Funded Pension Plan Sample Clauses

Funded Pension Plan. Employees' normal retirement date shall be the first of the month following the month in which the employee attains the age of sixty-five (65). However, an employee will be allowed to continue working, provided that he is physically and mentally able to do so. Employees' normal retirement date shall be the first of the month following the month in which the employee attains the age of sixty-two (62) and has completed ten (10) years of continuous service; or, at age sixty (60) having completed at least thirty (30) years of continuous service. Individual funded pensions received a one-time increase of one percent (1%) in 1996 for employees retired on or after September 1, 1992, and two percent (2%) for employees retired before September 1, 1992. Individual funded pensions were increased by two percent (2%) for employees retired as of December 31, 1999, effective June 1, 2000. An employee who has fifteen (15) years of credited service may retire, at or after age fifty-five (55) but prior to attaining eligibility for a normal pension, on an actuarially reduced early retirement pension which shall be determined in the same manner as a normal retirement benefit, but with full actuarial reduction from what would have been the employee's earliest normal retirement date and benefit. Requests for pension shall be in writing and submitted to the Pension Committee at least sixty (60) days in advance of the first month for which benefits are payable. Employees who take early retirement, but who defer pension benefits, shall still be entitled to any other benefits provided to retirees under this Agreement (such as retiree medical benefits as provided for herein) on the same terms and conditions as any other employee who has taken a regular retirement. It is agreed that changes in the requirements of normal retirement may be made during the term of this Agreement, within the funding limits, with the approval of the actuary and the IRS. Details on pension benefits are in the Funded Pension Plan booklet.
Sample 1
AutoNDA by SimpleDocs
Funded Pension Plan. The parties have provided for a funded pension plan, signed by the parties, which Pension Plan and Agreement and Declaration of Trust is considered a part of this Agreement as if set out in full herein, subject to all the provisions of this Agreement, except that no matter respecting the provisions of such plan shall be subject to the grievance procedure established in this Agreement.
Sample 1
Funded Pension Plan. 39 Employees' normal retirement date shall be the first of the month 40 following the month in which the employee attains the age of sixty-five 41 (65). However, an employee will be allowed to continue working, 42 provided that he is physically and mentally able to do so. 43 44 Employees' normal retirement date shall be the first of the month 45 following the month in which the employee attains the age of sixty-two 46 (62) and has completed ten (10) years of continuous service; or, at age 47 sixty (60) having completed at least thirty (30) years of continuous 48 service. Individual funded pensions received a one-time increase of 49 one percent (1%) in 1996 for employees retired on or after September 50 1, 1992, and two percent (2%) for employees retired before September 51 1, 1992. 1 Individual funded pensions were increased by two percent (2%) 2 for employees retired as of December 31, 1999, effective June 1, 2000. 4 An employee who has fifteen (15) years of credited service may 5 retire, at or after age fifty-five (55) but prior to attaining eligibility for
Sample 1

Related to Funded Pension Plan

  • Guaranteed Pension Plans Each contribution required to be made to a Guaranteed Pension Plan, whether required to be made to avoid the incurrence of an accumulated funding deficiency, the notice or lien provisions of §302(f) of ERISA, or otherwise, has been timely made. No waiver of an accumulated funding deficiency or extension of amortization periods has been received with respect to any Guaranteed Pension Plan, and neither the Borrower nor any ERISA Affiliate is obligated to or has posted security in connection with an amendment to a Guaranteed Pension Plan pursuant to §307 of ERISA or §401(a)(29) of the Code. No liability to the PBGC (other than required insurance premiums, all of which have been paid) has been incurred by the Borrower or any ERISA Affiliate with respect to any Guaranteed Pension Plan and there has not been any ERISA Reportable Event (other than an ERISA Reportable Event as to which the requirement of 30 days notice has been waived), or any other event or condition which presents a material risk of termination of any Guaranteed Pension Plan by the PBGC. Based on the latest valuation of each Guaranteed Pension Plan (which in each case occurred within twelve months of the date of this representation), and on the actuarial methods and assumptions employed for that valuation, the aggregate benefit liabilities of all such Guaranteed Pension Plans within the meaning of §4001 of ERISA did not exceed the aggregate value of the assets of all such Guaranteed Pension Plans, disregarding for this purpose the benefit liabilities and assets of any Guaranteed Pension Plan with assets in excess of benefit liabilities.

  • Unfunded Plan The Grantee acknowledges and agrees that any rights of the Grantee relating to the Grantee’s Restricted Stock Units and related dividend equivalents and any other related rights shall constitute bookkeeping entries on the books of the Company and shall not create in the Grantee any right to, or claim against, any specific assets of the Company or any Subsidiary, nor result in the creation of any trust or escrow account for the Grantee. With respect to the Grantee’s entitlement to any payment hereunder, the Grantee shall be a general creditor of the Company.

  • Municipal Pension Plan (i) All newly hired regular employees shall participate under the Municipal Pension Plan, subject to the terms and conditions of such Plan, from their initial date of hire as a regular employee.

  • Canadian Pension Plans The Loan Parties shall not (a) contribute to or assume an obligation to contribute to any Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent, or (b) acquire an interest in any Person if such Person sponsors, administers, maintains or contributes to or has any liability in respect of any Canadian Defined Benefit Plan, or at any time in the five-year period preceding such acquisition has sponsored, administered, maintained, or contributed to a Canadian Defined Benefit Plan, without the prior written consent of the Administrative Agent.

  • No Pension Plans There are no pension, profit sharing, group insurance or similar plans or other deferred compensation plans affecting the Company;

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Self-Funded Leave Plan 26.01 The Self Funded Leave Plan has been developed to afford Employees the opportunity of taking up to one year leave of absence and, through deferral of salary, to finance the leave subject to the regulations under the Income Tax Act.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time to time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, the Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executives.

Time is Money Join Law Insider Premium to draft better contracts faster.