Defined Contribution Savings 401(k) Plan Sample Clauses

Defined Contribution Savings 401(k) Plan. The Company will provide a 401k plan for bargaining unit employees with an IRS defined Safe Harbor Company Match of 100% on the first 4% of an employee’s contribution. Vesting in the Company’s matching contribution shall be immediate. As a feature of the FRNP Defined Contribution Retirement Plan (401 k), the Company will provide a Non-Elective Contribution annually of 5.8% weekly for employees not eligible for the USW career pension and/or ETTP pension for grandfathered employees (MEPP) Previous VNS eligible employees on the role at ratification will continue to receive a non-elective contribution of 5.8% per year of the applicable hourly wage for every hour worked. The contribution for FRNP eligible employee will increase from 3% to 5.8% per year of the applicable hourly wage for every hour worked effective January 01, 2020. per the Summary Plan Document. Employees eligible for the DB plan may continue to contribute to the 401k plan as provided above and are eligible to receive Company contributions to include matching contributions; but are not eligible to receive the Non-Elective Contribution. Employees eligible for the PRB plan (but not also eligible for the DB Plan) may continue to contribute to the 401K plan; and are eligible to receive Company contributions.
Sample 1
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Related to Defined Contribution Savings 401(k) Plan

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • RETIREE HEALTH SAVINGS PLAN Effective, December 24, 2006, or as soon as administratively possible, the County shall establish a retiree health savings plan (RHSP) by contributing an amount of $25.00 to the employee’s RHSP each biweekly pay period.

  • BENEFIT FUND The Trustees are authorized and directed to establish a study committee to review the legality, feasibility and desirability of setting up and maintaining an employee funded Section 125 Flexible Spending Account (FSA). If an FSA is determined to be legal, feasible and desirable in this context, the Trustees are further authorized and directed to establish such an arrangement and offer it to employees covered by this Agreement; provided that the FSA shall not be offered to employees of any Employer who is unwilling or unable to permit employee participation in the FSA.

  • Retirement Savings 5.6.1 Principals are eligible to join a KiwiSaver scheme in accordance with the terms of those schemes.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator.

  • Company Contributions (a) For employees hired, rehired or who become covered under the CWA 3176 Agreement through any means before January 1, 2016, the Company shall contribute a Company Matching Contribution equal to 25 percent of the Participant’s Contribution up to a maximum of 6 percent of eligible wage.

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

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