Pension System Sample Clauses

The Pension System clause establishes the framework for providing retirement benefits to employees through a structured pension plan. It typically outlines eligibility criteria, contribution requirements from both employer and employee, and the method for calculating pension benefits upon retirement. By clearly defining the terms and administration of pension benefits, this clause ensures employees understand their retirement entitlements and helps employers manage long-term financial obligations.
Pension System. The pension and retirement benefit and the administration thereof shall be in accordance with the Illinois Firemen’s Pension Fund for the duration of this Agreement.
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Pension System.  We shall strive to create dignified living conditions for the elderly. We shall push for a return to regular pension increases by the rate of inflation and a third of the growth in real wages, starting in 2015.  We shall merge Pillars II and III. We shall put a stop to the diversion of resources away from the pay-as-you-go pension pillar. We shall initiate the establishment of an expert committee, coordinated by the Ministry of Labour and Social Affairs and the Ministry of Finance, composed of representatives of the coalition parties, the opposition, representatives of the tripartite and expert economists, demographers and sociologists, to prepare changes in the taxation of labour and in the pension system with effect from 2017 in order to ensure the payment of decent pensions, reinforcement of the principle of merit, the reconciliation of the transfer between the family and society, and the capping of the retirement age.  In the initial stage, we shall support existing products in Pillar III, where the state provides contributions, and suggest improvements to their parameters in order to motivate people to save more for retirement.
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Pension System. The Board agrees that an early retirement benefits be provided to permit early retirement without actuarial reduction in benefits within ten (10) years prior to the member's normal retirement date, when:
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Related to Pension System

  • Distribution System The Transmission Owner’s facilities and equipment used to transmit electricity to ultimate usage points such as homes and industries directly from nearby generators or from interchanges with higher voltage transmission networks which transport bulk power over longer distances. The voltage levels at which Distribution Systems operate differ among areas. Distribution Upgrades – The additions, modifications, and upgrades to the Transmission Owner’s Distribution System at or beyond the Point of Interconnection to facilitate interconnection of the Small Generating Facility and render the transmission service necessary to effect the Interconnection Customer’s wholesale sale of electricity in interstate commerce.

  • HEALTH & WELFARE 16:1 The parties signatory hereto shall enter into a Health and Welfare Plan for which there is a Trust Agreement, known as the Line Construction Benefit Fund, for the purpose of providing insurance benefits for eligible employees and/or their dependents. Effective the first of the month following the signature date of this Agreement, the Employer shall pay to the Line Construction Benefit Fund the sum of $6.50 for each hour worked. Hours worked shall be deemed to include straight-time hours worked, overtime hours worked, and report time not worked. Remittance shall be forwarded to the place designated by the parties hereto on or before the fifteenth (15th) day of each month for each hour worked in weekly payroll periods ending during the preceding month, together with a monthly payroll report on a form to be furnished to the Employer. It is understood and intended by the parties to this Agreement that the purpose of this clause is to establish an Employer financed Health and Welfare Trust and that contributions thereto shall not be deemed to be wages to which any employee shall have any right other than the right to have such contributions paid over to the Trust fund in accordance herewith. Failure of an individual Employer to make all payments provided for, including liquidated damages for late payments, within the time specified, shall be a breach of this Agreement and will further require action by the Trustees as set forth in the Trust Agreement. Any increase in the required contributions set forth above will be paid equally (50% by the Employer and 50% by the Employee). The amount paid by the Employee will come from their NEAP contribution. 16:2 HRA: Effective the first of the month following the signature date of this Agreement, the Employer also agrees to pay into the Line Construction Benefit Fund $1.00 per hour through the term of this Agreement. HRA is calculated on all hours worked for all working classifications covered by this Agreement. These contributions shall be used to provide Health Reimbursements Accounts(s) under the Line Construction Benefit Fund Plan of Benefits.

  • PFPC System PFPC shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents, copyrights, trade secrets, and other related legal rights utilized by PFPC in connection with the services provided by PFPC to the Fund.

  • Information Systems The Customer is aware that vehicles manufactured, supplied or marketed by a company within the Volvo Group are equipped with one or more systems which may gather and store information about the vehicle (the “Information Systems”), including but not limited to information relating to vehicle condition and performance and information relating to the operation of the vehicle (together, the “Vehicle Data”). The Customer agrees not to interfere with the operation of the Information System in any way.

  • Retirement System The withdrawal of employee contributions made on or after January 1, 2014 may also be withdrawn but only on an actuarially neutral basis. The actuarial present value of the pension reduction shall be equal to the amount of accumulated member contributions withdrawn. The actuarial present value shall computed using the interest rate used in the annual actuarial valuation and the mortality table used in the annual actuarial valuation with a 50% unisex blend.