Supplemental Retirement Program Sample Clauses

Supplemental Retirement Program. The Town will offer a voluntary defined contribution plan to the same extent it is offered for all other Town employees.

Supplemental Retirement Program. Employees who retired between the first full pay period in October, 2001 and the first full pay period in July, 2004 are eligible to participate in a Supplemental Retirement Program (SRP).Eligible employees may participate in the City’s Supplemental Retirement Program as defined and described in the ‘Side Letter of Agreement between the City of Ontario and the Ontario Police Management Group.’ Eligible employees must complete an ‘Individual Agreement to Participate in the City’s Supplemental Retirement Program’ to participate in the program.

Supplemental Retirement Program. Upon establishment of an investment account with an authorized vendor and receipt of a salary reduction agreement, the District shall contribute $25.00 per month into a teacher’s 403(b) supplemental retirement savings account. This contribution will be in place for the 2019-20 school year only.

Supplemental Retirement Program. The parties agree to create a Program to enhance the Deferred Compensation Program by means of offering participants a variety of investment options, and the services of a financial advisor who will hold personal, confidential sessions with each employee to provide them with fiscal planning advice. The advisory service will be provided at no direct cost to the employee. The supplemental Retirement Program will be overseen by a Committee that will include a representative of Union. The Committee would have the right to control the Program and would be able to add or delete any investment options that it wished. The purpose of this Program is to expand the Deferred Compensation Program to give employees greater flexibility in their financial planning while still preserving the tax-exempt features of the present plan. a. As control over the Supplemental Retirement Program will be vested in a Committee comprised of one person from each employee representation unit, the employees would be in a position to divert some funds towards the purchase of disability insurance or survivorship insurance, should that be the wish of the employees. b. In step with the supplemental Retirement Program, the Town agrees to utilize the "Golden Handshake" option available through P.E.R.S. as such may be appropriate in an individual employee's circumstances. The details of each employee's circumstances would be negotiated at the time the Town is looking at mandatory reduction in force or downgrading of positions, which are the two requirements for implementation of the Golden Handshake program contained in the P.E.R.S. regulations.

Supplemental Retirement Program. Officers may elect to participate in the tax sheltered, supplemental 457 retirement plan administered by the International City Management Association (ICMA) Retirement Corporation, or other retirement plans approved by the City. Employee contributions will be made through payroll deductions up to the IRS approved maximum annual contribution limits.

Supplemental Retirement Program. 1. Employees are allowed to convert a portion of their sick leave balance to one of the City's qualified deferred compensation plans. Sick leave hours converted to a deferred compensation plan will be converted at 75 percent of the employee's hourly rate at the time the hours are converted. This will occur during the month of September of each year and cover hours as of June 30 of that year. Employees will not be able to take the hours in the form of cash for current uses. Employees' remaining sick leave balances will continue to be paid at 25 percent of the employee's hourly rate at retirement or termination. ▇▇▇▇ leave hours eligible to convert to a deferred compensation plan are subject to the following restrictions: i. Employees may not move sick leave hours if they do not have a minimum of two (2) years' sick leave accrual (192 hours) on the books nor will they be able to move any sick leave hours which cause their sick leave balance to fall below 192 hours. ii. The amount of sick leave eligible to convert to a supplemental retirement account will be determined on an annual basis as of June 30 of each year. iii. The amount of sick leave eligible to move to a supplemental retirement account equals: ▇▇▇▇ leave accrual for the fiscal year (normally 96 hours) minus sick leave hours used during the fiscal year, minus 48 hours, equals the number of hours eligible to move to a supplemental retirement account (may not be less than 0). Example: A full-time employee uses one day (8 hours) of sick leave during the year. That employee would be eligible to move 40 hours from their sick leave balance to a supplemental retirement account at the end of the fiscal year. 96 (sick leave accrual) - eight (sick leave used), - 48 (required to go toward sick leave accrual) = 40 hours. This example assumes that the employee has a sufficient sick leave balance so that the movement of 40 hours out of sick leave will not cause the balance to fall below 192 hours. The employee will only be able to move as many hours as will result in their sick leave balance to be 192 hours. iv. The annual election to convert sick leave hours into deferred compensation under this program is irrevocable. Once sick leave hours are converted, they cannot be "purchased back" for use as leave at a future point in time.

Supplemental Retirement Program. The Company shall establish for Executive and make contributions to fund an additional defined contribution supplemental retirement program (the "SRIP"), designed to provide Executive with a retirement annuity, at age 65, in an amount, taken together with other pension and social security benefits to which Executive may be entitled at age 65, equal to 35% of his final average compensation from Base Salary and Annual Bonus for the last three years of his employment. The SRIP shall be based on the assumptions set forth on Schedule 1 to this Agreement. The annual benefit will be reduced if Executive's employment terminates before 2008, unless, subject to approval of by the Board, such termination occurs as a result of a termination of employment by the Company without Cause or Executive for Good Reason either following or 3 months prior to a Change in Control. The annual contribution shall be calculated each year, and Executive acknowledges that the amount of the contribution will likely be different from the amounts shown in Schedule 1. Executive further acknowledges that the contribution will vary based on the performance of the Company and whether Executive meets or exceeds targeted bonus levels under the Annual Bonus Plan. LTIP participation shall not be included in calculating average compensation above.

Supplemental Retirement Program. The Company shall establish for Executive and make contributions to fund an additional defined contribution supplemental retirement program (the “SRIP”), designed to provide Executive with a retirement annuity, at age 65, in an amount, taken together with other pension and social security benefits to which Executive may be entitled at age 65, equal to 35% of his final average compensation from Base Salary and Annual Bonus for the last three years of his employment. The SRIP shall be based on the assumptions set forth on Schedule 1 to this Agreement. The annual benefit will be reduced if Executive’s employment terminates before 2008. The annual contribution shall be calculated each year, and Executive acknowledges that the amount of the contribution will likely be different from the amounts shown in Schedule 1. Executive further acknowledges that the contribution will vary based on the performance of the Company and whether Executive meets or exceeds targeted bonus levels under the Annual Bonus Plan. LTIP participation shall not be included in calculating average compensation above. 7.

Supplemental Retirement Program. Executive shall be eligible to participate in such supplemental retirement plan or program as the Company may adopt and maintain, in accordance with the terms of such plan or program, as the same may be amended from time-to-time.