Funded Position definition
Examples of Funded Position in a sentence
Special Funded Positions that are filled by SCCS employed Bargaining Unit staff immediately prior to accepting a Special Funded Position will not be exempt from the Bargaining Unit.
Current and future employees employed in Special Funded Positions shall return to existing, vacant Bargaining Unit positions when and/or if their Special Funded Position ceases to exist.
The Percentage Position of the fund for a particular accounting period shall be the percentage of the market value of the total assets in the Fund, as certified by the Trustee as of the close of business on the Friday preceding the first Sunday of such accounting period, as it relates to the Fully Funded Position of the fund for such accounting period as determined by the Company in accordance with the provisions of this section.
The Fully Funded Position of the for any such accounting period shall be determined by multiplying by the sum of the number of employees in active service; and the number of employees laid off work and having Credit Units, who are not included in both numbers to be as of the latest closed payroll period for which the figures are available prior to the first Sunday of the accounting period for which the Fully Funded Position is being determined.
Section 2 - Finality of Determinations No adjustment in the Fully Funded Position or the Percentage Position of the Fund shall be made on account of any subsequently discovered error in the computations or the figures used in making the computations, except (i) in the case of an error in bad faith, or (ii) in the case where after discovery of any error adjustment is feasible.
The Fully Funded Position of the fund for any such accounting period shall be determined by multiplying $867 by the sum of (i) the number of employees in active service; and (ii) the number of employees laid off from work and having Credit Units, who are not included in (i), both numbers to be determined as of the latest closed payroll period for which the figures are available prior to the first Sunday of the accounting period for which the Fully Funded Position is being determined.
For bargaining unit members who obtain permanent employee status in a Third Party Funded Position under this provision, the Notice of Lay-off provisions under Article (3 months notice) and the specific recall provisions of Articles and and and shall apply, however, the seniority provisions of Article a) and and the bumping rights and other provisions or entitlements under Article shall not apply.
No adjustment in the Fully Funded Position or the Percentage Position of the Fund shall be made on account of subsequently discovered error in the computations or the figures used in making the computations, except in the case of an error in bad faith, or in the case where after discovery of any error adjustment is feasible.