Supplementary Pension Plan definition

Supplementary Pension Plan. (SPP) means a defined benefit pension plan, providing a benefit that equals 0.6% of the employee’s highest average salary if it does not exceed, or of that part of it that does not exceed, the annual average of the year’s maximum pensionable earnings for the period of, or periods aggregating, 5 years over or in respect of which that highest average salary is determined, multiplied by the number of years of their pensionable service.
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Supplementary Pension Plan means a defined benefit pension plan, providing a benefit that equals zero point six (0.6%) of the employee’s highest average salary if it does not exceed, or of that part of it that does not exceed, the annual average of the year’s maximum pensionable earnings for the period of, or periods aggregating, 5 years over or in respect of which that highest average salary is determined, multiplied by the number of years of their pensionable service.
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Supplementary Pension Plan means a pension plan which is supplemental in nature because it is a pension plan in excess and apart from an employee’s pension plan provided by his employer as required by this Law, such plans being over and above the minimum standards required by this Law and funded by work performed in the Islands;
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Examples of Supplementary Pension Plan in a sentence

  • Effective as of the Trigger Date, GE shall take all necessary action, if any, to (i) effect such cessation of participation, and (ii) cause the Employees to be fully vested in any GE Retirement Plan (to the extent not then fully vested), except that with respect to the GE Supplementary Pension Plan, GE shall only be required to vest such Employee if the Employee has had ten (10) years of pension qualified service.

  • No BHGE Employee shall be eligible to receive a benefit under the GE Supplementary Pension Plan unless such employee has satisfied all of the vesting requirements to receive a benefit under the GE Supplementary Pension Plan prior to the close of December 31, 2018.

  • Effective January and continuing each year thereafter, the Board shall purchase, in addition to Basic Pension Plan, a Type Supplementary Pension Plan at a benefit rate to fully cover past and future service.

  • A Supplementary Pension Plan shall become effective for employees covered by the present agreement at no cost to them.

  • The Mayor and Clerk are hereby authorized on behalf of The Corporation of the City of Woodstock to enter into a supplementary agreement in the form of Schedule ‘A’ with the Ontario Municipal Employees Retirement Board for the payment of the supplementary benefits provided in the Supplementary Pension Plan set forth as Parts ‘B’ and ‘C’ to the supplementary agreement.

  • Effective January 1, 1979 the Corporation will provide a Type 1 Past Service Supplementary Pension Plan, the cost of which will be assumed by the Corporation and an Optional Service Plan whereby an employee may purchase at his own cost, additional service as provided in the Plan.

  • ARTICLE IV GE SUPPLEMENTARY PENSION PLAN (a) Effective as of the close of December 31, 2018, the BHGE Entities shall cease to be participating companies in the GE Supplementary Pension Plan (to the extent that any such BHGE Entity was a participating company theretofore).

  • Effective as of the Plan Transition Date, Versum Employees shall not be eligible to continue actively participating in the Supplementary Pension Plan of Air Products.

  • These monies contributed to the Money Purchase Plan will be directed to the USW/Domtar Wood Products Supplementary Pension Plan.

  • Notwithstanding the termination of the Contract of Employment, the Employee’s accrued entitlements at the Termination Date under the Shell Contributory Pension Plan, the Shell Overseas Contributory Pension Plan and the Shell Supplementary Pension Plan shall each remain in effect in accordance with the pertinent trust deed and regulations.