Defined Benefit Pension Sample Clauses

Defined Benefit Pension. Plan The parties will modify and revise Defined Benefit Pension Plan benefits as described in Attachment B. Active Health Benefits AFA will participate in the medical and dental program described in Attachment B. Retiree Health Benefits As described in Attachment B. Other Benefits As described in Attachment B. Mainline Work Rules and Productivity Revisions to work rules and related provisions as described in Attachment C. Low Cost Operation (“LCO”) The parties will implement the solution described in Attachment D. Grievances AFA and the Company agree to settle the following grievances: MEC 8-99, MEC 7-02, and MEC 14-02. Scope Book
Sample 1
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Defined Benefit Pension. The parties mutually recognize that bargaining unit members are entitled to and shall receive retirement benefits in accordance with Public Employees Retirement under Act 427 of the Michigan Public Acts of 1984. The employees shall contribute a percentage of their compensation as determined by the Employer as a participating municipality under MCLA 38.1532. Employees retiring after April 1, 2006 and hired by the Township prior to April 1, 2010 shall be provided the following MERS Pension Plan benefits: The employee contribution rate shall be six and one half (6.50%) percent of payroll. Bargaining unit members hired by the Township on or after April 1, 2010 shall be provided the following MERS Pension Plan benefits: The employee contribution rate shall be six and one half (6.50%) percent of payroll. Effective April 1, 2023, overtime hours included in pensionable wages for the purpose of calculating final average compensation (FAC) shall be limited to three hundred (300) hours annually. This limitation applies to all bargaining unit members participating in the defined benefit pension plan regardless of hire date.
Sample 1
Defined Benefit Pension a) Employees shall enrol in the Pension Plan in accordance with the provisions and requirements of the Plan. Employees in the bargaining unit shall participate in accordance with the eligibility provisions of the Defined Benefit Pension (the The rate at which the employees shall contribute to the Plan shall be as established from time to time in accordance with the terms of the Plan. The rate at which the employer shall contribute to the Plan is limited to the fixed amount established from time to time in accordance with the terms of the Plan. The agree that the Plan is a defined benefit pension plan to which section of the Pension Benefits Act, and section of Regulation under the Pension Benefits Act, supra apply. For purposes of clarity the contribution rate of both employees and the employer are described in the Sample Contribution Schedule below. DEFINED BENEFIT PENSION PLAN SAMPLE CONTRIBUTION SCHEDULE Total Annual cost Members’ Contribution Rate Employer Contribution Rate Notes:
Sample 1
Defined Benefit Pension. You meet the requirements for a full pension benefit from the Retirement Program for Employees of Viskase Corporation. You also meet the eligibility requirements for Retiree Health and Life benefits. Estimated Single Life Benefit as of February 1, 2007: $1,756.44/month Estimated Joint & Survivor Benefit as of February 1, 2007: $1,680.91/month These benefits are subject to the terms and conditions of their applicable governing documents. The recitation of your eligibility for Retiree Health and Life Benefits herein should not be construed as vesting you in those benefits and such benefits remain subject to the amendment and termination provisions of the applicable governing documents.
Sample 1
Defined Benefit Pension. The parties mutually recognize that bargaining unit members hired by the Township prior to April 1, 2010 are entitled to and shall receive retirement benefits in accordance with Public Employees Retirement under Act 427 of the Michigan Public Acts of 1984, as amended. Employees retiring after April 1, 2006 and hired by the Township prior to April 1, 2010 shall be provided the following MERS Pension Plan benefits: The employee contribution rate shall be six and three quarters (6.75%) percent of payroll. Bargaining unit members hired by the Township on or after April 1, 2010 shall be provided the following MERS Pension Plan benefits: The employee contribution rate shall be six and three quarters (6.75%) percent of payroll. Overtime hours included in pensionable wages for the purpose of calculating final average compensation (FAC) shall be limited to one hundred (100) hours at the time and one-half rate per contract year. Double time overtime is fully excluded from FAC calculations. This limitation applies to all bargaining unit members participating in the defined benefit pension plan regardless of hire date.
Sample 1
Defined Benefit Pension. The parties mutually recognize that bargaining unit members covered by this Agreement are entitled to and shall receive retirement benefits in accordance with Act 427 of the Michigan Public Acts of 1984. Bargaining unit members retiring after April 1, 2006 and hired by the Township prior to April 1, 2010 shall be provided the following MERS Pension Plan benefits: The employee contribution rate shall be four and one half (4.5%) percent of payroll. Bargaining unit members hired by the Township on or after April 1, 2010 shall be provided the following MERS Pension Plan benefits: The employee contribution rate shall be four and one half (4.5%) percent of payroll. As of April 1, 2023, overtime hours included in pensionable wages for the purpose of calculating final average compensation (FAC) shall be limited to 400 hundred (400) hours annually per contract year. This limitation applies to all bargaining unit members participating in the defined benefit pension plan regardless of hire date.
Sample 1
Defined Benefit Pension. For Cessation of Employment on or after 1/1/16: Pre 1/1/16 $40.75 1/1/16 - 2/1/2017 $41.75 2/2/2017-2/1/2018 $42.75 2/2/2018-2/1/2019 $44.75 2/2/2019 - 2/1/2020 $44.75 2/2/2020 - 2/1/2021 $46.25 2/2/2021 - 2/1/2022 $47.75 2/2/2022 - 2/1/2023 $48.75 Defined Contribution Plan Contributions - Effective 1/1/2020 Employee Contributions: Employee Required 2% Employee Additional Contributions (Optional) 10.50% Company Contributions: Max. Company Match on Employee Contributions 50% up to 3% (if employee contributes 6%) Mandatory Employer Base Contribution 2.50%
Sample 1
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Related to Defined Benefit Pension

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • Defined Benefit Plans The Company has not maintained or contributed to a defined benefit plan as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). No plan maintained or contributed to by the Company that is subject to ERISA (an “ERISA Plan”) (or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) that could subject the Company to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified” within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section 401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Company has never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, the Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time to time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, the Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executives.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Pre-Retirement Death Benefits Should the Executive die while --------- ----------------------------- in the service of the Bank and prior to the occurrence of his 55th birthday, the Bank will pay $2,070 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Executive. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Executive died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Executive, any payments remaining unpaid at the Executive's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Executive's estate.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

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