Regular Pension Clause Samples

The Regular Pension clause defines the terms under which an individual is entitled to receive periodic retirement payments from a pension plan. Typically, this clause outlines eligibility criteria such as age and years of service, the calculation method for the pension amount, and the schedule for disbursement, such as monthly or annually. Its core function is to provide financial security to retirees by ensuring a predictable income stream after they leave employment.
Regular Pension. Effective for those who retire December 1, 2016, and thereafter:
View Source
Regular Pension. (a) On or after the effective date, the regular pension shall be a monthly amount determined in accordance with (b), (c) and (d) below, adjusted in accordance with the provisions of paragraphs 3.4 and 3.5, if applicable. (b) Subject to (c) below, the monthly amount used in the calculation of any regular pension shall be determined, in the case of any participant who retires or otherwise terminates employment as an employee described in paragraph 1.1(k) on or after September 29, 2007, with respect to months for which pension payments are made, an amount equal to the participant’s continuous active service multiplied by $40.00. (c) For any participant who terminates employment, with eligibility only to receive a deferred vested pension at the time of his retirement under the Plan, the monthly amount of the regular pension shall be determined under the terms of the Plan as in effect on the date of the participant’s termination of employment. (1) For a 60/15 retirement, the monthly amount determined in (b) above is applicable only if the regular pension commences after attainment of age 65 (hereinafter “deferred 60/15 pension”). A participant may in his application for a 60/15 pension elect an immediate pension, and in such case the monthly amount calculated under (b) above shall be reduced to its Actuarial Equivalent. (i) For a deferred vested pension the monthly amount determined in (c) above is applicable only if the participant’s pension commences after he has attained age 65 and has completed 5 years of continuous service. (ii) If the participant who is eligible to receive a deferred vested pension has completed 15 years of continuous service and pursuant to paragraph 3.7(d) makes application for commencement of pension payments after attainment of age 60 but prior to attainment of age 65, the monthly amount calculated under
View Source
Regular Pension. The Regular pension is a monthly payment equal to the higher of the percent pension or the minimum pension determined as follows, but may be adjusted in accordance with certain other additions and deductions, some of which are described on pages 54 and 55. An amount equal to the participant’s average monthly earnings as described on page 54, multiplied by:
View Source
Regular Pension. The regular pension shall be a monthly amount determined in accordance with (b), and (c) below, adjusted in accordance with the provisions of paragraphs 3.4, 3.5, 3.7, 3.8, 3.12(d), and 3.18 if applicable.
View Source
Regular Pension. The Employers shall contribute to the Trustees of the Pension Fund designated under an Agreement and Declaration of Trust dated the 7th day of July 1965, as follows: Journeyman $8.15 per hour, for each hour worked to each employee as defined in this Agreement, for said Employer. Such contribution to be administered and expended by the Trustee, pursuant to the provisions of the Agreement and Declaration of Trust for the purpose of providing pensions for employees, and for their beneficiaries insofar as the Trustees may determine in conformance with such Agreement and Declaration of Trust.
View Source
Regular Pension. The Regular Pension is a monthly payment equal to the higher of the percent pension* or the minimum pension determined as follows, but may be adjusted in accordance with certain other additions and deductions, some of which are described on pages 17 through 18 . *For the purposes of determining the Special Payment, vacation pay shall be adjusted to exclude the Cost-of- Living Adjustment included in the base hourly or salary rates other than the first Cost-of-Living Adjustment included in the base hourly or salary rates subsequent to April 30, 1974, but calculated as if any decreases effective March 1, 1983 in the standard hourly wage scales of rates for both incentive and non-incentive jobs, the hourly additives for incentive jobs and the standard bi-weekly scale of rates for salaried jobs had not occurred, except that such vacation pay adjustment shall not apply to vacation pay for any weeks of regular vacation to which the participant was or would have been entitled in the year of retirement or for an earlier year if the participant is not entitled to vacation in the year of retirement. Adjusted vacation pay shall be determined by including a COLA adjustment add-on of $2.36 per hour for a participant who retires after February 12, 1990. Adjusted vacation pay shall include a COLA adjustment of $4.72 per hour for participants who retire on or after July 1, 1996. * Percent formula eliminated for employees hired on or after July 1, 2011. For further explanation of the Jewel pension calculation, see Appendix B. An amount equal to the participant’s average monthly earnings (see page 17) multiplied by:
View Source
Regular Pension. The Employers shall contribute to the Trustees of the Pension Fund designated under an Agreement and Declaration of Trust dated the 7th day of July 1965, as follows: Journeyman $8.15 per hour, for each hour worked to each employee as defined in this Agreement, for said Employer. Such contribution to be administered and expended by the Trustee, pursuant to the provisions of the Agreement and Declaration of Trust for the purpose of providing pensions for employees, and for their beneficiaries insofar as the Trustees may determine in conformance with such Agreement and Declaration of Trust. First $ 0.00 First $ 0.00 Second $ 0.00 Second $ 0.00 Third $3.99 Third $4.08 Fourth $4.32 Fourth $4.24 Fifth $4.73 Fifth $4.65 Sixth $5.95 Sixth $5.54
View Source
Regular Pension. (a) A Participant shall be eligible for a Regular Pension described in the succeeding paragraphs of this Section if he terminates Covered Employment or Contiguous Noncovered Employment and Retires on or after his Normal Retirement Date. (b) Payment of the Participant’s Regular Pension shall commence as of his Annuity Starting Date next following the date upon which the Participant Retires and makes due application for his Regular Pension, unless the Participant elects in writing to commence his Regular Pension at a later time. (c) The Participant’s Regular Pension shall be equivalent to his Accrued Benefit, determined as of his Normal Retirement Age and expressed as a monthly benefit payable in the form of a Single Life Annuity commencing at his Normal Retirement Date. In the case of a Retired Participant whose Annuity Starting Date is later than his Normal Retirement Date, such Participant’s Regular Pension shall be adjusted to the Actuarial Equivalent of a Regular Pension commencing as of the Participant’s Normal Retirement Date. Notwithstanding the foregoing, no actuarial adjustment to a Participant’s Regular Pension shall be made to account for a period of suspension of benefits under Section 5.11, nor shall an actuarial adjustment be made because a Participant continues to work in Covered Employment or Contiguous Noncovered Employment after Normal Retirement Age. (d) In the event that the Participant’s Regular Pension is payable in a form other than a Single Life Annuity, such benefit shall be adjusted to the Actuarial Equivalent of a Single Life Annuity for the Participant. (e) A Participant’s Regular Pension shall not be less than the largest periodic benefit that would have been payable under the Plan to the Participant upon termination of employment at or prior to Normal Retirement Age (ignoring any social security supplements, premiums on disability or term insurance, and the value of disability benefits not in excess of the Regular Pension). For purposes of comparing periodic benefits in the same form, commencing prior to and at Normal Retirement Age, the greater benefit is determined by converting the benefit payable prior to Normal Retirement Age into the same form of annuity benefit payable at Normal Retirement Age and comparing the amounts of such annuity payments.
View Source

Related to Regular Pension

  • Regular Part-Time A regular part-time employee is someone who has a regular schedule of work providing less than seventy (70) hours bi-weekly.

  • Regular Benefits The Executive shall also be entitled to participate in any and all employee benefit plans, medical insurance plans, life insurance plans, disability income plans, retirement plans, bonus incentive plans and other benefit plans from time to time in effect for senior executives of the Employer. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Employer and (iii) the discretion of the Board of Directors of the Employer or any administrative or other committee provided for in or contemplated by such plan.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Regular Employee Seniority for a regular employee is defined as the length of the employee’s continuous employment (whether full-time or part-time) from the date of commencement of regular employment, plus any seniority accrued, while working as a casual employee of the Employer.

  • Regular Full Time employee - Regular full-time employee shall mean an employee employed to meet ongoing operational requirements on a year-round basis and is scheduled to work the full-time hours contained in Article 18. Regular full-time employees who are laid off shall retain their regular full-time status with the Company while on layoff.