Individual DC scheme Sample Clauses

Individual DC scheme. An individual DC scheme must at least have the following elements in addition to the other conditions in this chapter: – an accrual ambition of 1.875% of the pension base per participation year; – the deductible is the minimum state pension deductible permitted by the Tax and Customs Administration; – the DC graduated scale published by the Tax and Customs Administration based on 3% actuarial interest, graduated scale 2; – the possibility to continue to invest after the retirement date. At the beginning of the consultation in connection with a request for approval procedure based on Section 27, paragraph 1a of the Works Councils Act, the employer notifies the trade unions in writing of the proposed transition to an individual DC scheme in time. At the time of the transition to an individual DC scheme, the employer determines the difference in costs between the existing and the proposed new pension scheme. The employer shares this information with the employee representation, after which it will be examined reasonably whether and, if so, which part and in which form the difference in costs can be refunded to employees. The importance of professional support in the event of such a transition is emphatically pointed out to the employee representation and reference is made, in particular, to the expertise of the trade unions.
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Related to Individual DC scheme

  • State Employee Group Insurance Program (SEGIP) During the life of this Agreement, the Employer agrees to offer a Group Insurance Program that includes health, dental, life, and disability coverages equivalent to existing coverages, subject to the provisions of this Article. All insurance eligible employees will be provided with a Summary Plan Description (SPD) called “Your Employee Benefits”. Such SPD shall be provided no less than biennially and prior to the beginning of the insurance year. New insurance eligible employees shall receive a SPD within thirty (30) days of their date of eligibility.

  • Individual Grievance Subject to clause 17.5 and as provided in section 208 of the PSLRA, an employee is entitled to present a grievance in the manner prescribed in clause

  • 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.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Exempt Employees (1) Except as may otherwise be provided by specific terms of this Agreement, C.G.S. Section 5-245(b)(1) shall be deemed to exempt from overtime payment all employees being paid above Salary Grade 24, and those unclassified positions which on June 30, 1977 were deemed exempt positions. Subject to the operating needs of the agency:

  • Group Life Insurance Plan Section 1 - Eligibility Regular full-time and regular part-time employees who are on staff January 1, 1979 or who join the staff following this date shall, upon completion of the three-month probationary period, become members of the Group Life Insurance Plan as a condition of employment.

  • Key Person Life Insurance The Executive acknowledges that the Company may wish to purchase insurance on the life of the Executive, the proceeds of which would be payable to the Company, at the Company’s expense. The Executive hereby consents to such insurance and agrees to submit to any medical examination and release of medical records required to obtain such insurance.

  • Dependent Child If dependent children are covered under separate plans of more than one person, whether a parent or guardian, benefits for the child will be determined in the following order: • the benefits of the plan covering the parent born earlier in the year will be determined before those of the parent whose birthday (month and day only) falls later in the year; • if both parents have the same birthday, the benefits of the plan that covered the parent longer are determined before those of the plan which covered the other parent for a shorter period of time; • if the other plan does not determine benefits according to the parents' birth dates, but by parents' gender instead, the other plan’s gender rule will determine the order of benefits.

  • Individual Grievances Subject to and as provided in section 208 of the Federal Public Sector Labour Relations Act, an employee who feels that he or she has been treated unjustly or considers himself, herself aggrieved by any action or lack of action by the Employer in matters other than those arising from the classification process, is entitled to present a grievance, as in paragraph (b).

  • Individual Flexibility Arrangement The Employer and an Employee may agree to make an individual flexibility arrangement to vary the effect of the terms of this Agreement if:

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