NCSRCC DEFINED BENEFIT PENSION FUND REHABILITATION PLAN Sample Clauses

NCSRCC DEFINED BENEFIT PENSION FUND REHABILITATION PLAN. 1. The parties agree that the North Central States Regional Council of Carpenters Defined Benefit Pension Fund (“DB Pension Fund”) actuary has certified that the DB Pension Fund is in critical status, within the meaning of Section 305 of the Employee Retirement Income Security Act of 1974 (ERISA), as amended by the Pension Protection Act of 2006, for the Plan Year beginning January 1, 2017. Effective May 1, 2017, based on information provided to them from the Trustees of the DB Pension Fund, the parties hereby adopt the joint labor/management Preferred Schedule from the Rehabilitation Plan executed by the DB Pension Fund’s officers and agree to implement the schedule of contribution increases from said Preferred Schedule no later than the respective effective dates of such contribution increases in the Preferred Schedule. The parties understand that, assuming the Pension Fund’s actuarial assumptions are met, the Preferred Schedule will result in the Plan’s emergence from endangered status within the time frame required under ERISA.
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Related to NCSRCC DEFINED BENEFIT PENSION FUND REHABILITATION 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.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • 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:

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