Sentences with phrase «employee in a defined benefit plan»

The District pays the employer share of Social Security taxes for most employees (CSRS employees and employees in the defined benefit plans do not participate in Social Security) and the employer share of Medicare taxes for nearly all employees.

Not exact matches

Late last year Toyota announced that beginning Jan. 1 new Canadian hires would be enrolled in a defined - contribution pension plan, not the more generous defined - benefit plan enjoyed by current full - time employees.

Part of the problem may have to do with the fact that employees have little involvement with traditional defined benefit plans, says Wendy Foster, senior vice president in Fidelity's defined benefit business.

While only 11 % of employees in Canada's private sector belong to a defined benefit pension plan, 43 of the top 100 CEOs have a define benefit pension plan worth an average of $ 1.39 million a year.

(a) Schedule 2.7 (a) of the Disclosure Schedule contains a list setting forth each employee benefit plan, program, policy or arrangement (including any «employee benefit plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or oblemployee benefit plan, program, policy or arrangement (including any «employee benefit plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligatplan, program, policy or arrangement (including any «employee benefit plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or oblemployee benefit plan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligatplan» as defined in Section 3 (3) of the Employee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or oblEmployee Retirement Income Security Act of 1974, as amended («ERISA»)(«ERISA Plan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligatPlan»)-RRB-, including, without limitation, employee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or oblemployee pension benefit plans, as defined in Section 3 (2) of ERISA, multi-employer plans, as defined in Section 3 (37) of ERISA, employee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or oblemployee welfare benefit plans, as defined in Section 3 (1) of ERISA, deferred compensation plans, stock option plans, bonus plans, stock purchase plans, fringe benefit plans, life, hospitalization, disability and other insurance plans, severance or termination pay plans and policies, sick pay plans and vacation plans or arrangements, whether or not an ERISA Plan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligatPlan (including any funding mechanism therefore now in effect or required in the future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written, under which (i) any current or former employee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or oblemployee, director or individual consultant of the Company (collectively, the «Company Employees») has any present or future right to benefits and which are contributed to, sponsored by or maintained by the Company or (ii) the Company or any ERISA Affiliate (as hereinafter defined) has had, has or may have any actual or contingent present or future liability or obligation.

In 2017, UPS announced it would freeze benefits to 70,000 non-union active employees in the management defined benefit plan by 202In 2017, UPS announced it would freeze benefits to 70,000 non-union active employees in the management defined benefit plan by 202in the management defined benefit plan by 2023.

When the process has run its course, they threaten their work force with bankruptcy that will wipe out its pension benefits if employees do not agree to «downsize» their claims and replace defined - benefit plans with defined - contribution plans (in which all that employees know is how much they pay in each month, not what they will get in the end).

Published in the Financial Post on April 12, 2012 By Geoffrey Young Two budgets — in Ottawa and Ontario — have announced reforms to rich defined - benefit pension plans enjoyed by government employees...

Only one in five employees in private industry today has a defined benefit pension plan that will pay a fixed amount in retirement.

But under the Employee Retirement Income Security Act, which sets minimum standards for defined benefit and defined contribution retirement plans, and the IRS code, which oversees IRAs, a fiduciary advisor would be prohibited from earning commissions on investments for those accounts because that would not be considered to be acting in the best interest of the client.

While are encouraged by Governor Paterson's proposal for a new Tier V, we believe the state needs to go further in reigning in benefit costs, and rethink the continuation of defined benefit plans for new employees.

In an election year defined by angry populism, Clinton made an optimistic economic pitch in Detroit on Friday, presenting a wide - ranging plan for job growth that would provide incentives for corporations that invest in employees and strip tax benefits from companies that move jobs overseaIn an election year defined by angry populism, Clinton made an optimistic economic pitch in Detroit on Friday, presenting a wide - ranging plan for job growth that would provide incentives for corporations that invest in employees and strip tax benefits from companies that move jobs overseain Detroit on Friday, presenting a wide - ranging plan for job growth that would provide incentives for corporations that invest in employees and strip tax benefits from companies that move jobs overseain employees and strip tax benefits from companies that move jobs overseas.

This will give fodder to the crowd that claims that defined benefit plans do a better job of retaining employees than 401k - style defined contribution plans and support those seeking to preserve the status quo in most other states.

The root of this difficulty is that both sides in public - employee negotiations find it in their interest to reduce the wage portion of the overall collective bargaining agreement — which, in the case of the Chicago public school teachers, is quite high at over $ 75,000 per year — in favor of larger pension benefits under a «defined benefits» plan.

As those who have followed the school battles in Wisconsin and Indiana know well, school employees enjoy generously funded health - care benefits and handsome defined benefit pension plans that are driving many state and local governments to the edge of bankruptcy.

Economic research stretching back more than two decades has documented the strong retention effects embedded in traditional defined benefit (DB) plans, where benefits are based on an employee's final pay.

The retirement benefits of teachers, and of other public employees, have received increased scrutiny in recent years over concerns about the fiscal sustainability of defined - benefit pension plans and the peculiar incentives they create.

In addition, as Michael Podgursky recently noted in these pages (see «Fringe Benefits,» Check the Facts, Summer 2003), districts often provide generous defined - benefit plans to both current employees and retireeIn addition, as Michael Podgursky recently noted in these pages (see «Fringe Benefits,» Check the Facts, Summer 2003), districts often provide generous defined - benefit plans to both current employees and retireein these pages (see «Fringe Benefits,» Check the Facts, Summer 2003), districts often provide generous defined - benefit plans to both current employees and retirees.

Defined benefit plans offer very little to early - career workers, jump in value a bit when employees «vest» into the system and qualify for a minimum pension, and then increase steeply as employees near retirement.

Teachers in states like Texas or California are enrolled in back - loaded defined benefit pension plans, while public - sector employees in those states have access to more portable defined contribution (DC) plans or a hybrid plan.

An eligible employee may transfer from the Florida Retirement System to his or her accounts under the State Community College Optional Retirement Program a sum representing the present value of his or her service credit accrued under the defined benefit program of the Florida Retirement System for the period between his or her first eligible transfer date from the defined benefit plan to the optional retirement program and the actual date of such transfer as provided in s. 121.051 (2)(c) 7.

For the remaining one - third of District employees who are in defined benefit plans, the District's pension plans are 100 - percent funded — that is, the city has set aside sufficient funds each year to cover the full cost of future retirement costs.

District employees (non-police, fire, teacher) hired before 1987 are in the federal Civil Service Retirement System (CSRS), a defined benefit plan that the District makes payment into.

If the vast majority of workers remained in one pension plan for the life of their career, the back - loaded nature of defined benefits would create some perverse incentives around the normal retirement age (where pension wealth comes to a steep spike), but it wouldn't matter that the employee was accumulating very little early in their career.

There is evidence that more effective teachers are more likely to enroll in the hybrid pension plan, suggesting that states could reduce the financial risk associated with strict defined benefit pension systems without sacrificing the desirability of pension plans to employees.

At the time, Republican lawmakers were pushing to close the state's defined benefit pension plan to new workers and instead enroll all new teachers in a defined contribution plan identical to the one offered to other state employees.

CNBC noted in 2011 that the traditional defined company retirement benefit plan, with employers contributing funds or matching employee retirement contributions, has evaporated from the workplace.

Distributions made to you after you separated from service with your employer if the separation occurred in or after the year you reached age 55, or distributions made from a qualified governmental defined benefit plan if you were a qualified public safety employee (State or local government) who separated from service on or after you reached age 50.

Usually if there is a funding shortfall in a defined benefit plan, the employer is solely responsible for making up the shortfall, although in some plans it is shared with employees.

Also known as Pensions, Defined Benefit plans provide employees with income in retirement based on their salaries and years of service.

To be vested in a retirement plan means an employee has worked the required amount of time — defined by the pension plan — to be entitled to receive the full benefits of the plan.

There are two main types of RPPs: defined benefit plans, in which pension benefits are specified in the plan, and money purchase (or defined contribution) plans, in which pension benefits are based on combined employer and employee contributions, plus earnings in the plan.

In a defined benefit plan, the obliger (the employer) assumes all market risk - whether the value of the funds goes up or down, they are obligated to pay the same amount to the retired employee.

PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits in private - sector defined benefit plans - the kind that typically pay a set monthly amount at retirement.

The defined benefit pension plan for municipal employees in Ontario will acquire the business from New Mountain Capital, and the Alexander Mann management team led by Rosaleen Blair will also participate in the buy - out.

The PA reduces the RRSP deduction and represents the amount contributed by an employee and / or employer to an employee account in a defined contribution pension plan or deferred profit sharing plan, or the value of pension benefits accrued during the year in a defined benefit pension plan.

First some innovative firms offered defined benefit [DB] plans [paying a fixed sum at retirement for life, often with benefits to surviving spouses, and pre-retirement death benefits] in order to attract employees.

According to Statistics Canada, defined benefit plans in 2014 accounted for 71.2 per cent of employees with a pension plan, down from more than 84 per cent a decade earlier.

(Meaning of Defined Benefit Scheme is — A plan / scheme in which a certain amount or percentage of money is set aside each year by a company for the benefit of the emBenefit Scheme is — A plan / scheme in which a certain amount or percentage of money is set aside each year by a company for the benefit of the embenefit of the employee.

This trend is particularly concerning given the financial challenges younger employees will face in the future due to disappearing defined benefit pension plans and rising medical expenses.

In addition, as fewer employees plan to rely on defined benefit (DB) plans for retirement income and fewer trust that Social Security will be there for them, the RCS found many employees are showing interest in guaranteed income productIn addition, as fewer employees plan to rely on defined benefit (DB) plans for retirement income and fewer trust that Social Security will be there for them, the RCS found many employees are showing interest in guaranteed income productin guaranteed income products.

They should know that Social Security and company pension plans are no longer reliable retirement income options — especially the latter, as private - sector employers eschew defined - benefit plans in favor of defined - contribution plans such as 401 (k) plans, which shift much, if not all, of the savings burden onto the employee.

Even if they do, it's a tiny pittance compared to how much employers were compensating employees back in the good «ol days with actual defined benefit pension plans for retirement.

When designing retirement plans for government employees, if defined benefit plans are to be replaced by defined contribution plans and individual accounts, the position in favor of the individual income annuities should be stronger still — as a default selection.

a former salaried, pension - eligible, non-union employee of Teck Metals Ltd., Teck Resources Limited, Cominco Resources International Limited, CESL Limited or Agrium Inc., who terminated employment, by retirement or otherwise, in such a manner that you would have been entitled to defined pension benefits if you had remained a member of the defined benefit pension plan,

(1) A group health plan, defined as an employee welfare benefit plan (as currently defined in section 3 (1) of the Employee Retirement Income and Security Act of 1974, 29 U.S.C. 1002 (1)-RRB-, including insured and self - insured plans, to the extent that the plan provides medical care (as defined in section 2791 (a)(2) of the Public Health Service Act, 42 U.S.C. 300gg - 91 (a)(2)-RRB-, including items and services paid for as medical care, to employees or their dependents directly or through insurance or otherwisemployee welfare benefit plan (as currently defined in section 3 (1) of the Employee Retirement Income and Security Act of 1974, 29 U.S.C. 1002 (1)-RRB-, including insured and self - insured plans, to the extent that the plan provides medical care (as defined in section 2791 (a)(2) of the Public Health Service Act, 42 U.S.C. 300gg - 91 (a)(2)-RRB-, including items and services paid for as medical care, to employees or their dependents directly or through insurance or otherwisEmployee Retirement Income and Security Act of 1974, 29 U.S.C. 1002 (1)-RRB-, including insured and self - insured plans, to the extent that the plan provides medical care (as defined in section 2791 (a)(2) of the Public Health Service Act, 42 U.S.C. 300gg - 91 (a)(2)-RRB-, including items and services paid for as medical care, to employees or their dependents directly or through insurance or otherwise, that:

Under ERISA, plans that provide «through the purchase of insurance or otherwise * * * medical, surgical, or hospital care or benefits, or benefits in the event of sickness, accident, disability, [or] death» are defined as employee welfare benefit plans.

Response: Only those special employee discounts or membership incentives that are «employee welfare benefit plans» as defined in section 3 (1) of the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1002 (1), and provide «medical care» (as defined in section 2791 (a)(2) of the Public Health Service Act, 42 U.S.C. 300gg - 91 (a)(2)-RRB-, are health plans for the purposes of themployee discounts or membership incentives that are «employee welfare benefit plans» as defined in section 3 (1) of the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1002 (1), and provide «medical care» (as defined in section 2791 (a)(2) of the Public Health Service Act, 42 U.S.C. 300gg - 91 (a)(2)-RRB-, are health plans for the purposes of themployee welfare benefit plans» as defined in section 3 (1) of the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1002 (1), and provide «medical care» (as defined in section 2791 (a)(2) of the Public Health Service Act, 42 U.S.C. 300gg - 91 (a)(2)-RRB-, are health plans for the purposes of thEmployee Retirement Income Security Act of 1974, 29 U.S.C. 1002 (1), and provide «medical care» (as defined in section 2791 (a)(2) of the Public Health Service Act, 42 U.S.C. 300gg - 91 (a)(2)-RRB-, are health plans for the purposes of this rule.

Comment: A commenter explained that HIPAA defines a group health plan by expressly cross-referencing the statutory sections in the PHS Act and the Employee Retirement Income Start Printed Page 82579Security Act of 1974 (ERISA), 29 U.S.C. 1001, et seq., which define the terms «group health plan,» «employee welfare benefit plan» and «participantEmployee Retirement Income Start Printed Page 82579Security Act of 1974 (ERISA), 29 U.S.C. 1001, et seq., which define the terms «group health plan,» «employee welfare benefit plan» and «participantemployee welfare benefit plan» and «participant.»

It has created considerable uncertainty over the priority status afforded to pension plan wind - up deficits, particularly in insolvency proceedings involving the plan sponsor, and the effects on availability of credit for all organizations that provide defined benefit pension plans for their employees.