Target Benefits definition
Examples of Target Benefits in a sentence
For employees who were employed by Inspira and who were active participants in Inspira’s Target Benefits Plan as of December 31, 2015, and on December 31, 2015: 1) were under 50 years old; or 2) had less than ten (10) years of Vested service time in Inspira’s Target Benefits Plan regardless of age, Inspira shall contribute four-percent (4%) of each employee’s qualifying wages earned per year into each employee’s 403(b) account.
Contributions In The Target Benefits Plan As Of December 31, 2015 but do not meet 50/10 Target Benefits Age and Vested Service Time Requirements.
The present value of the unfunded Target Benefits under the Prior Agreement shall be calculated, effective as of March 31, 2003.
Buyout Contributions: Within a reasonable period of time after ESC has confirmed the present value of the unfunded Target Benefits, the Corporation shall contribute such amounts to the 401(a) Plan on behalf of the Older Teachers.
Employees shall receive their 2015 Target Benefits Plan contribution in or around September 2016.
Instead, forfeited Buyout Accounts shall be reallocated at the end of each plan year only among the then remaining separate Buyout Accounts of the Older Teachers in the same manner as was used by ESC in originally determining the present value of the unfunded Target Benefits.
For Employees who were not in Inspira’s Target Benefits Plan as of December 31, 2015, Inspira shall contribute four-percent (4%) of each Employee’s annual qualifying wages earned into each employee’s 403(b) account.
Nothing has occurred or is expected to occur that could adversely affect the qualified status of such Target Benefits Plan or its tax-exempt status.
The Target Benefits Plan shall be terminated on January 1, 2016, and as a result, Inspira’s contribution obligations under the Target Benefits Plan shall cease as of December 31, 2015 - except that Inspira shall make the Target Benefits Plan contributions that have not been made for 2015.
The Employee's annual Target Benefits thereunder shall be not less than $387,500 (i.e., fifty percent (50%) of Employee's targeted annual cash compensation as of the date of this Agreement).