Defined Benefit Plan Option Clause Samples

Defined Benefit Plan Option. The defined benefit plan is closed. The plan was only available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55. Normal retirement benefits are based upon two and seven tenths percent (2.7%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed eighty percent (80%). Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. Participants shall contribute seven percent (7%) of their compensation (pre-tax) to the plan.
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Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55 with 10 or more years of service or at age 50 with 15 or more years of service. Normal retirement benefits are based upon two and six tenths percent (2.6%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed seventy- five percent (75%), retroactive to July 1, 2008. Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. All employees within the bargaining unit shall contribute six percent (6%) of their gross earnings into the plan, retroactive to July 1, 2008. Employees who leave the department with a vested pension but at an age less than 50 will not be eligible to collect a pension until they reach age 55. The terms and conditions of the defined benefit plan option are set forth in greater detail in the documents creating the defined benefit plan.
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Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. Effective July 1, 2008, the defined benefit plan provides for normal retirement benefits at age 53 with 15 or more years of service. For employees retiring after July 1, 2008, normal retirement benefits are based upon 2.6% of the employee’s average annual compensation multiplied by their number of years of service, not to exceed 78%. Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. All employees within the bargaining unit shall contribute 6.5% of their gross earnings into the plan. The terms and conditions of the defined benefit plan option are set forth in greater detail in the documents creating the defined benefit plan.
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Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. The defined benefit plan provides for normal retirement benefits at age 55. Normal retirement benefit are based upon two and seven tenths percent (2.7%) of the employee’s average annual compensation multiplied by the number of years of service, not to exceed eighty percent (80%). Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. Effective July 1, 2007 participants shall contribute five percent (5%) of their compensation (pre-tax) to the plan. Effective July 1, 2008 participants shall contribute six percent (6%) of their compensation (pre-tax) to the plan. Effective July 1, 2009 participants shall contribute seven percent (7%) of their compensation (pre-tax) to the plan.
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Defined Benefit Plan Option. The defined benefit plan option is available to employees hired before July 1, 2000. Effective July 1, 2008, the defined benefit plan provides for normal retirement benefits at age 53 with 15 or more years of service. For employees retiring after July 1, 2008, normal retirement benefits are based upon 2.6% of the employee’s average annual compensation multiplied by their number of years of service, not to exceed 78%. Average annual compensation shall be determined by an average of the five (5) highest compensated years within the last ten (10) years preceding retirement. All employees within the bargaining unit shall contribute the following percentages of their gross earnings into the plan: Effective and retroactive to July 1, 2008 – 5%; effective July 1, 2009 – 6%; and effective July 1, 2010 – 6.5%. The defined benefit plan option is also available to those employees who participated in the defined contribution plan option as a patrol officer prior to promotion to sergeant, for years of service after promotion to sergeant. The terms and conditions of the defined benefit plan option are set forth in greater detail in the documents creating the defined benefit plan.
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Related to Defined Benefit Plan Option

  • 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.

  • 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.

  • Executive Benefit Plans The Executive shall be entitled to participate in all plans or programs sponsored by the Company for employees in general, including without limitation, participation in any group health, medical reimbursement, or life insurance plans.

  • Sick Leave Benefit Plan The Sick Leave Benefit Plan will provide sick leave days and short term disability days for reasons of personal illness, personal injury, including personal medical appointments and personal dental appointments.