Retirement Income Benefits Clause Examples

The Retirement Income Benefits clause outlines the provisions under which an individual is entitled to receive income payments upon reaching retirement age. Typically, this clause specifies eligibility criteria, the method of calculating benefit amounts, and the schedule for disbursing payments, such as monthly or annually. Its core function is to ensure financial security for retirees by providing a predictable stream of income after they exit the workforce.
Retirement Income Benefits. Employees will be provided retirement benefits through the ▇▇▇▇▇▇ Permanente Northwest Pension Plan (KPNPP), a defined benefit plan, and the Oregon Federation of Nurses and Health Professionals - Kaiser Foundation Health Plan Retirement Plan and Trust (OFNHP-KFHP RP&T), a defined contribution plan, as follows:
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Retirement Income Benefits. The parties to this Agreement agree that there will be no change, suspension or discontinuance of the Retirement Income program, as summarized, herein, until August 31, 2014, except through mutual agreement by the parties to this Agreement or through Government legislation. If, at any time, it shall be necessary or appropriate to make any revision in the Retirement Income Plan (1981) (the "Plan") to obtain or retain any acceptance or approval by tax authorities or to comply with any applicable law, either party may negotiate appropriate adjustments, providing however that the pension benefits accrued pursuant to this Agreement prior to the date of adjustment are not reduced.
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Retirement Income Benefits. Major improvements to GE Pension Plan The contract incorporates major improvements to the GE Pension Plan, helping to ensure that eligible employees continue to be well-positioned for retirement. The Guaranteed Pension is improving, with monthly benefits going up across the board by $1 per year of Pension Benefit Service (PBS). The top benefit increases even more, jumping to $85 per year of PBS for those with final average pay of at least $86,000 —an improvement of 6.25% from the current $80. These changes will be effective July 1, 2015. A sizable one-time update will increase the average Regular Pension of long- service union employees by 15.9%. The update calculates a benefit under an alternate formula that is based on your PBS and your three highest consecutive years pay (including overtime) during the years 2009 through 2014. The GE Pension Plan uses two formulas to calculate benefits: The Regular Pension and the Guaranteed Pension. Both consider your pay and service, and when you retire, you’ll receive the one that pays the higher amount. Significant improvements to both will help ensure that the plan continues to provide targeted levels of replacement income. If the alternate amount is greater than the Regular Pension you have already earned, your Regular Pension will be increased to the higher level. This updates your benefit to more closely reflect your current pay, helping to ensure the plan continues to provide targeted levels of replacement income. Under the Regular Pension, you earn a benefit each year that’s equal to 1.45% of your pay up to a certain amount (called the breakpoint) plus 1.9% of your pay over the breakpoint. That year’s benefit is added to what you’ve earned in previous years to determine your total Regular Pension benefit at retirement. The breakpoint in the formula was scheduled to increase, to about $58,000 in 2016, and continue increasing to about $66,400 by 2019, so that less and less of your pay would have earned a benefit at the higher rate over the next few years. The new contract improves the formula by setting the 2016 breakpoint at $50,000 and keeping it there through 2019. This means more of your pay (as much as $16,400 in 2019) will be eligible to earn a pension benefit at the higher 1.9% rate. Replacement income is the portion of income you earned while working that you’ll need to replace in retirement to maintain your standard of living. Generally, the standard for replacement income is between 70% and 80% of your...
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Retirement Income Benefits. 5 (a) Eligibility to Participate (b) Normal Retirement (c)
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Retirement Income Benefits. (a) NORMAL RETIREMENT A Participant who retires on his/her Normal Retirement Date shall he entitled to a Retirement Income Benefit in the form of a monthly benefit, payable for one hundred eighty (180) months, commencing at Normal Retirement Date payable to the Participant or his/her Beneficiary equal to: (i) 60% of his/her Final Average Compensation provided such Participant has completed 15 Years of Service. In the event such Executive has not completed 15 Years of Service, such Retirement Income Benefit shall be reduced by 5% for each year of Service less than 15 Years of Service. In no event shall such benefit be less than fifty percent (50%) of the benefit payable if the Participant had completed 15 Years of Service; (ii) Reduced by the annual amount of the Participant's benefit under the Qualified Plan calculated as if payment were made as a Single Life Annuity as defined in the Qualified Plan. (iii) Further reduced by 50% of the Participant's Social Security Benefit.
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Retirement Income Benefits. In addition to the foregoing, if the Executive survives for two (2) years following such termination or Constructive Termination of employment: a. The Company shall pay or cause to be paid to the Executive (or in the event of the Executive's death following the expiration of such two (2) year period to the Executive's surviving spouse) a Retirement Income Benefit (as hereinafter defined) calculated and paid as follows: (1) The Retirement Income Benefit shall be an amount equal to the difference, if any, between (A) the monthly benefit the Executive (or, in the event of the Executive's death, the Executive's surviving spouse) would have received as a monthly pension benefit under the GATX Corporation Non-Contributory Pension Plan for Salaried Employees (the "Salaried Pension Plan"), the GATX Corporation Excess Benefit Plan, the GATX Corporation Supplemental Benefit Plan and any other written agreement between the Executive and the Company regarding the Executive's retirement, all as in effect on the day prior to the Triggering Event, (hereinafter collectively, the "Pension Plan") assuming the Executive's employment had terminated two (2) years after the date of the Executive's termination or Constructive Termination of employment, and accordingly the Executive had accumulated two additional years of service credit under the Pension Plan at a level of compensation calculated in accordance with the immediately following sentence and (B) the amount, if any, the Executive (or, in the event of the Executive's death, the Executive's surviving spouse) actually receives as a monthly benefit under the Pension Plan. For purposes of subparagraph (A) of this paragraph, the Executive's compensation for each of the two additional years of assumed service credit shall be equal to the level of the Executive's compensation as in effect immediately prior to the Triggering Event, plus an amount equal to the average of the Covered Bonuses (as defined in Section 2.13 of the Salaried Pension Plan) paid to the Executive during the five (5) calendar year period immediately preceding the Triggering Event. (2) Payment of the Retirement Income Benefit shall be made in the same manner, simultaneously with and in the same form as payments are, or would have been, made to the Executive (or in the event of the Executive's death to the Executive's surviving spouse) under the Pension Plan, but shall commence no sooner than two (2) years following the Executives' termination or Constructive...
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Retirement Income Benefits 
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Related to Retirement Income Benefits

  • RETIREMENT INCOME PLAN 18.01 The Nursing Homes and Related Industries Pension Plan

  • Retirement Incentive To recognize the contribution of those employees who have provided long and dedicated service to the district, the Board shall provide a retirement incentive to teachers who meet the following eligibility requirements: a. the teacher must have completed 15 years of service to District #34 by the date of his or her retirement; b. the teacher must submit a written, irrevocable, notice of intent to retire to the Superintendent by no later than August 1 of the start of the retirement incentive period; and c. the teacher must not have received an increase of greater than 6% in creditable earnings (excluding any grandfathered or exempt earnings) in the three (3) school years immediately preceding the proposed start of the retirement incentive. In up to each of the final four years of his/her employment, the teacher shall receive an incentive of 5% over his/her prior year’s base salary (which in the second, third and fourth year of the incentive includes the prior year’s retirement incentive). In the event that the State of Illinois should raise the maximum allowable percent increase, the Board will honor an increase up to 6% so long as the district does not incur any penalty. Once the teacher begins to receive the retirement incentive, he/she shall not be eligible for earnings from extra duties or summer school, stipends, and/or any other type of compensation that could result in the Board’s obligation to pay any additional contribution or “penalty” to TRS. However, the teacher may submit a request to the Superintendent’s office to continue performing paid extra duties or to earn additional compensation, so long as any such additional compensation would not result in the teacher receiving a greater than 6% increase over his/her prior year’s creditable earnings. The Superintendent’s grant or denial of such request shall be non-precedential and non-grievable. Any payment necessary to ensure the retiring employee receives an incentive of 5% shall be made in a lump sum each year by no later than June 30th. In the event a certified employee who tenders his or her irrevocable letter of resignation experiences a drastic and unanticipated change in personal circumstances, the Board may, at its option, permit the certified employee to revoke his or her irrevocable letter of resignation. In the event the Illinois General Assembly enacts any legislation during the term of this Agreement, which legislation would require the District to pay any additional moneys (or lose any additional revenues) to the State of Illinois and/or the Illinois Teachers’ Retirement System on account of its payment of this retirement incentive, then this retirement incentive shall cease to exist at the end of the current school term. However, prior to the cessation of the benefit, either party may demand to bargain concerning whether some or all of the retirement incentive can be continued without adding any additional costs to the District. Eligibility to submit a request to receive this incentive shall terminate on August 1, 2021, and any such request received prior to August 1, 2021, must be for retirement to occur no later than the end of the 2024-2025 school year.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

  • Employee Benefits; ERISA (a) Except as set forth on Schedule 4.14 to the DHS Disclosure Letter, there are no employee benefit plans (including any plans for the benefit of directors or former directors), contracts or agreements (including employment agreements and severance agreements, incentive compensation, bonus, stock option, stock appreciation rights and stock purchase plans) of any type (including plans described in Section 3(3) of ERISA), maintained by DHS, any of its Subsidiaries or any trade or business, whether or not incorporated (an "DHS ERISA AFFILIATE"), that together with DHS would be deemed a "controlled group" within the meaning of Section 4001(a)(14) of ERISA, or with respect to which DHS or any of its Subsidiaries has or may have a liability (the "DHS BENEFIT PLANS"). Except as disclosed on Schedule 4.14 to the DHS Disclosure Letter (or as otherwise permitted by this Agreement), (i) neither DHS nor any ERISA Affiliate has any plan or commitment, whether legally binding or not, to create any additional DHS Benefit Plan or modify or change any existing DHS Benefit Plan that would affect any employee or terminated employee of DHS or any ERISA Affiliate, and (ii) since December 31, 1997, there has been no change, amendment, modification to, or adoption of, any DHS Benefit Plan. (b) With respect to each DHS Benefit Plan: (i) if intended to qualify under Section 401(a), 401(k) or 403(a) of the Code, each such plan so qualifies, and its trust is exempt from taxation under Section 501(a) of the Code; (ii) no failures to administer such plan in accordance with its terms and applicable law have occurred that have had or would reasonably be expected to have a Material Adverse Effect on DHS; (iii) no breaches of fiduciary duty have occurred; (iv) no prohibited transaction within the meaning of Section 406 of ERISA has occurred; (v) as of the date of this Agreement, no lien imposed under the Code or ERISA exists; and (vi) all contributions and premiums due (including any extensions for such contributions and premiums) have been made in full or adequate provision has been made therefor in the DHS Financial Statements. (c) None of the DHS Benefit Plans has incurred any "accumulated funding deficiency," as such term is defined in Section 412 of the Code, whether or not waived. (d) Neither DHS nor any ERISA Affiliate has incurred any liability under Title IV of ERISA (including Sections 4063-4064 and 4069 of ERISA) since the effective date of ERISA that has not been satisfied in full. (e) With respect to each DHS Benefit Plan that is a "welfare plan" (as defined in Section 3(l) of ERISA), no such plan provides medical or death benefits with respect to current or former employees of DHS or any of its Subsidiaries beyond their termination of employment, other than as required by law or on an employee-pay-all basis. (f) The consummation of the Merger pursuant to this Agreement will not (i) entitle any individual to severance pay or any tax "gross-up" payments with respect to the imposition of any tax pursuant to Section 4999 of the Code or accelerate the time of payment or vesting, or increase the amount, of compensation or benefits due to any individual with respect to any DHS Benefit Plan, or (ii) constitute or result in a prohibited transaction under Section 4975 of the Code or Section 406 or 407 of ERISA with respect to any DHS Benefit Plan. (g) There is no DHS Benefit Plan that is a "multiemployer plan," as such term is defined in Section 3(37) of ERISA, or which is covered by Section 4063 or 4064 of ERISA.

  • Pension Benefits Each party reserves the right to retain as his or her sole and absolute separate property, the entire interest in pension benefits now vested, or that become vested in the future, and the right to manage, control, transfer, and convey all such property and dispose of the same by will, beneficiary designation or otherwise, without any interference from the other. The parties acknowledge that this Agreement shall constitute an effective waiver of any rights in the other's pension benefit plans. Furthermore, each party agrees to execute whatever additional waiver document may be necessary or useful to confirm such waiver of rights to the other party's pension benefit plans.