Money Purchase Pension Plan. A. The District will deposit an amount equivalent to six and sixty-five hundredths percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty- three dollars and thirty-three cents [$133.33] paid during the month) up to a maximum annual contribution of one thousand eight hundred sixty-eight dollars and sixty-five cents ($1,868.65) into a Money Purchase Pension Plan (MPPP) for employees. The base rate monthly compensation equals one hundred seventy-three and one third (173.33) hours X base straight time hourly rate.
Money Purchase Pension Plan. Participation in the Money Purchase Pension Plan is subject to provisions of the Income Tax Act. Those who are already pensioners under the plan are not eligible to contribute. Participation in the Group Life Insurance is limited to active employees up to the earlier of their retirement date, or December 31st of the year in which the employee attains age seventy- one (71). Participation in the Money Purchase Pension Plan is also subject to having completed an appointment to teach at least 7.5 units in a period of one to three terms (summer session and subsequent fall and spring) within the previous three years.
Money Purchase Pension Plan. The Employer shall contribute to the Trust Fund each Plan Year such amount, including any forfeitures to be applied, set forth in the Adoption Agreement.
Money Purchase Pension Plan. A1. Except as provided in Provision 5.4 of this Agreement, for civilian employees, the District will continue to deposit an amount equivalent to six and sixty-five hundredths percent (6.65%) of the employee’s base rate monthly compensation (after deducting the first one hundred thirty-three dollars and thirty- three cents ($133.33) paid during the month) up to a maximum annual contribution of one thousand eight hundred and sixty- eight dollars and sixty-five cents ($1,868.65) into a Money Purchase Pension Plan. The base rate monthly compensation equals one hundred seventy-three and one-third (173.33) hours X base straight time hourly rate.
Money Purchase Pension Plan. If this Plan is adopted as a Money Purchase Pension Plan, the Employer Contribution made by the Employer and each Participating Affiliate for each Plan Year shall be an amount equal to the sum of the contribution for each Active Participant as determined under the formula specified in the Adoption Agreement. The Forfeitures for each Plan Year shall be
Money Purchase Pension Plan. If this Plan is adopted as a Money Purchase Pension Plan, the Forfeitures and the Employer Contribution actually made under section 5.2 (as adjusted, if applicable, in accordance with section 12.3(h)(2) for a Top-Heavy Plan) shall be allocated (and posted) as of the last day of each Plan Year to the Employer Account of each Active Participant in accordance with the formula specified in the Adoption Agreement. If Forfeitures are applied to reduce the Employer Contribution and the Forfeitures available under section 8.2(e) for any Plan Year exceed the contribution specified in the Adoption Agreement for such Plan Year, such excess shall be held in a separate account and shall be applied in full as a Forfeiture to offset such contributions in the future until such account is exhausted under this section 6.3(b). If Forfeitures are to be allocated to Active Participants, such Forfeitures shall be allocated (and posted) to the Employer Account of each Active Participant in the same ratio that such Active Participant's Compensation for such Plan Year bears to the total Compensation of all such Active Participants for such Plan Year.
Money Purchase Pension Plan. If the Employer has adopted this Plan as a money purchase pension plan, the Employer will, beginning for the Plan Year in which the Plan is adopted, and for each Plan Year thereafter, contribute, for allocation to the Employer Contribution Account of each Participant entitled to share in the allocation of Employer Contributions, the amount specified in the Adoption Agreement reduced by any forfeitures arising during the preceding Plan Year pursuant to Section 7.02
Money Purchase Pension Plan. FHP sponsors the FHP Money Purchase Pension Plan (the "Pension Plan"), which covers Xxxxxxx Individuals, as well as employees of FHP and its subsidiaries. A portion of the assets and liabilities of the Pension Plan are attributable to Xxxxxxx Individuals. As soon as administratively feasible following the Expiration Date, Holdings will establish a plan (and accompanying trust) to which the account balances attributable to Xxxxxxx Individuals in the Pension Plan will be directly transferred. Such plan will comply with all applicable provisions of the Code, including, without limitation, Code Section 411(d). As soon as administratively feasible following the Expiration Date, Holdings will submit such plan and trust to the Internal Revenue Service for a determination of its qualified status and tax-exempt status under Code Sections 401 and 501(a). Holdings will amend such plan and trust as and if requested by the Internal Revenue Service as a condition of granting a favorable determination of the tax- qualified and tax-exempt status of such plan and trust. As soon as administratively feasible following the Expiration Date, FHP will cause the trustee of the Pension Plan to transfer to the trust established by Holdings the assets and liabilities of the Pension Plan attributable to Xxxxxxx Individuals. Such assets (other than the real estate assets) will be distributed in-kind based on the investments of the accounts of the Xxxxxxx Individuals, and a tenancy in common interest will be transferred with respect to the real estate assets. Holdings will be responsible for all required governmental compliance testing, reporting, disclosure and funding with respect to the plan established by Holdings pursuant to this Section 2.1 (including without limitation, the obligation to file Forms 5500). Holdings will have the same power and authority to amend or terminate coverage under said successor plan as held by FHP under the Pension Plan. Notwithstanding anything else contained herein to the contrary, the parties to this Agreement anticipate that the Investment Committees of the Pension Plan and the plan established by Holdings (the "Holdings Plan") will enter into an agreement (the "Real Estate Disposition Agreement") to provide for the prompt disposition and maintenance pending disposition of certain real estate assets which will be held as a tenancy in common following the Expiration Date by the trustee of the Pension Plan and the trustee of the Holdings Plan. Consist...
Money Purchase Pension Plan. The Employer contribution for each Plan Year shall be determined according to the formula specified in the Adoption Agreement. (C)
Money Purchase Pension Plan. As of the Effective Date, employees of Heritage and BCB shall be eligible to participate in a new money purchase pension plan to be established by the Holding Company, subject to successful consummation of the Consolidation. The money purchase plan shall contain eligibility provisions requiring an employee to be at least 21 years of age and have at least one year of service, with entry dates of at least January 1 and July 1; provided, however, the Holding Company may establish eligibility provisions which are more liberal than age 21 and one year of service. The money purchase pension plan shall provide for a fixed employer contribution equal to 3% of an eligible employee's base salary, shall provide for prior Heritage and BCB service credit for eligibility and vesting, shall contain a vesting schedule which shall provide 20% vesting for each year of service up to 100% vesting upon completion of five years of service and shall permit participants to direct the investment of their account balances in the money purchase plan in investment options similar to those offered under the BCB 401(k) Plan. In lieu of the adoption of a new money purchase plan by the Holding Company, to the extent permitted by the IRC, the Holding Company may cause the BCB 401(k) Plan to be amended, as of the Effective Date, to provide for a fixed employer contribution in the same amount and subject to the same provisions as are set forth in the preceding sentence. The fixed 3% employer contribution formula which shall be provided in either a new money purchase plan or in the BCB 401(k) Plan shall not be reduced for the same five year period described in subparagraph (A) above.
