DROP PLAN Sample Clauses

DROP PLAN. In the event Illinois Statue applicable to members of the bargaining unit is revised to authorize a Deferred Retirement Option Plan, the parties agree to bargain over the terms and conditions of implementation thereof. In the event the parties reach impasse, either party may invoke the impasse resolution provisions of Section 14 of the Illinois Public Labor Relations Act
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DROP PLAN. The County and FOP 112 agree to establish a cost-neutral Deferred Retirement Option Program (DROP) for participants in the Deputy Sheriffs Pension Plan to be effective on June 1, 2022. The terms of the DROP shall be the same or similar to those for the DROP programs agreed to by the County and FOP Lodge 89, except that the DROP eligibility shall be set as two years past normal retirement age for the particular employee (as defined in the Plan), unless either: (a) the parties agree on or before March 1, 2022 to an alternative plan; or (b) the County obtains a cost estimate from the Plan’s actuary on or before December 2021, which shows that the Police Officer’s DROP plan as applied to the Deputy Sheriffs Pension Plan would impose costs to the County beyond those reasonably projected in the absence of the DROP program. If the County produces such a study, the County and FOP 112 will meet on or before January 15, 2022, to determine how the proposal may be modified to achieve the goal of a mutually agreeable DROP program, and agree to bargain over the implementation of such a DROP program.
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DROP PLAN. Employees must notify the sheriff in writing not later than 60 days before they reach 25 years of credited service in the pension plan that they desire to enter the drop plan. The notification will also state how long they desire to be in the drop.
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DROP PLAN. The City shall provide a Deferred Retirement Option Program (DROP) only for existing employees that are in the DROP as of March 31, 2012. A bargaining unit member has the option to participate in a DROP following completion of 25 years of membership service credit comprising of actual work (without purchase of time) and at least 70 points representing the sum o f the member’s age and years of service. The maximum duration of the DROP is 36 months and participation will end if the bargaining unit member resigns, dies or is terminated for good cause. No new entrants will be allowed in the DROP from April 2, 2012 forward. Employees who have entered the DROP prior to April 2, 2012, will be allowed to complete the time period permitted in the DROP if the employee so chooses and if the employee remains employed by the City.
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DROP PLAN. All fire fighters covered by the “old” pension plan shall be afforded participation in the “drop plan.”
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Related to DROP PLAN

  • Plan The Award and all rights of the Participant under this Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The Participant agrees to be bound by the terms of the Plan and this Agreement. The Participant acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

  • Deferral Plan The deferral portion of the plan shall involve an employee spreading four (4) years' salary over a five (5) year period, or such other schedule as may be mutually agreed between the employee and the Hospital. In the case of the four (4) years' salary over a five (5) year schedule, during the four (4) years of salary deferral, 20% of the employee's gross annual earnings will be deducted and held for the employee. Such deferred salary will not be accessible to the employee until the year of the leave or upon the collapse of the plan. In the case of another mutually agreed upon deferral schedule, the percentage of salary deferred shall be adjusted appropriately.

  • Dental Plan (a) The Employer shall pay the monthly premium for employees entitled to coverage under a mutually acceptable plan which provides:

  • 401(k) Plan The Company presently offers its employees a 401k plan with a Company match to be determined annually by the Compensation Committee of the Board of Directors. You may elect to contribute pre-tax deferrals through payroll deduction pursuant to the terms of the 401k plan.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

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