New Member Clause Samples
The "New Member" clause defines the process and requirements for admitting a new individual or entity as a member of an organization, partnership, or company. Typically, this clause outlines the necessary approvals, such as a majority vote of existing members or compliance with specific eligibility criteria, and may require the new member to agree to the governing agreement's terms. Its core function is to ensure that the addition of new members is controlled and transparent, thereby maintaining the stability and agreed-upon structure of the organization.
New Member. A new member is defined as an employee who meets the definition of a “new” member for purposes of retirement pension benefits to the Public Employees Pension Reform Act of 2013. Generally, this includes employees that were hired into a regular position on or after January 1, 2013 or former members who have more than a six-month break in service. ▇▇▇▇▇▇▇ ultimately determine who is a classic member in compliance with the law.
a. The City shall provide for new member employees the 2% at 62 (Third Tier).
New Member. 1. A new member is defined as an employee who meets the definition of a “new” member for purposes of retirement pension benefits pursuant to the Public Employees Pension Reform Act of 2013. Generally, this includes employees that were hired into a regular position on or after January 1, 2013 or former members who have more than a six-month break in service. ▇▇▇▇▇▇▇ ultimately determines who is a new member in compliance with the law.
2. New members shall be eligible for the 2% @ 62 Formula for Local Miscellaneous Members including integration with Social Security.
3. The employee contribution for new members shall be one-half the normal cost, as determined by ▇▇▇▇▇▇▇. As of July 2013, the required employee contribution for new members is 6.25%. This amount will be adjusted periodically by ▇▇▇▇▇▇▇.
New Member. Any person or entity (a) who registers for the AOL Network using FLOWERS's special promotion identifier and (b) from whom AOL or an Affiliate of AOL collects at least three monthly usage fees for the use of the AOL Network.
New Member a. An individual hired on or after January 1, 2013 who has never been a member of any public employee retirement system prior to January 1, 2013; or
b. An individual hired on or after January 1, 2013 who moved between retirement systems without reciprocity; or
c. An individual hired on or after January 1, 2013 who moved between retirement systems with more than a six month break in service (unless the individual left Otay Water District and returned to Otay Water District employment).
New Member. A new member is defined as an employee who meets the definition of a “new” member for purposes of retirement pension benefits in accordance with PEPRA. This includes employees hired into a regular position on or after January 1, 2013, or former members who have more than a six (6) month break in service. CalPERS ultimately determines who is a new member in compliance with the law. New member employees shall receive the 2% at 62 formula (Third Tier).
New Member. A new member is defined as an employee who meets the definition of a “new” member for purposes of retirement pension benefits to the Public Employees Pension Reform Act of 2013. Generally, this includes employees that were hired into a regular position on or after January 1, 2013 or former members who have more than a six-month break in service. CalPERS ultimately determine who is a classic member in compliance with the law.
a. The City shall provide for new member employees the 2% at 62 (Third Tier).
New Member. Any Person, not then a Member, to whom a Membership Interest shall be Transferred in accordance with the provisions of this Article X shall agree in writing to be subject to the terms hereof and shall become a substituted Member hereunder. All reasonable costs and expenses incurred by the Company in connection with any Transfer, and, if applicable, the admission of a Person as a substituted Member, shall be paid by the transferor. If any Membership Interest is Transferred other than in accordance with the provisions hereof and the transferee is not admitted as a substituted Member, such transferee shall be deemed a mere assignee of profits only without any right, power or authority of the Member hereunder and shall bear losses in the same manner as its predecessor in interest; the transferor of such interest shall thereafter be considered to have no further rights or interest in the Company with respect to the interest Transferred, but shall nonetheless be subject to its obligations under this Agreement with respect to such interest. Upon admission of a transferee as a substituted Member, the transferor shall withdraw from the Company, and be relieved of any corresponding obligations, to the extent of its Transferred Membership Interest.
New Member. Upon admission, a NEW MEMBER shall be required to maintain membership in the TRUST for a minimum period of three (3) consecutive years, unless the TRUST is terminated prior to the expiration of such period. Any NEW MEMBER that joins the TRUST after July 1, but before January 1 of the Fiscal Year, shall be allowed to apply that time in the TRUST toward the first year of their three (3) year initial commitment. Any NEW MEMBER that joins the TRUST between January 1 and June 30 of the Fiscal Year may not apply that time in the TRUST for the first year of the three (3) year initial commitment. A NEW MEMBER who fails to maintain membership in the TRUST for a minimum of three (3) consecutive years as set forth in this section shall pay to the TRUST, within thirty (30) days of TRUST membership termination, and amount equal to contribution applicable to the years of membership remaining in the TRUST.
New Member. 1. A new member is defined as an employee who meets the definition of a “new” member for purposes of retirement pension benefits pursuant to the Public Employees Pension Reform Act of 2013. Generally, this includes employees that were hired into a regular position on or after January 1, 2013 or former members who have more than a six-month break in service. CalPERS ultimately determines who is a new member in compliance with the law.
2. New members shall be eligible for the 2% @ 62 Formula for Local Miscellaneous Members including integration with Social Security.
3. The employee contribution for new members shall be one-half the normal cost, as determined by CalPERS. As of July 2013, the required employee contribution for new members is 6.25%. This amount will be adjusted periodically by CalPERS.
New Member. An employee who is a member of CalPERS and is a “new member” as defined by the California Public Employees’ Pension Reform Act (PEPRA). The retirement benefit formula for “new members” is two percent (2%) at sixty‐two years of age. A competitive examination administered orally.