No. 0279 authorizing/adopting an insurance, retirement plan for employees of the Department of Redevelopment, COSB

Home Browse Search

1.5. "Employ e" means any person who on or after the Effective Date is a regular, full -ti e employee of the Employer. 1.6. "Participant" means any Employee who on or after the Effective Date meets the eligibility requirements set forth in Article III or any such person who has met suci requirements and remains eligible for a pension or other benefit under tie Plan. 1.7. "Pensio means any benefit payable in a series,of payments in accordance with the Pla . 1.8. "Funding Agency" means The Prudential Insurance Company of America or any other legal r serve life insurance company or companies selected by the Association to receive those contributions of the Employer and not retained by the Trustees as Admi istrative Charges and to pay the pensions and other benefits granted under and in accordance with the terms of the Plan. 1.9. "Earnings" means a Participant's basic compensation, excluding overtime, bonuses, commissions and all other extra compensation. 1.10. "Past S rvice" means the number of full months of service of the employee to the ICity of South Bend and St. Joseph County or any Department thereto prior to inception date of the Plan. 1.11. "Association" means the association specified in Item 8 of the Specifications Supple nt. 1.12. "Truste s" means the Trustees under the Agreement and Declaration of Trust known as the National Association for Community Development Retirement Plan Trust. 1.13 "Administrative Charges" means the charges, specified in the National Association for Community Development Retirement Plan Trust, made by the Trustees to cover the expenses of the National Association for Community Develo ment Retirement Plan Trust. 1.14. "Fixed Income Annuity Account" means an account under which contributions are invested primarily in debt obligations, such as mortgages and bonds, providing a fixed rate of investment return. "Variable Annuity Account" means an account under which contributions are invested primarily in common stocks. The value of the deposits to such Account will vary, up and down, to reflect investment income and market value changes. The valuation will be done monthly. 1.15. "Fixed Dollar Annuity" means a series of payments, the amount of which will vary, Lp and down, from month to month to reflect the difference between an assumed investment result and the actual investment result, including divide ds and market value changes, of an investment fund consisting primarily of common stocks or obligations of the United States Government and instrumentalities thereo within the guidelines and restrictions of DHUD. 1.16. "Normal Retirement Date" means, with respect to any Participant, the first day of the month coinciding with or otherwise next following the second to occur cf the attainment of the 65th anniversary of such Participant's date of birth and the date he completes the vesting requirements specified in Item 7 of the Specifications Supplement. 1.17. "Early filled Suppler follow= Retirement Date" means with respect to any Participant who has ful- the vesting requirements specified in Item 7 of the Specifications ent, the first date of the month coinciding with or otherwise next ng the date of such Participant's retirement within the 10 year period -2-