Retirement Benefit Plan Sample Clauses
The Retirement Benefit Plan clause establishes the terms under which employees are provided with retirement benefits by their employer. Typically, this clause outlines eligibility requirements, the method of calculating benefits, and the process for making contributions to the plan, which may include employer matching or vesting schedules. Its core practical function is to ensure employees have a clear understanding of their retirement benefits, promoting financial security after employment and helping employers attract and retain talent.
Retirement Benefit Plan. The Executive shall be provided the payment or benefit on account of a Change in Control as such accrued or vested payment or benefit relates to or is from any supplemental retirement plan established on or after the Effective Date, and any successor to such plan, in accordance with the terms of the applicable plan.
Retirement Benefit Plan. The Board agrees to fund a retirement benefit plan for Elementary Teachers of the Limestone District School Board who are not eligible for a Retirement Gratuity under the current collective agreement.
Retirement Benefit Plan. 9.7.1 Reserve Account for New Hires: BCCHS shall establish a BCCHS Reserve Account for any BCCHS contributions made on behalf of all full-time probationary and permanent unit members who have provided less than five (5) consecutive years of full-time service to BCCHS. Such funds shall be held in trust until the employee is vested as described herein. Following completion of five (5) years of such service to BCCHS, the contributions set aside on behalf of the employee in the Reserve shall then be transferred from the BCCHS Reserve Account to the employee's individual Retirement Savings Account, as provided in Section 9.7.2.
Retirement Benefit Plan. The Executive shall be eligible to participate in any supplemental retirement plan established on or after the Effective Date, and any successor to such plan, in accordance with the terms of the applicable plan documents and generally applicable policies of First Security.
Retirement Benefit Plan. Upon retirement from the school district, an employee who has served the County Office fifteen (15) or more years and is at least (55) years of age could contract with the County Office of Education/District for 160 hours of substitute service. The contract must be submitted yearly prior to March 1st of the year preceding the contract year. The acceptance of the contract is subject to the approval of the Superintendent or his designee. In return for the 160 hours of substitute service, the district will pay the employee the hourly rate at the time of retirement. Contracts may not be submitted for more than five (5) years or for the year following the 65th birthday of the employee. Employees may enter into a 125 Plan to purchase medical insurances.
Retirement Benefit Plan. A.1 The parties agree to establish a joint working group on post-retirement benefits. The purpose of this working group will be to make recommendations to the Joint Consultation Committee on optional post-retirement benefit plans for Retired Members. This may include, but is not limited to, converting the existing Post-Retirement Medical/Dental Fund into a cost-sharing plan. In the event of such a conversion, the University's contribution to post-retirement benefits shall not be less than the amount currently paid into the Fund. The joint working group will report within six (6) months of its appointment.
Retirement Benefit Plan. 1. An eligible teacher who submits a timely irrevocable letter of resignation will be paid a salary increase in their last one, two, three or four years of service as follows:
a. Eligible teachers receiving a one (1) year six percent (6%) salary increase will receive an increase in their final year’s base salary, excluding any other compensation or creditable earnings such as stipends or pay for supplemental jobs.
b. Eligible teachers receiving two years of six percent (6%) salary increases will receive the first year’s increase as described above in Section 1.
a. The second and final year’s salary increase will be six percent (6%) greater than the first year’s base salary.
c. Eligible teachers receiving three years of six percent (6%) increases will receive the first two years’ increases as described above in Section 1.b. The third and final year’s salary increase will be six percent (6%) greater than the second year’s base salary.
d. Eligible teachers receiving four years of six percent (6%) increases will receive the first three years’ increases as described above in Section 1.c. The fourth and final year’s salary increase will be six percent (6%) greater than the third year’s base salary. The parties intend that the District will not be obligated to pay any penalty as a result of exceeding the TRS “6% cap.” To that end, if as part of a prior year’s compensation, the eligible teacher earned a stipend or pay for a supplemental job, they are eligible to continue to perform the work and earn the additional pay. If the teacher ceases to perform the stipend assignment or supplemental job or earns a stipend or supplemental job which pays less, the teacher may not in subsequent years increase their stipend or supplemental pay if it would cause the teacher’s earnings to exceed their previous year’s TRS creditable earnings by more than six percent (6%). A teacher receiving benefits under this Article may not assume or earn stipends or supplemental pay if by doing so the teacher’s earnings would exceed their previous year’s earnings by more than six percent (6%). Teachers receiving these six percent (6%) increases will be taken off the salary system and are not eligible to earn annual salary percentage or lane percentage increases.
2. Upon retirement, the District will contribute up to $1,500 per year toward the cost of medical and dental insurance coverage for an eligible teacher provided the teacher elects to participate in the TRS or some other non- District i...
Retirement Benefit Plan. With respect to Dresser-Rand Group Employees who retire or retired pursuant to the terms of IRNJ's or the Dresser-Rand Group's retiree welfare programs (the "Retiree Welfare Plans") on or prior to the Closing Date, or are eligible to retire pursuant to the terms of the Retiree Welfare Plans as of the Closing Date, the Sellers shall retain liability for benefits under the Retiree Welfare Plans in accordance with their terms (as such terms exist as of the Closing Date or as otherwise approved by Sellers). On and after the Closing Date the Sellers shall have no liability for retiree welfare benefits with respect to any Dresser-Rand Group Employee who becomes eligible to retire pursuant to the terms of the Retiree Welfare Plans after the Closing Date (the "Post-Closing Retirees"), and the Buyers shall indemnify and hold the Sellers harmless with respect to retiree welfare liability relating to or arising out of or in connection with such Post-Closing Retirees.
Retirement Benefit Plan. The Company shall contribute to the Retirement Benefit Plan at a rate that equals one percent (1%) of the employee’s basic pay. These funds shall sent to the to the B C Marine Industry Benefit Plan on a monthly basis. (Note: an employee must have been on the Marine Industry Benefit Plan for two (2) consecutive years, preceding their retirement.
Retirement Benefit Plan. 4 The provisions in Article 15 do not apply to Nurses or COTAs. To be eligible for 5 the retirement benefit plan, a teacher must meet all of the following criteria:
6 (1) completed at least 15 years of service as a teacher in the Salem School 7 District;
8 (2) is at least 55 years of age;
9 (3) years of service as a teacher in the Salem School District plus age equals at
11 (4) actually retires under the New Hampshire Retirement System. 13 Funding for this benefit shall be capped at ten teachers. If more than ten teachers 14 request this benefit, priority shall be determined by years of service, followed by age. 15 The estimated budget amount shall be the capped number of teachers multiplied by 16 the estimated average cost of all eligible teachers. The Board’s intent is to provide the