Defined Contribution Option definition

Defined Contribution Option means the arrangement in the Plan effective January 1, 2000 under which a Member’s benefits are determined solely based on the amount in his or her Individual Account at the date of termination of employment, retirement or death, in accordance with Article 19.
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Examples of Defined Contribution Option in a sentence

  • Employees hired or who become eligible after January 1, 2006, who meet Plan requirements will be eligible to participate in Hospital’s Defined Contribution Option (fixed option only), but may not participate in Hospital’s Defined Benefit Pension Plan.

  • A current employee hired on or before January 1, 2006 who meets the requirements of the Plan may elect to participate in the new Defined Contribution Option during an "open enrollment” period in 2006.

  • The Defined Contribution Option (“lump sum”), as well as any other future retirement option made available by FRS, shall fulfill the eligibility requirements of this provision.

  • A current employee hired on or before January 1, 2006, who meets the requirements of the Plan may elect to participate in the new Defined Contribution Option during Hospital’s “open enrollment” period in 2005 or 2006, in which event such employee’s benefits under Hospital’s Defined Benefit Pension Plan shall be “frozen” at current levels; employees who do not elect this option will remain in the current Defined Benefit Pension Plan.

  • The Defined Contribution Option ("lump sum"), as well as any other future retirement option made available by FRS, shall fulfill the eligibility requirements of this provision.