance; provided, that, no person guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding the provisions of this Section 5.3.1, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Public Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay in respect of such losses, liabilities, claims, damages and expenses. For purposes of this Section, each director, officer and employee of an Underwriter or the Company, as applicable, and each person, if any, who controls an Underwriter or the Company, as applicable, within the meaning of Section 15 of the Act shall have the same rights to contribution as the Underwriters or the Company, as applicable.