Kings New York Plan de Pensiones de Beneficio Definido y Contrato de Fideicomiso - Defined-Benefit Pension Plan and Trust Agreement

• Category: Fideicomisos - Negocios
• State: Multi-State
• County: Kings
• Control #: US-1073BG
• Format: Word

Description

A defined benefit pension plan is a type of pension plan in which an employer or sponsor promises a specified pension payment, lump-sum (or combination thereof) on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay. A defined benefit plan is "defined" in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. Keywords: Kings New York, Defined-Benefit Pension Plan, Trust Agreement, types The Kings New York Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement plan offered by Kings New York, a company based in New York. This plan ensures that employees have a secure financial future by providing them with a consistent income stream during their retirement years. This plan is structured as a defined-benefit pension, which means that the amount of retirement income is predetermined based on factors such as salary history, years of service, and age at retirement. It offers an attractive alternative to defined-contribution plans, where the retirement income is dependent on employee and employer contributions and investment returns. The Kings New York Defined-Benefit Pension Plan and Trust Agreement is designed to provide employees with a secure and predictable source of income upon retirement. It is managed by a trust agreement, which acts as a legal framework for the administration and distribution of pension benefits. There may be different types of Kings New York Defined-Benefit Pension Plan and Trust Agreements available. These may include variations based on employee groups, such as unionized and non-unionized staff. Each type of plan may have specific provisions tailored to the unique needs and circumstances of eligible employees. Employees who participate in the Kings New York Defined-Benefit Pension Plan and Trust Agreement contribute a percentage of their salary throughout their employment. The employer may also make contributions to the plan on behalf of the employee. These contributions are then invested by professional fund managers, with the goal of maximizing investment returns to meet future pension obligations. Under the Kings New York Defined-Benefit Pension Plan and Trust Agreement, employees are guaranteed a specific amount of retirement income based on a predetermined formula. This formula typically takes into account factors such as the employee's average salary during the final years of employment and the number of years of service. Upon reaching the retirement age specified by the plan, employees are eligible to receive retirement benefits for the rest of their lives. The Kings New York Defined-Benefit Pension Plan and Trust Agreement may also offer additional provisions, such as survivor benefits for the employee's spouse or dependents. In summary, the Kings New York Defined-Benefit Pension Plan and Trust Agreement is a retirement plan offered by Kings New York, which provides employees with a predictable and secure income during their retirement years. This plan is managed through a trust agreement and may have different variations based on employee groups. Participating employees contribute a portion of their salary, and the employer may also contribute. The plan guarantees a specific retirement income based on predetermined factors, and additional provisions may be included.

Keywords: Kings New York, Defined-Benefit Pension Plan, Trust Agreement, types The Kings New York Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement plan offered by Kings New York, a company based in New York. This plan ensures that employees have a secure financial future by providing them with a consistent income stream during their retirement years. This plan is structured as a defined-benefit pension, which means that the amount of retirement income is predetermined based on factors such as salary history, years of service, and age at retirement. It offers an attractive alternative to defined-contribution plans, where the retirement income is dependent on employee and employer contributions and investment returns. The Kings New York Defined-Benefit Pension Plan and Trust Agreement is designed to provide employees with a secure and predictable source of income upon retirement. It is managed by a trust agreement, which acts as a legal framework for the administration and distribution of pension benefits. There may be different types of Kings New York Defined-Benefit Pension Plan and Trust Agreements available. These may include variations based on employee groups, such as unionized and non-unionized staff. Each type of plan may have specific provisions tailored to the unique needs and circumstances of eligible employees. Employees who participate in the Kings New York Defined-Benefit Pension Plan and Trust Agreement contribute a percentage of their salary throughout their employment. The employer may also make contributions to the plan on behalf of the employee. These contributions are then invested by professional fund managers, with the goal of maximizing investment returns to meet future pension obligations. Under the Kings New York Defined-Benefit Pension Plan and Trust Agreement, employees are guaranteed a specific amount of retirement income based on a predetermined formula. This formula typically takes into account factors such as the employee's average salary during the final years of employment and the number of years of service. Upon reaching the retirement age specified by the plan, employees are eligible to receive retirement benefits for the rest of their lives. The Kings New York Defined-Benefit Pension Plan and Trust Agreement may also offer additional provisions, such as survivor benefits for the employee's spouse or dependents. In summary, the Kings New York Defined-Benefit Pension Plan and Trust Agreement is a retirement plan offered by Kings New York, which provides employees with a predictable and secure income during their retirement years. This plan is managed through a trust agreement and may have different variations based on employee groups. Participating employees contribute a portion of their salary, and the employer may also contribute. The plan guarantees a specific retirement income based on predetermined factors, and additional provisions may be included.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.