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.
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.
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: