Proposed Change. Modify Art. 6.G-8 as follows:
Proposed Change. The requirement of submitting original documents bearing original signatures of company representatives, has been modified to include electronic wire transfer of CBP Form I-775. This temporary transfer of information will be lifted upon notification from the CDC that COVID-19 restrictions have changed.
Proposed Change. Increase the neighborhood commercial area abutting Rich Beam and Pebble Hills; allow neighborhood commercial abutting Xxx Xxxxxx and Pebble Hills, Xxxx Xxxxx and Xxxx Xxxxx, Montwood and Xxxx Xxxxx.
Proposed Change. Defined in Section 5.2.1 below.
Proposed Change as part of this Agreement A proposed Change forms part of this Agreement if the Contracting Authority:
Proposed Change. This is a packaged offering for life insurance plan provision changes. The details of this package, including the cost for supplemental life insurance and other ancillary benefits such as Accidental Death and Dismemberment, and dependent coverage options are detailed in this presentation called “Life Insurance Proposal, Union Plan Design, June 7, 2011”. The addition of any new ancillary benefits are contingent upon the union accepting the proposed rate changes to the cost of supplemental life insurance coverage. In addition, below are proposed Administrative changes: Change unit of measure from per /$100 to per /$1,000 of coverage. Changes to coverage: Employee may decrease level of Supplemental insurance at any time.
Proposed Change. Changes effective January 1, 2012: Update the monthly flat rate costs for Supplemental Life Insurance in excess of the Basic Life: 2012 - $0.0370 / $100 2013 - $0.0416 / $100 (estimated) 2014 - $0.0433 / $100 (estimated) The 2013 and the 2014 supplemental life insurance rates charged to participants will be the rates charged and determined by MetLife. Date: June 7, 2011 Reference: Benefit Agreement, Summary of Benefits Handbook Background: Benefit costs have increased substantially over time, and costs related to employee pensions have increased substantially in recent years. The Company reviewed forecast pension costs, and considered plan design alternatives that would help mitigate increases in required pension trust contributions over the long term. There are several reasons for this review and the resulting recommendations: • In the private sector, many companies no longer offer pension benefits. While the utility industry is one of a very few industries where defined benefit pension plans remain common, the most prevalent retirement plan design is one where the benefit accrual pattern values each year of service more equally, rather than a formula that provides proportionately greater benefit accruals late in an employee’s career. • PG&E forecasts show increasing costs for its current pension plan design, and the potential for significant spikes in cost under various investment market return and falling interest rate scenarios. Annual pension costs are forecast to increase by more than $100 million from 2011 to 2015. In addition, there is a one in four chance that the required pension contribution for 2015 could increase by $400 million (more than three times the 2011 pension recovery), and a one in 20 chance that the 2015 pension contribution could require an additional $600 million (5.5 times current pension recovery). • Pension cost issues are in the public eye as a taxpayer and customer issue. As a result, it is uncertain if PG&E will receive sufficient recovery for the required pension contribution through future rate proceedings before the CPUC and FERC. In an environment where many companies are eliminating pension plan coverage – at a minimum for new hires – or making changes to plan design and investments to address pension cost increases, it is prudent for PG&E to take action to mitigate future cost increases.
Proposed Change. The Company proposes to replace the current defined benefit pension (formula using a percentage of final pay times years of service) with a cash balance defined benefit pension. The cash balance design would annually credit each employee with a percentage of pay which will accumulate with interest during employment. The account balance would be payable at termination or retirement. The Company proposes the following basic cash balance design:
Proposed Change. Delete this provision
Proposed Change. Modify Article 6.K as follows:
