Sentences with phrase «minimum pension requirements»

What if the trustees have failed to meet the minimum pension payments in one year but in a subsequent year are prepared to meet the minimum pension requirements as required under the SIS Regulations?

The trustee does not meet the minimum pension requirements for the year ending 30 June due to a transposition error which resulted in a small underpayment

failure to meet the minimum pension requirements was an honest mistake or was outside the control of the trustees

This would not ordinarily be a case where the Commissioner would treat the pension as continuing and a trustee would need to demonstrate that matters outside of their control affected their ability to meet the minimum pension requirements.

The minimum pension requirement would not be satisfied in the relevant year and the trustee would need to demonstrate that matters outside of their control affected their ability to meet the minimum pension requirements.

Not exact matches

Thursday night, word began circulating of a «framework» agreement reached between the so - called «three men in a room» — Gov. Andrew Cuomo, Assembly Speaker Carl Heastie and Senate Majority Leader John Flanagan — that would satisfy at least the minimum requirements for both: The Democratic - dominated Assembly would agree to the first passage of legislation paving the way for a constitutional amendment that would allow for the stripping of public pensions from elected officials and other top officials convicted of public corruption, and the Republican - led Senate would approve a one - year extension of mayoral control of New York City's schools.

In order to cut costs and recover from the recent recession, New York City recently lengthened the vesting requirement, the time period employees need to stay in order to qualify for even a minimum pension, from five years to ten.

Tier 2 offers worse benefits for new teachers: it has a higher minimum service requirement (up from five to 10 years, making it more difficult for new teachers to qualify for a minimum benefit), a higher normal retirement age (meaning teachers have fewer years to collect pension payments over a lifetime), a less generous pension formula (calculating the final average salary from the last eight years of service instead of just four), and a lower COLA.

If they meet the minimum vesting requirement, they're eligible for a pension.

In order to be eligible for a pension, teachers must meet a minimum number of employment years or a «vesting» requirement before they receive rights to a pension.

It stayed that way until 2011, when the pension fund was in such dire financial straits that the legislature increased the minimum service requirements back to 10 years to reduce costs at the expense of teachers.

To qualify for a pension today, a teacher must teach a minimum number of years to meet what is called a «vesting requirement.»

1To earn KEMBA Advantage member status, the following requirements must be met each month: (1) Have an active checking account and make at least 15 qualifying transactions, which include any combination of the following: cleared checks, Debit Card transactions, online bill payments, electronic loan payments made from your KEMBA checking account, automatic deposits or withdrawals, and Virtual Deposits; (2) Have Direct Deposit of your entire payroll, Social Security, or pension check (minimum of $ 1,000 / month); (3) Receive eStatements.

Note: From 1 July 2017 partial commutation payments are treated as super lump sums for tax purposes and do not count towards minimum annual pension payment requirements.

To earn KEMBA Advantage member status, the following requirements must be met each month: (1) Have an active checking account and make at least 15 qualifying transactions, which include any combination of the following: cleared checks, Debit Card signature transactions, online bill payments, electronic loan payments made from your KEMBA checking account, Virtual Deposits, and automatic deposits or withdrawals; (2) Have Direct Deposit of your entire payroll, Social Security, or pension check (minimum of $ 1,000 / month); (3) Receive eStatements.

Transition - to - retirement pensions commencing on or after 1 July 2007 must also satisfy the minimum pension standards as well as the additional requirement that pension payments must be restricted to a maximum of 10 % of the pension account balance as it stands at 1 July of each financial year or the commencement day of the pension.

The annuities law also gradually raised the minimum requirement for an early retirement pension to encourage workers to save more for retirement.

What if a trustee fails to meet the minimum pension payment requirements under the Superannuation Industry Supervision (SIS) Regulations?

The trustee must ensure that each pension meets the minimum pension payment requirements.

previously, either through self - assessment or at the Commissioner's discretion, applied the exception for not meeting the minimum pension payment requirements.

if the underpayment is small and does not exceed one - twelfth of the minimum annual pension payment requirement

No, for a trustee to meet the minimum pension payment standards they must meet the payment requirements both in form and effect.

A trustee will need to write in and outline why they did not meet the minimum pension payment requirements for us to consider their entitlement to the exception, where either — they have:

In all other cases the trustee will need to write in and outline why they did not meet the minimum pension payment requirements.

Minimum pension payment requirements were not met due to factors outside of the trustee's control

Investment returns and payments made to Darius to meet minimum drawdown requirements change the value of the superannuation interest supporting his pension.

This includes meeting the minimum pension payment requirements.

If a fund fails to meet the minimum pension payment requirements in an income year, the super income stream will be taken to have ceased at the start of that income year for income tax purposes.

Where an SMSF is paying more than one pension to one or more members, the minimum pension payment requirements must be satisfied for each pension.

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