Collin Texas Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• County: Collin
• Control #: US-1073BG
• Format: Word; Rich Text

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. The Collin Texas Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement program designed to provide retirement benefits for eligible employees of Collin County, Texas. This pension plan operates under the guidelines and regulations of the Internal Revenue Code and the Texas Government Code. The Collin Texas Defined-Benefit Pension Plan is a type of retirement plan where eligible employees receive a guaranteed and predetermined amount of retirement income based on various factors such as years of service, average salary, and age at retirement. This plan is structured to offer long-term financial security to employees, ensuring a stable income stream during their retirement years. The Collin Texas Defined-Benefit Pension Plan and Trust Agreement establishes the legal framework and terms of the pension plan. It outlines the administrative details, eligibility criteria, contribution rates, benefit calculations, and distribution rules. The trust agreement portion of the plan specifies how the plan's assets are managed and invested to provide the required retirement benefits to the employees. Although the specific details may vary based on specific job classifications and employee groups, the Collin Texas Defined-Benefit Pension Plan offers a range of benefits and options to meet the diverse needs of its participants. Some different types of plans included within this pension program are: 1. General Employees' Pension Plan: This plan covers employees from various departments such as administration, finance, public works, and more. Eligible employees contribute a portion of their salary towards the plan, and upon retirement, they receive a benefit calculated based on a predetermined formula. 2. Public Safety Employees' Pension Plan: This plan is specifically tailored for public safety personnel, including police officers, firefighters, and emergency medical services personnel. It provides retirement benefits specifically designed to meet the unique challenges faced by these employees. 3. Elected Officials Retirement Plan: This plan is designed to cater to elected officials such as county commissioners, judges, and other elected representatives. It provides retirement benefits based on their years of service and salary during their term in office. The Collin Texas Defined-Benefit Pension Plan and Trust Agreement aims to ensure a secure and stable retirement for its eligible employees by offering a reliable source of income during their post-employment years. The plan is well-structured, adhering to legal requirements, and provides financial peace of mind to employees who dedicate their careers to serving the Collin County community.

The Collin Texas Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement program designed to provide retirement benefits for eligible employees of Collin County, Texas. This pension plan operates under the guidelines and regulations of the Internal Revenue Code and the Texas Government Code. The Collin Texas Defined-Benefit Pension Plan is a type of retirement plan where eligible employees receive a guaranteed and predetermined amount of retirement income based on various factors such as years of service, average salary, and age at retirement. This plan is structured to offer long-term financial security to employees, ensuring a stable income stream during their retirement years. The Collin Texas Defined-Benefit Pension Plan and Trust Agreement establishes the legal framework and terms of the pension plan. It outlines the administrative details, eligibility criteria, contribution rates, benefit calculations, and distribution rules. The trust agreement portion of the plan specifies how the plan's assets are managed and invested to provide the required retirement benefits to the employees. Although the specific details may vary based on specific job classifications and employee groups, the Collin Texas Defined-Benefit Pension Plan offers a range of benefits and options to meet the diverse needs of its participants. Some different types of plans included within this pension program are: 1. General Employees' Pension Plan: This plan covers employees from various departments such as administration, finance, public works, and more. Eligible employees contribute a portion of their salary towards the plan, and upon retirement, they receive a benefit calculated based on a predetermined formula. 2. Public Safety Employees' Pension Plan: This plan is specifically tailored for public safety personnel, including police officers, firefighters, and emergency medical services personnel. It provides retirement benefits specifically designed to meet the unique challenges faced by these employees. 3. Elected Officials Retirement Plan: This plan is designed to cater to elected officials such as county commissioners, judges, and other elected representatives. It provides retirement benefits based on their years of service and salary during their term in office. The Collin Texas Defined-Benefit Pension Plan and Trust Agreement aims to ensure a secure and stable retirement for its eligible employees by offering a reliable source of income during their post-employment years. The plan is well-structured, adhering to legal requirements, and provides financial peace of mind to employees who dedicate their careers to serving the Collin County community.