Pension Coverage Clause Samples

The Pension Coverage clause defines the employer's obligation to provide retirement benefits to employees, typically through participation in a pension plan. This clause outlines eligibility requirements, the type of pension plan offered (such as defined benefit or defined contribution), and the terms under which employees accrue benefits. By clearly specifying the scope and conditions of pension benefits, the clause ensures employees understand their retirement entitlements and helps prevent disputes regarding future financial security.
Pension Coverage. Teachers on continuing contracts who move from full-time employment to a part-time assignment shall be considered to be on leave so that they may purchase pensionable service to provide for a full year pension credit.
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Pension Coverage. 19:01 All civilian members shall be covered by the Ontario Municipal Employees Retirement System (OMERS) Basic Plan, and the Canada Pension Plan, in accordance with the Municipal Bylaw presently in force covering municipal employees of the Town. 19:02 All police officers shall be enroled in the Ontario Municipal Employees Retirement System (OMERS) Basic Plan, the Type 1, 2% Past Service Supplement and the Type 3 Supplementary Plan of optional retirement after thirty (30) years of service, and the Canada Pension Plan.
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Pension Coverage. Employees who move from full-time employment to a part-time assignment in accordance with Article C.23 shall be considered to be on approved leave so that they may purchase pensionable service to provide for a full year pension credit, provided it is in accordance with the rules and regulations of the Teachers' Pension Act.
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Pension Coverage. 19:01 All civilian members shall be covered by the Ontario Municipal Employees Retirement System (OMERS) Basic Plan, and the Canada Pension Plan, in accordance with the Municipal Bylaw presently in force covering municipal employees of the Town. 19:02 All police officers shall be enroled in the Ontario Municipal Employees Retirement System (OMERS) Basic Plan, the Type 1, 2% Past Service Supplement and the Type 3 Supplementary Plan of optional retirement after thirty (30) years of service, and the Canada Pension Plan. 19:03 The Board agrees to pay the unfunded liability of the Type 3 Plan but the premium for future service will be paid by the Board and police officer, share and share alike. 19:04 Effective January 1, 1982 the Type 3 OMERS Supplementary Benefit shall permit early retirement without actuarial reduction in benefits within ten (10) years prior to a police officer's normal date of retirement when, (i) the police officer is declared by the employer to be unable to perform the duties of his/her employment due to mental or physical incapacity (permanent or partial disability).
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Related to Pension Coverage

  • Vision Coverage A fully employee paid vision benefit will be available beginning January 1, 2021 subject to agreement by the subcommittee of the Joint Labor Management Insurance Committee to the benefit set determined through the state’s Request for Proposal (RFP) process.

  • Workers’ Compensation Coverage Consultant certifies that Consultant has qualified for workers’ compensation as required by the State of Oregon. Consultant shall provide the Owner, within ten (10) days after execution of this Agreement, a certificate of insurance evidencing coverage of all subject workers under Oregon’s workers’ compensation statutes. The insurance certificate and policy shall indicate that the policy shall not be terminated by the insurance carrier without thirty (30) days’ advance written notice to City. All agents or Consultants of Consultant shall maintain such insurance.

  • Benefit Coverage The Company agrees to provide pension and welfare benefits as described in the Company Booklets, benefit plan documents or policies of insurance for the duration of the Agreement.

  • Continuation Coverage If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, then the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the earlier of (A) a period of six (6) months from the date of termination or (B) the date upon which Executive and/or Executive’s eligible dependents become covered under similar plans. The reimbursements will be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy. Notwithstanding the first sentence of this Section 3(a)(iii), if the Company determines in its sole discretion that it cannot provide the foregoing benefit without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment, payable on the last day of a given month, in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage in effect on the termination of employment date (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage and will commence on the month following Executive’s termination of employment and will end on the earlier of (x) the date upon which Executive obtains other employment or (y) the date the Company has paid an amount equal to six (6) payments. For the avoidance of doubt, the taxable payments in lieu of COBRA reimbursements may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings.