– HYBRID PLAN Sample Clauses

– HYBRID PLAN. Employees hired on or after June 23, 2008, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, a Defined Contribution component. • The Defined Benefit Plan will include a 1.25% multiplier. • The Defined Contribution portion will include 1.0% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits. o Effective July 1, 2018, the employer contribution will increase to 3%. • Vesting is Six (6) years. • Three (3) year F.A.C. (Final Average Compensation) o Effective January 1, 2019, three (3) year F.A.C. (overtime hours capped at 100). • Normal Retirement at age 60. All active Hybrid members, without regards to vesting, will be offered a one-time irrevocable option to convert to the MERS Defined Contribution Plus Plan. The conversion option will be available for no less than three months from the initial effective date of the Defined Contribution Plus Plan. XXXX will provide each active Hybrid member with educational and financial information in order to assist with making their decision to convert to the Defined Contribution Plus Plan or to remain in their current Hybrid Plan. For those electing to convert, the lump sum transfer will be made 30-45 days after the conversion date. The lump sum will be 100% vested employee dollars and will be deposited in the 401(a) portion of the Defined Contribution Plus Plan.
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– HYBRID PLAN. Employees hired on or after July 1, 2014, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, a Defined Contribution component. • The Defined Benefit Plan will include a 2.0% multiplier. • The Defined Contribution portion will include a 1% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits. • Effective July 1, 2018, the employer contribution will increase to 3%. • Vesting is Six (6) years.
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– HYBRID PLAN. Employees hired on or after June 23, 2008, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, a Defined Contribution component. • The Defined Benefit Plan will include a 1.25% multiplier. • The Defined Contribution portion will include 1.0% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits. o Effective July 1, 2018, the employer contribution will increase to 3%. • Vesting is Six (6) years. • Three (3) year F.A.C. (Final Average Compensation) o Effective January 1, 2019, three (3) year F.A.C. (overtime hours capped at 100). • Normal Retirement at age 60.
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– HYBRID PLAN. Employees promoted into the bargaining unit after July 1, 2014, who were hired on or after July 1, 2014, shall continue in the pension plan they are currently enrolled in that was established for new hires in the POAM Collective Bargaining Agreement.
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– HYBRID PLAN. Employees hired on or after July 1, 2014, shall be enrolled in the MERS Hybrid Retirement Benefit Plan. The Hybrid Plan will include a Defined Benefit, as well as, a Defined Contribution component.  The Defined Benefit Plan will include a 2.0% multiplier.  The Defined Contribution portion will include a 3% employer contribution and a 2.0% employee contribution, with employees able to contribute additional after-tax funds up to IRS limits effective July 1, 2018.  Vesting is Six (6) years.  Three (3) year F.A.C. (Final Average Compensation).  Effective January 1, 2019, three (3) year F.A.C. (overtime hours capped at 100).  Retirement Eligibility age 55 with 25 years of service.  If you leave the employer prior to Retirement Eligibility (55/25) but are vested, you are then eligible to collect at age 60.
Sample 1

Related to – HYBRID 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.

  • Meal Plan The Student who resides in a university residence hall is required to purchase a full residential dining plan (commuter plans are not acceptable). The Student who resides in Bobcat Village may choose either a residential or a commuter plan, but is not obligated to make a dining plan purchase due to availability of kitchen in each apartment unit.

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

  • Dental Care Plan The Welfare Plan will include a Dental Care Plan which will reimburse members for expenses incurred in respect of the coverages summarized in Appendix "1". The Plan will not duplicate benefits provided now or which may be provided in the future by any government program.

  • 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.

  • Incentive Programs During the Term of Employment, the ------------------ Executive shall be entitled to participate in any annual and long-term incentive programs adopted by the Company and which cover employees in positions comparable to that of the Executive.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who:

  • Prescription Plan The PPO plan will include a comprehensive prescription 37 program: 38

  • Contribution Formula Dental Coverage a. Faculty Member Coverage. For faculty member dental coverage, the Employer contributes an amount equal to the lesser of ninety percent (90%) of the faculty member premium of the State Dental Plan, or the actual faculty member premium of the dental plan chosen by the faculty member. However, for calendar years beginning January 1, 2006, and January 1, 2007, the minimum employee contribution shall be five dollars ($5.00) per month.

  • Incentive Plans During the Term of this Agreement, Executive shall be entitled to participate in all bonus, incentive compensation and performance based compensation plans, and other similar policies, practices, programs and arrangements of the Company, now in effect or as hereafter amended or established, on a basis that is commensurate with his position and no less favorable than those generally applicable or made available to other executives of the Company. The Executive's participation shall be in accordance with the terms and provisions of such plans and programs. Participation shall include, but not be limited to:

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